Client's challenge
This major utility had an aggressive cost reduction initiative underway. Regulatory compliance was seen as effective but inefficient, and the client didn’t have the manpower or expertise to identify how to reduce costs.
PricewaterhouseCoopers Advisory solution
We led a pilot project to identify compliance costs, major cost drivers and savings opportunities in two discrete areas. We found that these two compliance processes cost the client about $4 million a year, about 1/10 of the annual compliance spend.
Impact on client's business
As a result, the client embraced the need for embedding compliance processes into the business and expects to be able to achieve better management of compliance spend, cost efficiencies on the order of 10%-20% and improved risk management as a result of reengineering its compliance processes.
