To make the extended corporate web even more complex, there are often “fourth parties” – companies mandated by the TPIs – that can pose risks to a company. Recent implementation trends have shown that global regulators do not hesitate to impose heavy penalties, penalties and sanctions (such as deferred court agreements and corporate integrity agreements) when it comes to third-party relationships. In 2014, for example, 100% of all enforcement actions under the US Foreign Corrupt Practices Act (FCPA) imposed by the Securities and Exchange Commission and the Department of Justice involved some form of TPI relationship. According to a report by Shearman and Sterling LLP, corporate law penalties and fines for FCPA`s enforcement actions amounted to more than $1.5 billion that year, with an average fine of $157 million, the highest average in history. Businesses are also realizing the value that a robust compliance program can offer for identifying, managing and reducing potential risks across the broader business. According to Deloitte Consulting LLP`s Global Outsourcing and Insurcization Survey, only 22% of respondents said their company`s extensive risk management and compliance function was “above average.” The survey also showed that 72% of respondents did not have the right tools and processes to manage TPP. TPIs, which operate in the energy market, do so under a large number of business models and serve a number of consumers, from residential customers to large consumers. TPIs are not subject to direct sector regulation in the same way as Ofgem`s energy suppliers. They are regulated under general consumer protection rules and have, in some cases, signed voluntary agreements on their business practices and interactions with consumers.
TPIs live and breathe energy contracts, they negotiate them every day, so there is much more to do with the energy market and supplier contracts than someone who considers his energy contract once a year. If there is a problem, would you prefer to correct it to low or high frustration? Securing your energy contracts through an IPT will reduce your stress and frustration. If a problem arises, your IPT should be your first call, you will talk to a real person, someone whose name you know, someone who knows your account before and who knows your facilities and needs. Compare this to the alternative: if you go alone with the provider, you are breathing deeply because you are about to enter the “helpline hell” zone. Instead of dealing with a TPI, you`ll spend time pressing `1 for billing` 2 to read the counters, etc. If you are talking to a human representative, you may not provide your last name, email address or direct phone number to call you back. Suppliers-Helplines can sometimes lead to a serious removal of hair.