Comprehensive End-To-End Data Sourcing, Validation, and Form Creation Capabilities Added to Leading Data Management Suite
DST, a global provider of strategically unified data management, business processing, and customer communications solutions, today announced strategic validation enhancements to its Anova APRA reporting solution.
Specifically, Anova, already one of the industry’s most comprehensive investment data management solutions, will provide superannuation funds and service providers with automated and validated form creation functionality to help meet APRA reporting standards for superannuation funds.
According to Rhys Octigan, Head of Business Development for Australia and New Zealand for DST, APRA regulatory reporting is a significant data challenge.
“Firms are coming to realise that meeting these standards is much more than a form-filling exercise,” says Octigan. “Our Anova solution has been designed to provide the automated collection and interpretation of data so that the end-to-end reporting process can be managed optimally.”
Anova helps solve the APRA data challenge by consolidating member and investment data from multiple sources, managing it through to APRA submission. Embedded business logic tells users the information required for each field, works out each attribute, and looks through to underlying investment data to determine the correct APRA classification for any APRA-related piece of data.
“The superannuation industry is re-evaluating how it manages, interprets, validates, and reports data,” says Octigan. “Smart firms understand that a robust technology approach is vital to provide APRA reporting in a cost-effective manner, without error and in accordance with APRA deadlines.”
Recent comments from the Association of Superannuation Funds of Australia indicate there were APRA queries on over 2,000 anomalies and 585 re-submissions for the first reporting quarter to September 2013*. To reduce re-submissions, Anova’s on-screen validation capabilities highlight errors and validation breaks, allowing them to be corrected prior to submission. This capability provides firms with a clear advantage by reducing the inherent risks and costs associated with manually intensive approaches.
*Source: Comments by Association of Superannuation Funds of Australia (ASFA) at the ASFA Policy Roadshow, Melbourne, 21 August, 2014