Veda announced a strategic alliance with ITM … The Data Specialist (ITM), the company responsible for setting the standard of data audits within the superannuation industry.
The new alliance provides Veda’s superannuation customers with streamlined access to ITM’s data audit capabilities, and the specialized data interrogation tool DataSapient. In turn, ITM customers will benefit by not only being able to identify data integrity issues, but address inaccuracies and incompleteness via Veda’s data remediation services.
Veda is the market leader in lost superannuation reunification services and over the last decade has provided more than 3.4 million updated member records to superannuation funds. ITM has championed the importance of superannuation data quality, and developed a unique set of tools that effectively assess the data health in any superannuation fund. The ASFA-ITM Data Benchmark Survey, established in 2010 to track industry improvements, has set the threshold upon which the industry judges itself. The seventh edition (September 2013) of the survey found that over 15 per cent of basic member records have important data that is missing or incorrect.
Regulators are urging superannuation funds to take a more proactive approach towards data integrity. These expectations were formalized in the Prudential Practice Guide ‘CPG235 – Managing Data Risk’ which focuses on the need to establish robust processes that ‘validate, correct, cleanse and assess the ongoing quality of data’. Helping to ensure complete, accurate and timely member data is more than just a regulatory requirement and prudential expectation, but a competitive advantage. The combination of Veda and ITM superannuation services will provide the industry with a single point to address a range of data needs.
“Veda fully supports the government’s focus on data governance across all financial institutions. We’re excited to work with ITM in delivering the best possible solutions for the superannuation industry. The combination of our respective core capabilities will help funds retain and grow their customers within a cost efficient, secure and privacy compliant framework,” says Veda’s CEO Nerida Caesar.
Steve Shoreson, ITM MD says “The relationship with Veda will immediately improve our data audit capabilities and allow us to take the service to the next level by updating inaccurate data. Leveraging Veda’s technology infrastructure will also improve our software offering and help trustees/secretariats improve data completeness systematically on their premises, translating into a positive experience for superannuation members.”
About: ITM … The Data Specialist Pty Ltd is a team of administration and IT experts specializing in data integrity, data cleansing and migration. ITM utilizes unique proprietary software which enables it to examine and report on superannuation fund data. Concerns about data rarely stem from deliberate acts or omissions, but generally arise where funds have undergone some form of reconstruction or where the data has been moved from one system to another. Even the best run funds will be vulnerable to data degradation over time, if only through software development, changes in service provider and progressive legislative reform.