Most 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 MoreThe 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.
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 MoreMany promising superannuation fund mergers over the last decade have failed to eventuate and unfortunately there is little to no research to help us understand why. The question is, why are merger talks prone to collapse especially after the many efforts, expectations and money invested in due diligence, even when benefits to members, employees and the fund seem to be clear?
Read MoreThe question, “Should my fund continue to exist?” if asked three months from today, may produce different answers to the same question if asked earlier in 2020. Smaller funds with members concentrated in vulnerable industries are taking most of the heat around viability during the coronavirus crisis, but cracks are showing up across many funds.
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 MoreMillions of employees have or will have salaries and working hours reduced or stopped suddenly due to changes in employment conditions. Current estimates indicate that the government’s proposed JobKeeper payment will help pay the wages of 6.7 million workers (source ABC).
Read MoreSix weeks ago, superannuation fund executives knew exactly what their priorities were. Today, protecting the pride while re-imagining the future is a dual task requiring serious intellectual horsepower.
Read MoreContact centre overflow at superannuation funds and third-party administrators has relied upon incredible ingenuity and innovation to manage extreme demand amid the COVID-19 crisis. Current inbound member enquiry is consistently greater than double the norm with major spikes observed tripling and quadrupling enquiry rates.
Read MoreIn response to the ongoing COVID-19 pandemic, the Australian government has passed legislation to allow affected individuals early access of up to $10,000 from their superannuation. Due to the fast-paced nature of the crisis, superannuation funds and administrators are working vigorously provide members with the services and information they need.
Read MoreThis article shares initial thoughts on what superannuation trustees should be thinking about, and what they might be able to do to best position themselves to navigate the COVID-19 pandemic (and related economic carnage) with compassion, prudence, and a sense of purpose.
Read MoreQMV recently held our annual trivia night to raise funds for The Flemington Homework Club. We raised $6,647 for this worthy cause and it would not have been possible without the generosity and intellectual horsepower of our guests!
Read MoreTrustees 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…
Read MoreIn the last decade, the arrival and development of the ‘cloud’ has had a profound impact on the financial services sector, both in Australia and globally. I’m not talking about the cloud Grampa Simpson is yelling at but referring to the term ‘cloud computing’.
Read MoreContact centres are a hot topic across financial services as institutions look to dominate the customer experience race. The drivers come as a result of higher customer expectations, competitive advantage and the need to rebuild trust post royal commission.
Read MoreTrustees need to ‘start their engines’ now to make sure they will be compliant with the design and distribution obligations that will come into effect on 6 April 2021. A project plan needs to be developed now that incorporates product and product governance audits. And that’s before the real work begins!
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 MoreQMV is pleased to release a data assurance content pack dedicated to helping trustees to monitor compliance with the Putting Members’ Interest First reforms. This pack complements existing definitions and rules content available across Investigate including the recent Protecting Your Super data assurance content pack.
Read MoreTrustees of Australian Prudential Regulation Authority (APRA) and self-managed superannuation funds alike should pay close attention to the upcoming case of McVeigh v REST, and the possibilities of either setting a precedent requiring consideration of climate change as a material investment risk or highlighting the need for more specific climate change risk focused regulation.
Read MoreNow is the time for trustees to carry out a holistic review of the processes and controls that govern the product life cycle. The design and distribution obligations that will come into effect on 6 April 2021 complement ASIC’s product intervention powers and ASIC will consult with the industry about them later this year.
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