POWERED BY MOMENTUM MEDIA
Super funds can suffer from patchwork data strategies
One of the main goals for a superannuation fund when implementing a data strategy is to make sure there will be one "source of truth" across the fund's entire operations.
Speaking at an International Business Review webinar, James Milne, AlphaCert head of product, said he often encountered organisations with no fundamental agreement on the source of truth for data, which created mismatched datasets across the business.
“It might be that one team recognises a particular source and a particular couple of data points within that is the source of truth and they’re basing their market values or their numbers of those,” Milne said.
After getting everyone on the same page, Milne said the next step toward fixing data solutions for super funds was to sort where organisational data came from, how it was defined and catalogued and find out who was responsible for the data.
Then it was important for there to be a strong commitment from the top of the organisation to get the right data maintenance teams, staff training and governance frameworks.
Milne described an adequate data model as a self-servicing one that had one trusted source of underlying data.
“That really allows the scalability of those data requirements out to the business and that can be delivered via BI tools [data reporting tools], or other specialist tools as well,” Milne said.
Recommended for you
Superannuation funds have posted another year of strong returns, but this time, the gains weren’t powered solely by Silicon Valley.
Australia’s $4.1 trillion superannuation system is doing more than funding retirements – it’s quietly fuelling the nation’s productivity, lifting GDP, and adding thousands to workers’ pay packets, according to new analysis from the Association of Superannuation Funds of Australia (ASFA).
Large superannuation accounts may need to find funds outside their accounts or take the extreme step of selling non-liquid assets under the proposed $3 million super tax legislation, according to new analysis from ANU.
Economists have been left scrambling to recalibrate after the Reserve Bank wrong-footed markets on Tuesday, holding the cash rate steady despite widespread expectations of a cut.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom 465 Calder Road Calder
99.46 3 y p.a(%)
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
78.55 3 y p.a(%)
4
BetaShares Crypto Innovators ETF
50.39 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
47.50 3 y p.a(%)
