The Retail Risk Register is a key strategic document within the REC Performance Assurance Framework. It identifies the principal risks that could adversely affect the delivery of the Retail Energy Code, consumer outcomes and the effective operation of the retail energy market. The Retail Risk Register provides the foundation for the prioritisation of Performance Assurance activity and informs the development of the annual Performance Assurance Operating Plan (PAOP). As part of RECCo's new Performance Assurance Strategy, the Retail Risk Register has been comprehensively reviewed and updated to support a more strategic, risk-based and outcome-focused approach to Performance Assurance. The principal changes proposed are: • Introduction of an outcome-based risk framework, strengthening the alignment between REC objectives, consumer and market outcomes, Retail Risks and Performance Assurance activity. • Introduction of a structured risk assessment methodology, using inherent impact and likelihood to support the prioritisation of Retail Risks and Performance Assurance activity. • Improved traceability across the Performance Assurance Framework, demonstrating the relationship between the Retail Risk Register, the Performance Assurance Operating Plan and associated assurance activities. • Updated risk descriptions and supporting information to reflect current market arrangements, strategic priorities and changes to the REC operating environment. • General housekeeping updates, including revisions to references, terminology and supporting documentation to align with the 2026/27 Performance Assurance Framework. The proposed changes do not alter the obligations placed upon REC Parties or Service Providers. Existing Risk Drivers, performance thresholds and monitoring arrangements will continue to operate during the 2026/27 Performance Assurance Year while RECCo transitions towards an outcome-based assurance model. The revised Retail Risk Register has been developed using evidence from operational assurance activities, stakeholder engagement, strategic priorities identified through the Performance Assurance Strategy and lessons learned from previous assurance activity. It is intended to provide a transparent, evidence-based foundation for the prioritisation of assurance activity throughout the Performance Assurance Year. As the Retail Risk Register is a Category 3 document, RECCo is undertaking a consultation with REC stakeholders to ensure the proposed Retail Risks remain comprehensive, proportionate and reflective of the current and emerging risks affecting the retail energy market.