Monday, March 28th, 2011 - The IQ Business Group
The IQ Business Group, Australia (IQBG) today re-iterated that Australian superannuation sector and employer groups would need to proactively address and prepare for a range of far reaching changes to incorporate the requirements of impending SuperStream legislation.

The superannuation industry experts outlined funds would need to review the intricacies of current processes and systems for staff, business operations and technology infrastructure ahead of legislation to effectively manage the largest change to the sector since the introduction of the Superannuation Guarantee. In its research, IQBG ranked preparing for the use of TFNs, data standards, expanded electronic commerce and ongoing data quality as key action items in facilitating reduced fees and operational costs.

According to IQBG CEO, Graham Sammells, “The drivers for compulsory and voluntary industry change are unprecedented for superannuation funds and employers. The SuperStream initiative is focusing on making things easier and more effective for the members and employers, with an emphasis on data standards, electronic commerce and data quality.”

He emphasises it is the issue of data quality that must be addressed as a priority. “Funds need to understand that this an area that we believe will certainly have the single greatest impact on potential efficiency benefits. Understanding and improving the quality of your data is a first mover advantage no matter what the ultimate data standards will be.”

IQBG has recently completed research into the Operations and Information Technology implications of the SuperStream recommendations considered by Government. The research has been packaged into a Readiness Assessment and is now available for review at the current Conference of Major Super Funds organised by the Australian Institute of Superannuation Trustees.

“Administration is just one part of the whole discussion on costs and efficiency, but Administration has a huge impact on members, employers and their engagement with Super. Smart organisations will develop a roadmap of initiatives to deal with the pending Superstream changes. Whilst all the details in Superstream are not yet finalised, we are confident that most of the proposed changes will come into effect, and there is enough direction to start working on it now,” Sammells concluded.

Graham Sammells is serving his second term as the Chair of ASFA Electronic-Commerce Policy Sub-Committee and a member of the SuperStream Working Group, an initiative of the Stronger Super Treasury Working Group.

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The IQ Business Group


Founded in 1998, The IQ Business Group (IQBG) is a worldwide provider of comprehensive business solutions and the technologies that enable them. IQBG focuses on helping clients improve operational and technological efficiency and reducing operational risk. Today in Australia, the company employs over 80 specialist consultants with major offices in Melbourne and Sydney. It offers four practice lines – Operations, Technology, Risk and Microsoft Solutions.
Cathryn van der Walt
P: 0402327633
W: www.iqgroup.com.au

Keywords

SuperStream, superannuation, TFNs, data standards, expanded electronic commerce and ongoing data quality standards

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