Enhanced Price Auditing and Compliance Reporting Fulfill Necessary Governance and Price Controls for Wholesale and Retail Fuels Suppliers
Florham Park, NJ - April 27, 2011
KSS Fuels today announced a suite of enhanced capabilities for its retail and wholesale pricing solutions designed to help operators address the growing need to demonstrate appropriate controls over their pricing practices.
Increasing crude prices, volatility at wholesale and retail levels, growing demand from emerging markets such as China and tensions in North Africa and the Middle East have pushed fuel prices to near-record levels. Governments and other regulatory bodies are responding by introducing measures to protect consumers and ensure fuels suppliers are not increasing prices to take advantages for short-term gain. The most recent example of this is the creation of the Financial Fraud Enforcement Group in the US, granting State and Federal powers to act swiftly against any organization deemed to be acting unlawfully with regard fuel prices.
KSS Fuels has responded by enhancing key governance and compliance capabilities within its’ RackPrice and PriceNet wholesale and retail pricing solutions respectively. Addressing the four (4) pillars of pricing governance, these capabilities will demonstrate (1) a clear and documented rationale for pricing decisions, (2) approval levels for price-change authorization, (3) comprehensive price auditing to show the “who, when and why” of how price decisions were made and (4) event recording to provide evidence of why pricing decisions were needed.
“Our customers are demanding ever tighter controls over their pricing processes in order to demonstrate their compliance with price gouging and anti-competitive pricing measures. They recognize that the penalties for non-compliance extend beyond harsh financial costs to brand reputation and, in some cases, personal liability,” commented Bob Stein, president and CEO of KSS Fuels.
“Detailed price auditing, compliance reporting and appropriate authorization levels can quickly and easily demonstrate the controls authorities are looking for, with minimal effort and cost. Audit archives permit operators to go back in time to quickly recall all the information and underlying data needed to prove compliance,” added Stein.
The new compliance capabilities are available in the latest versions of the PriceNet and RackPrice pricing systems.
ABOUT KALIBRATE TECHNOLOGIES
Kalibrate (formerly KSS Fuels) is the only global provider of fuels pricing and retail location intelligence, helping retailers fine-tune decisions to deliver on performance goals. Its proven software, analytics and consulting solutions draw on more than 20 years of expertise and insight into the needs and opportunities of petroleum retailers. Kalibrate has headquarters in Manchester, United Kingdom and Florham Park, New Jersey. The company also has a Center of Excellence in Tulsa, Oklahoma and sales operations in Florida, Illinois, Ohio, Texas, Canada, Brazil, China, India, Japan, Korea and Africa. For more information about Kalibrate, please visit KalibrateTech.com.