Blog

SUBSCRIBE TO BLOG

LEGAL AND REGULATORY UPDATE

Posts tagged remediation

What Does CPS 230 Mean For Superannuation Funds

What Does CPS 230 Mean For Superannuation Funds

The Prudential Standard CPS 230 sets out stringent requirements for operational risk management in the superannuation industry. By implementing a robust framework and adhering to these requirements, APRA-regulated entities can effectively manage operational risks, maintain the continuity of critical operations, and enhance their resilience to disruptions. This, in turn, contributes to the stability and integrity of the superannuation industry, promoting trust and confidence from customers, stakeholders, and regulators alike

What Doesn’t Kill You Will Make You Stronger - A Deep Dive Into Data Remediation Execution

What Doesn’t Kill You Will Make You Stronger - A Deep Dive Into Data Remediation Execution

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.

data, superannuation, technologyRutu Sangam20 April 2023qmv, transition, merger, sft, successor fund transfer, platform, technology, governance, automation, compliance, data quality, data remediation, remediation, remedial actionsComment

Case Study – Managing Annual Member Statements With Focus On Data Quality - Downloadable Case Study Investigate DQ

Case Study – Managing Annual Member Statements With Focus On Data Quality - Downloadable Case Study Investigate DQ

Often, 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.

Case Study – Advice And Implementation Of Administrative Error Remediation

Case Study – Advice And Implementation Of Administrative Error Remediation

Most 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.

Case Study – Key Elements For Flawless Execution of Large-Scale SFTs

Case Study – Key Elements For Flawless Execution of Large-Scale SFTs

A 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.

Optus data breach and what it means to your members - Investigate DQ

Optus data breach and what it means to your members - Investigate DQ

There has never been more reliance and importance on data to provide administration of consumer products effectively and efficiently. The Optus data breach is a significant and public example of data may be used for fraudulent purposes, however, there is an ongoing risk that must be mitigated to ensure that, regardless of scale or publicity, consumer interests are protected as much as possible.

Using Assumptions For Consumer Remediation – Applying RG 277 Guiding Principles In The Process

Using Assumptions For Consumer Remediation – Applying RG 277 Guiding Principles In The Process

On 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.

Mastermind Thinking Required For Whole-Of-Fund Digital Transformation

Mastermind Thinking Required For Whole-Of-Fund Digital Transformation

As the industry moves away from ad-hoc or project-based optimisations to more holistic and integrated digital capability, the fund needs ‘mastermind’ thinkers on the transformation program ideally with the trifecta of technology, data and superannuation pedigree.

Business-As-Usual To Total Business Transformation: Investigate Use Cases

Business-As-Usual To Total Business Transformation: Investigate Use Cases

Investigate data quality management platform begins transforming customer and organisation data quality on day-one, enabling financial institutions in their pursuit of data-driven business growth.

Remediation Models In Financial Services Organisations

Remediation Models In Financial Services Organisations

The ability to identify, scope and remediate customer account errors has become a key regulatory item in financial services. These issues can result in breaches and are thus “non-negotiable” with regulators.

Depending on the scale of remediation events, personnel and funding tends to swell and subside. The deeper you look, the more people involved, the more money you throw at it, the more errors you will find.

What Are The Most Common Data Errors In Financial Institutions?

What Are The Most Common Data Errors In Financial Institutions?

Customers 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.

Post Royal Commission World – Why Is Financial Services Customer Data Prone To Error?

Post Royal Commission World – Why Is Financial Services Customer Data Prone To Error?

The Hayne Royal Commission raised a question mark over the quality of customer data held by financial institutions and emphasised that action after the fact via costly data remediation events was not good enough. In a post royal commission world, it is important to know why customer data is so prone to error.

Investigate v6: Reporting For Duty

Investigate v6: Reporting For Duty

At QMV, we believe that robust data quality management practices not only increase member engagement but also help solidify members’ trust in the company. Recognising a growing demand for more control and customisation around reporting, QMV are very pleased to present the latest version of Investigate featuring some significant enhancements that reaffirms our commitment to meeting our customer’s needs for superior data quality management.

due diligence, data, technologyQMV QMV7 October 2020qmv, data quality tools, data quality software solution, data remediation, remediation, superannuation data, data management platforms

Eschew Obfuscation, Espouse Elucidation – How To Enhance Data Quality Governance With Third-Party Providers

Eschew Obfuscation, Espouse Elucidation – How To Enhance Data Quality Governance With Third-Party Providers

Even 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.

Superannuation Fund Administration Migrations – How To Get It Right

Superannuation Fund Administration Migrations – How To Get It Right

Trustees regularly put their administration up for tender and a successful bid often results in a fund migration. This may be between administrators or just platforms within an administrator. Each migration is unique and presents its own set of challenges and disruptions…

Reducing Data Remediation Costs - One Simple Step Delivers A World Of Difference

Reducing Data Remediation Costs - One Simple Step Delivers A World Of Difference

The digital age of customer information opens vast opportunities for financial institutions from providing tailored solutions, omnichannel experience and innovative avenues to communicate with customers.

banking, data, insurance, regulation, technology, superannuation, wealth management, administrationGuest User3 September 2019data quality, financial services, viet phan, mount everest, investigate, qmv, data quality management, remediation, dq

Data Remediation Activities Will Not Disappear; Nor Should They

Data Remediation Activities Will Not Disappear; Nor Should They

The 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.

Data Remediation In Financial Services – Triggers, Execution, Controls And Continuous Improvement

Data Remediation In Financial Services – Triggers, Execution, Controls And Continuous Improvement

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. 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.

Correcting Past Wrongs – The Gold Standard In Financial Services Data Remediation

Correcting Past Wrongs – The Gold Standard In Financial Services Data Remediation

Many data remediation programs are only started after an issue being brought to light by a customer or group of customers: often upon investigation, this gives rise to a slew of other issues that may have been impacting thousands of customers across several years.

Q&A – Tom Seel Reviews Investigate Data Quality Software Tool

Q&A – Tom Seel Reviews Investigate Data Quality Software Tool

Tom 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.