Pensions - Articles - Data risks left uncovered by traditional data testing


Trafalgar House has warned schemes of the data risks being left uncovered by only focusing on traditional conditional data testing - and advised that other, more significant data issues might be sat below the surface which simply won’t be picked up through a basic conditional data analysis.

 Claire Montgomery, Senior Business Analyst at Trafalgar House, commented: “Common and conditional reporting goes some way to identifying missing data, but just focusing on this assessment can mean several more complex associated problems are missed as a result of historical administration processes. These might include administrators having created non-standard data fields which cause items to be held in abstract fields, instances where dependent records are not linked to the original deceased members, and where valuable data and benefit information is being stored in notes fields - to name but a few.” 

 Montgomery continued: “We regularly encounter these bigger problems with data as part of our scheme transition projects, and they come as a surprise to many trustees as they were given a clean bill of health from a conditional data analysis. Since it is now more widely recognised that good quality data is key in improving service to members, the time is right to take data quality interrogation to the next level and stop misleading trustees into believing that all data is complete and accurate because of the limits of working from a conditional data analysis alone.”
  

Back to Index


Similar News to this Story

No automatic case for extending Pensions Regulator powers
Mercer encourages the next government to first assess whether the Pensions Regulator’s existing powers could be used more effectively before automatic
Report launched on effective governance for pension schemes
Winmark and Sackers announce the publication of ‘Effective Governance – the Art of Balance’, a new report on effective governance for pension schemes.
Industry comment on the FCA paper on annuities
Pensions industry comment from The Peoples Pension and Just on the FCA paper on annuities

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.