Veda acquires ITM adding to its suite of superannuation focussed solutions
Sydney, Australia, Thursday 1 May 2014: Veda, the data analytics company and leading provider of credit information and analysis in Australia and New Zealand, today 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.
Veda is the market leader in superannuation data services. Year-to-date Veda has processed approximately 6 million member records, found 1.3 million new contact details and identified $16 billion in superannuation funds, where member contact details were missing or not up-to-date.
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.
Regulators are urging superannuation funds to take a more proactive approach towards data integrity. These expectations were formalised in the Prudential Practice Guide ‘CPG235 – Managing Data Risk’ which focuses on the need to establish robust processes that ‘validate, correct, cleanse and assess the ongoing quality of data’. Helping to ensure complete, accurate and timely member data is more than just a regulatory requirement and prudential expectation, but a competitive advantage. The combination of Veda and ITM superannuation services will provide the industry with a single point to address a range of data needs.
“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.”