Data remediation activities in financial services will never cease. The best that can be achieved is significantly reducing the frequency and scope of remediations over time. Remediation does not always indicate a negative financial impact to a customer, but it does indicate a negative financial impact to the organisation.
Read MoreOften, large scale data activities like generating annual statements requires data being transferred between systems and external providers. This can leave superannuation administrators exposed if they are experiencing data quality issues leading to loss of reputation and increased rectification costs.
Read MoreMost organisations don’t plan for remediation, their approach is often disjointed, reactive and inefficient. As leaders in remediation, we understand the importance of accuracy, timeliness and communication. At QMV, we believe specialised remediation experts with developed processes, calculation models and the right technology can fast-track remediation work, deliver quality outcomes and reduce costs.
Read MoreA high-performance mentality that promotes collaboration and information exchange is fundamental to realising a fund’s key objectives like developing tailored strategies and products, better meeting member expectations and various uplifts across automations, data quality, emerging technologies and compliance.
Read MoreLegislative and regulatory reform has had and will continue to have a significant impact on the superannuation industry. Fund Trustees are faced with the challenge of developing and implementing cost-effective solutions to meet their obligations, often within a condensed timeframe. Therefore, we have outlined six steps in this article that will provide you with the structure and help with successful implementation.
Read MoreOn 27 September 2022 ASIC released Regulatory Guide 277 Consumer Remediation (RG 277) which is intended to supersede the existing guidance in Regulatory Guide 256 Client review and remediation conducted by advice licensees (RG 256). RG 277 is a significant expansion of ASIC’s remediation guidance and now applies to all Australian Financial Services (AFS) and Australian Credit licensees, including superannuation trustees.
It is important to note the guidance within RG 277 applies to all remediation activity from 27 September 2022; however licensees may still utilise RG 256 for any remediation programs already underway at this date.
Read MoreThe quality of data is imperative to strategic decision making, agility, productivity, and survival and qrganisations are beginning to realise that the consequences and risks of making incorrect decisions is now far greater and getting to the point where data is accurate and reliable to derive a "correct” single view of the customer will take commitment, effort, and investment from the financial institutions.
Read MoreHeightened merger, successor fund transfer and digital transformation activity in superannuation has seen QMV reach the 500 milestone in transition capability. To mark this achievement, we have interviewed a mix of our most experienced transition experts on their personal approach, important traps to be aware of and of course the secret sauce!
Read MoreCustomers expect financial institutions to correctly calculate their financial position and to know exactly who they are. No one wants to be at a loss, especially when it is someone else’s fault. A miscalculation, an administrative mistake, lack of insurance coverage, or other errors, can cause customers to feel wronged, robbed, not cared about or even marginalised.
Read MoreMost executives and most CEOs recognise that data is their most valuable asset, yet a very few actually understand and invest in it. Often no one actually knows who's accountable for it because data often isn't a business unit. Data is needed and held by every part of the business.
Read MoreEven though reputable third-party providers have data governance frameworks and performance metrics in place, it is important to recognise inherent bias and that data quality governance is not often their core capability. Data quality must be independently and routinely monitored and validated. If access to the data can be obtained, an independent audit can often uncover widespread error for which regulatory breach and costly remediation is a legitimate risk.
Read MoreTo better support Investigate clients with coronavirus related measures affecting superannuation administration, QMV has released a data assurance content pack dedicated to staying on top of the Coronavirus Economic Response Package.
Read MoreEstablished life insurers currently face the biggest challenge of their reign keeping pace with today’s rate of technological change. Increasingly, better informed customer bases combined with more data than ever before, legacy systems and heightened regulatory scrutiny make transitioning to more innovative, value-driven systems highly challenging.
Read MoreThe digital age of customer information opens vast opportunities for financial institutions from providing tailored solutions, omnichannel experience and innovative avenues to communicate with customers.
Read MoreThe Hayne Royal Commission rightfully and very publicly raised a question mark over the quality of customer data held by financial institutions. It also highlighted that data remediation – the cleansing, organisation and migrating of data – after costly and often lengthy investigation, warrants greater focus.
Read MoreData remediation activities in financial services will never cease. The best that can be achieved is significantly reducing the frequency and scope of remediations over time. This paper is a brief discussion of the triggers, execution and controls associated with data remediation events and can be applied to superannuation, wealth management, banking and insurance.
Read MoreIn a letter sent to registerable superannuation entity (RSE) licensees on 10 April 2019, APRA and ASIC reinforced the importance of oversight to ensure fees charged to members are correct and in their best interest. This included a range of issues and ‘approaches for actions’ to address the oversight.
Read MoreTom Seel is the product lead at QMV and has been involved with Investigate since its inception. He is passionate about data and data-centric projects having been involved in numerous data migration and data remediation projects throughout the superannuation industry.
Read MoreQMV has moved into new Sydney offices situated on Clarence Street. Our permanent base in Sydney is fast approaching twelve months and we sincerely thank QMV's valued clients and friends for their backing.
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