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
The two funds have announced the signing of a non-binding MOU to explore a potential merger.
The board must shift its focus from managing inflation to stimulating the economy with the trimmed mean inflation figure edging closer to the 2.5 per cent target, economists have said.
ASIC chair Joe Longo says superannuation trustees must do more to protect members from misconduct and high-risk schemes.
Super fund mergers are rising, but poor planning during successor fund transfers has left members and employers exposed to serious risks.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
88.01 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
72.60 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
44.24 3 y p.a(%)
4
Pengana High Conviction Equities B
40.36 3 y p.a(%)
5
Pengana High Conviction Equities A
40.34 3 y p.a(%)
