POWERED BY MOMENTUM MEDIA
Data integrity still a challenge for super funds
Super funds have a "good way to go" before they can be considered to be handling the area of data integrity well.
That's the summation of a new report by the Australian Prudential Regulation Authority (APRA), which emphasised the importance of data integrity in the lead-up to the 1 July start of Stronger Super.
Accurate data items are the "building blocks" for members' entitlements and fund reporting, providing key statistics to industry stakeholders including employers and service providers, the regulator stated.
DST Global Solutions sales director Australia and New Zealand Adam Ratner said the adequate collection and classification of data was still a challenge and was placing a burden on systems and resources — in spite what benefits the Government's reforms might bring.
"We are seeing some groups take a tactical approach for the first set of reports due in October, such as using spreadsheets or manually accessing databases to pull reports together, while others are taking a more strategic approach by implementing an automated solution to handle the first reports and ongoing future reports," he said.
Ratner said the former, tactical approach is unnecessarily exposing members to operational risk and inaccurate data, and that people need to be taken out of the process in favour of automation.
"The new data rules are complex and they are ongoing obligations — and they can't be met by one person filling out spreadsheets," he said.
"The full impact of consolidating the reports will not be felt until the first reports are due; however we believe those who are looking to adopt a strategic approach are more likely to provide full data integrity and meet APRA's deadlines."
AUTHOR
Staff Writer
Money Management staff writers are writers who contribute to the website from time to time. If you would like to discuss the content contained within this article please contact us.
Recommended for you
The super fund announced that Gregory has been appointed to its executive leadership team, taking on the fresh role of chief advice officer.
The deputy governor has warned that, as super funds’ overseas assets grow and liquidity risks rise, they will need to expand their FX hedge books to manage currency exposure effectively.
Super funds have built on early financial year momentum, as growth funds deliver strong results driven by equities and resilient bonds.
The super fund has announced that Mark Rider will step down from his position of chief investment officer (CIO) after deciding to “semi-retire” from full-time work.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
76.97 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
76.46 3 y p.a(%)
3
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
51.13 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
45.15 3 y p.a(%)
5
Select Baker steel Gold Institutional
43.78 3 y p.a(%)
