ASFA-ITM Data Benchmark
SuperStream recommendations for greater integrity, a high number of fund mergers and never-ending migration all mean clean, robust and secure member data is of utmost importance.
ASFA has partnered with ITM to lead the industry in the push for world’s best practice. The ASFA-ITM Data Benchmark provides actual data integrity benchmarking of each fund against its peers.
An ITM Data Integrity Audit interrogates the quality of your data. Incomplete, incorrect, inaccurate and irrelevant data is identified and solutions are provided to assist in cleaning it.
The ASFA-ITM Data Benchmark (Core Member Details) – September 2013
For the September 2013 Benchmark, 1.8 million active members have been analysed across 18 funds.
The blue arrow on the Benchmark indicates that 85.2 per cent of the members tested by ITM have no errors, which means that almost 15 per cent of member records have core data that is missing or incorrect.
When excluding errors in relation to member beneficiaries, the Benchmark increases to 90.3% (red arrow). This measure allows the comparison of Australian funds to UK funds.
When you sign up to the Benchmark, your chart will also display a black arrow indicating your own data integrity performance and whether or not it is better than the Benchmark.
The ASFA-ITM Data Benchmark will be updated twice a year to show how the industry is improving (or deteriorating) and to compare current client projects against other recent projects.
To discover more about the Benchmark, download the latest report from the right hand column.
Any feedback, requests for information or comments on the Benchmark, or a fund’s desire to participate in the Benchmark can be made through the form below.