ASFA Equifax Data Benchmark
Each year ASFA and Equifax publish the top performing funds in the ASFA Equifax Data Benchmark. The Benchmark compares data integrity and quality across the industry using Equifax’s proprietary Data Quality toolset DataSapient, to identify issues for remediation and helps funds meet APRA’s CPG 235 requirement.
The ASFA Equifax Benchmark identifies data quality issues which, when corrected, help your fund to:
- Reduce lost members and retain their membership.
- Improve communication to members and employers.
- Reduce costs to members.
- Improve member and employer satisfaction.
- Improve trustee satisfaction.
- Prepare for APRA supervisory visits where data integrity processes will be scrutinised.
The Benchmark proves measurement leads to improvement. Funds in the current ASFA Equifax Data Benchmark undertaking repeat audits, have improved data quality. This shows where errors are identified and reported, subsequent data cleansing takes place, driving improved data quality.
An Equifax Data Integrity Audit examines the quality of your data and identifies incomplete, incorrect, inaccurate and irrelevant data and solutions are provided to assist in cleaning it.
You will also receive an indication of your own fund’s data integrity performance and how your fund rates relative to the Benchmark.
To find out more about the ASFA Equifax Data Benchmark, contact Peter Aitken, Head of Data Integrity and Migrations, Equifax at firstname.lastname@example.org and 0407 557 473.