Trusting in your data is a constant challenge for Superannuation funds, which is why providers are turning to Duco for greater control over the regulatory reporting process.
Compliance with APRA and ASIC rules is an ever-present challenge for Superannuation funds. Regulatory changes have placed greater reporting and transparency requirements around transaction reporting and fee disclosures. For example:
- Fee changes need to be monitored and disclosed under ASIC’s RG97
- Transactions need to be validated against a trade repository, under APRA’s trade reporting regime
Non-compliance is not an option unless Superannuation funds are willing to risk regulatory fines and reputational damage. But achieving compliance can be costly and time consuming for the typical operations team which already has a heavy workload.
Superannuation funds need adequate systems and processes to validate information as well as retain an effective audit trail for internal compliance and supervision by the regulators.
The traditional approach to meeting a greater regulatory burden is to increase the resources devoted to compliance reporting. However, this has a direct impact on operational costs, and recruitment is in itself both time consuming and not without risk.
The Duco Way
Duco’s Superannuation data integrity service provides a real alternative to the significant manual effort required for data collation, cleansing, manipulation, reporting and presentation. It eliminates traditional barriers to effective compliance reporting by enabling:
- Fast and accurate data ingestion
Business users can ingest and validate high volumes of data, irrespective of the data source and quality. Users simply upload their data to Duco, where it is automatically ingested allowing data validation controls to be immediately built.
- Flexible construction of data integrity controls
Duco’s Natural Rule Language (NRL) technology allows users to build these controls and reconciliations without coding. Any user, with or without IT skills, can create complex logic and rules in easy-to-read English sentences.
- Automated workflows
Duco can filter, normalise and match data highlighting any data errors and inconsistencies in a fraction of the time required by traditional systems. Fully automated resolution workflows enable multiple stakeholders to work on the output simultaneously.
- Integration with BI and MIS tools
Duco allows fast and simple API integration to third-party applications such as Tableau, PowerBI, Qlikview and more, enabling flexible reporting and trend analysis.
Why firms are turning to Duco
For Superannuation funds, the automation of manual steps means minimising the risk of human error. Duco enables Superannuation funds to spend less time worrying about data and take a renewed focus on monitoring changes, unearthing differences in data and improving data integrity.
For more information, download our guide to the Superannuation data integrity service.