ASFA-ITM Data Benchmark
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 March 2014 Benchmark analyses over two million active members across nineteen funds, twelve funds with under 100,000 members and seven with over 100,000 members. 74 per cent of participating funds are self-administered funds.
The ASFA-ITM Data Benchmark (Core Member Details) – March 2014
At 87.2 per cent, the ASFA-ITM Data Benchmark indicates that almost 13 per cent of member records have important core data that is missing or incorrect.
When excluding errors in member beneficiaries, the Benchmark increases to 91.1 per cent. This measure allows the comparison of Australian funds to United Kingdom (UK) funds. Australian funds are not achieving the data quality standards set by the UK Pensions Regulator (TPR) – see the March 2013 ASFA-ITM Data Benchmark report for more information.
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. Measurement leads to improvement. Five funds in the current ASFA-ITM Data Benchmark, which have undertaken repeat audits, have improved their combined data quality from 85.1 per cent to 88.4 per cent.
To discover more about the Benchmark, download the latest report.
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.