REC Performance Assurance aims to measure and improve market performance. The Performance Assurance Board (PAB) oversees a risk-based Performance Assurance Framework (PAF) to do so. The PAF is made up of the following key documents:

• Performance Assurance Methodology (download) – the Code Manager’s methodology for identifying, analysing, and evaluating risk, as well as how these processes interact with risk assurance.
• The Retail Risk Register (download) - identifies applicable Retail Risks that measure where consumer outcomes or the effectiveness of the retail market are degraded by a failure by a REC Party, REC Service User, REC Service Provider or other stakeholders to meet the objectives, standards or core processes under the REC.
• Performance Assurance Techniques (PATs) (download) - the mechanism by which the Code Manager understands the causes of poor performance and acts to improve performance.
• Performance Assurance Report Catalogue (PARC) (download) - a list of reports and relevant data items that will be utilised for measuring performance against the REC on a regular basis. Required data has been identified based on the Risk Register or from Performance Measures defined in the appropriate REC Service Definition. This includes data that Parties are required to provide directly and data that is collected by the Code Manager from central sources.
• Performance Assurance Operating Plan (PAOP) (download) - the Code Manager’s activity and plan for the first year of market opening. The PAOP will be updated each year and it covers each of the components of the PAF, describes the activities, dates and dependencies which are needed to track the development of the PAF

Additionally, the Performance Assurance User Guide helps Parties to understand the PAF and the assurance activities that will be conducted by the Code Manager to monitor performance.

Retail Risk Register

The Retail Risk Register identifies the retail risks that the PAB is monitoring in accordance with the approved Performance Assurance Methodology. The Risk Register outlines:

• The risks that the PAF will assess in the year.
• The significance of each risk
• Who is responsible for mitigating each risk
• Possible consequences/impact of not mitigating each risk
• Performance Assurance Techniques which can be applied to mitigate each risk

For further information, please see the Retail Risk Register.

Performance Assurance Report Catalogue

Main page: Performance Assurance Report Catalogue

Parties are required to provide both data and reports to the Code Manager to enable monitoring of market performance. This is captured in a single Performance Assurance Report Catalogue. The PARC can be found here.

Performance Assurance Techniques

In response to high or increasing risk scores, the Code Manager can use PATs. These techniques are used to understand the root causes of issues and improve performance. Each month the Code Manager will review performance data to decide if techniques are required. This is referred to as the risk management determination process. PATs can also be applied to priority areas identified by the PAB (and set out in the Performance Assurance Operating Plan) or where non-compliance is brought to the attention of the Code Manager.

More information on this process is set out in the Performance Assurance User Guide, and the full list of PATs can be found in the Performance Assurance Techniques document (available for Portal account holders).