Veda announced the acquisition of ITM … The Data Specialist (ITM), the business responsible for setting the standard of data audits within the superannuation industry. The acquisition provides Veda’s superannuation customers with access to ITM’s data audit capabilities, and the specialised data interrogation tool DataSapient. In turn, ITM customers will benefit by not only being able to identify data integrity issues, but address inaccuracies and incompleteness via Veda’s data remediation services.
ITM has championed the importance of superannuation data quality, and developed a unique set of tools to effectively assess the data quality of any superannuation fund. The ASFA-ITM Data Benchmark Survey, established in 2010 to track industry improvements, has set the threshold upon which the industry judges itself. The seventh edition (September 2013) of the Survey found that over 15 per cent of basic member records have important data that is missing or incorrect.
“Veda fully supports the government’s focus on data governance across all financial institutions. The combination of Veda and ITM’s capabilities equips us to deliver the best possible solutions to the superannuation industry. It enables us to help funds retain and grow their customers within a cost efficient, secure and privacy compliant framework,” says Veda’s CEO, Nerida Caesar.
Steve Shoreson, Managing Director of ITM says “Integrating with Veda will immediately improve our data audit capabilities and allow us to take our services to the next level. Customers will be able to identify data inaccuracies, and if they choose, update their member records by leveraging Veda’s unique data assets. Veda’s technology infrastructure also improves our audit software offering, allowing trustees/secretariats to regularly analyse and improve data completeness, ultimately translating into a positive experience for superannuation members.”
Superannuation in Australia refers to the arrangements which people make in Australia to have funds available for them in retirement. Superannuation in Australia is government-supported and encouraged, and minimum provisions are compulsory for employees.
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