AUSCOAL invests in PPG235 software

5 February 2013

| By Staff |

AUSCOAL Super has been licensed to use ITM software to help meet the requirements of the Australian Prudential Regulation Authority's (APRA's) Prudential Practice Guide 235 on managing data risk.

AUSCOAL has regularly participated in a joint initiative between ITM and the Association of Superannuation Funds of Australia (ASFA) to benchmark the quality of super data which has been running for two years.

It has also been a long-term user of ITM's data integrity and data migration services, according to AUSCOAL services general manager, Steve Grant.

"We used to send the data to ITM and they audited it on their premises.

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"Subject to contracts, ITM has now agreed to license us their DataSapientTM tool to allow us to integrate data validation and assurance into our in-house processes.

"The licensing options are attractive to funds like AUSCOAL Super and enable us to integrate the data risk audit functions into current governance, BI and data analytics capabilities."

ITM managing director Steve Shoreson said PPG 235 should be welcomed by all custodians, users and beneficiaries of data stored by the superannuation, insurance and investments industries.

"ITM has been a strong advocate of the need to raise data quality.

"Data has been a low priority for many trustees, but APRA's encouragement will certainly raise its profile and level of importance in 2013."

Shoreson said licensing options included on-site control with independent oversight by ITM.

All clients licensing the tool agree to provide input to the ASFA-ITM Data Benchmark on an annual basis.

ITM said once its client base had grown, it planned to launch an industry User Group to drive the development of the tool and data audit tests.

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