Resources

The Association of Superannuation Funds of Australia provides numerous resources for the superannuation industry and general public.

ASFA Equifax Data Benchmark

Equifax

Each year ASFA and Equifax publish the top performing funds in the ASFA Equifax Data Benchmark (previously the ASFA-VEDA Data Benchmark). The Benchmark compares data integrity and data quality across the industry and helps funds to meet APRA’s CPG 235 requirement.

How the ASFA Equifax Benchmark can help your fund

  1. Improved data quality results in reduced cost to members.
  2. Improved data quality results in an improved member experience.
  3. Funds will be prepared for supervisory visits from APRA where data integrity processes will be exposed to scrutiny.

A Equifax Data Integrity Audit examines the quality of your data and incomplete, incorrect, inaccurate and irrelevant data is identified and solutions are provided to assist in cleaning it.

You will also receive an indication of your own data integrity performance and whether or not it is better than the Benchmark.

The Benchmarks shows that measurement leads to improvement. Funds in the current ASFA Equifax Data Benchmark, which have undertaken repeat audits, have improved their data quality. This signifies that, where errors are identified and reported, the subsequent data cleansing that takes place results in an improvement in the overall quality of funds’ data.

More information

To find out more about the ASFA Equifax Data Benchmark, contact Steve Shoreson, Head of Data Integrity and Migrations, Equifax at steven.shoreson@equifax.com and 0475 832 198.

Superfunds magazine

Read more about the ASFA Equifax Data Benchmark in Superfunds Magazine:
The Power of Data – September 2016