|CCH and IQ Group partner to improve Superannuation APRA reporting compliance
|13 March 2013
|Melbourne, Australia (12 March, 2013) – CCH, a Wolters Kluwer business and global leader in tax, accounting and audit information, software and services for professionals has chosen specialist Superannuation industry consulting firm, IQ Group, as the preferred implementation partner for its CCH Integrator software platform. CCH Integrator, already being used by hundreds of corporations nationally and internationally, enables Australian Prudential Regulation Authority (APRA)-regulated Superannuation Funds to meet stringent new reporting requirements.
Managing Director of CCH Corporate Reporting Solutions Peter Boyle said the CCH and IQ partnership will deliver a solution that will help public, retail and corporate superannuation funds as well as third-party fund administrators meet their regulatory reporting requirements. “CCH brings the technological strength in the form of its mature, market-leading corporate reporting solution CCH Integrator. IQ Group brings the depth of superannuation knowledge and data experience required for APRA reporting,” he explained.
IQ Group CEO, Graham Sammells commented on the consultation package released in September 2012, noting the new regulations require vastly increased levels of data collection by Superannuation Funds.
“Client estimates forecast the involvement from two to five team members when this particular set of APRA requirements become effective for funds from July 2013,” he said.
Sammells continued, “The increased breadth and depth of reporting will require a more robust and repeatable reporting solution than the current practice of Analysts manually collecting data and updating spreadsheets.”
By CCH Integrator teaming with IQ Group, public, retail and corporate superannuation funds as well as third-party fund administrators will benefit from:
Together, CCH and IQ Group will help CCH clients:
- a robust reporting tool that has been used for similar taxation and compliance reporting for 10 years;
- a tool that helps manage risk by providing auditability, traceability, change-control, and approvals and a single-source of truth;
- a tool that captures the business logic required to aggregate and dis-aggregate the source data into the information required in the APRA reports;
- a tool that provides seamless submission to APRA via D2A;
- IQ Group’s domain expertise to efficiently map data from known and understood source systems. IQ understands the data elements required, and where they are likely to come from;
- IQ Group’s proven ability to develop repeatable data mapping and transformation processes from source systems into the tool; and
- IQ Group’s data quality tools that help manage the risk of bad data from the source systems.
APRA’s new reporting requirements will become the master data source for each fund and the industry as a whole. Every Product Disclosure Statement advertisement and report will have to utilise data from the APRA reports. That means the reports have to be 100 per cent accurate, 100 per cent of the time. Automation is the only way to achieve that level reliably and at a reasonable cost, Boyle said.
- lower overall cost of meeting the compliance requirements;
- reduce the risk of not complying; and
- improve the ongoing quality of data at the Fund.
CCH and IQ Group will exhibit at the Conference of Major Superannuation Funds 2013 held in Brisbane from Wednesday 20 to Friday 22 March.
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For more information, please contact:
Senior Communications Coordinator, Wolters Kluwer Asia Pacific
T: +61 2 9857 1886 | Mb. +61 (0)408 290 412 | firstname.lastname@example.org
Managing Director, CCH Corporate Reporting Solutions, Wolters Kluwer Asia Pacific
T: +61 3 9648 8960 | email@example.com
Cathryn van der Walt
12 Worlds on behalf of IQ Group
T: +61 (0) 402 327 633 | firstname.lastname@example.org
About CCH Integrator
CCH Integrator is a highly scalable, secure corporate reporting platform designed to integrate all aspects of the compliance process from collection and calculation through to reporting and delivery within the ONE integrated web (cloud) platform.
Trusted by hundreds of corporations in Australia and around the world, including 9 of the 10 leading financial institutions in Australia, CCH Integrator is designed to increase visibility, lower risk, and improve accuracy and efficiency for corporate tax and accounting professionals.
To contact a CCH Integrator account representative:
To learn more about CCH Integrator for APRA reporting please contact a CCH account representative via Freecall 1300 342 501 (from within Australia); Freecall 0800 452 333 (from within New Zealand); or via email: email@example.com.
About CCH, a Wolters Kluwer business
CCH (www.cch.com.au) is part of Wolters Kluwer, a market-leading global information services company focused on professionals with annual revenues of (2012) €3.6 billion ($4.7 billion) and approximately 19,000 employees worldwide. Please visit our website or follow us on Twitter, LinkedIn or Facebook for more information.
About IQ Group
IQ Group advises Australian enterprises on how to implement business and technology solutions to improve efficiencies and reduce operational risk. Its specialist consulting services span Operations, Technology, Risk and Microsoft Solutions Practice lines for all industry sectors. It also offers a range of innovative solutions, such as iqBoard, iqCloud and iqBI to address today’s governance, onshore cloud computing and Business Intelligence initiatives.
Founded in July 1998, the Australian Prudential Regulation Authority (APRA) is the prudential regulator of the Australian financial services industry. It oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding $4 trillion in assets for almost 23 million Australian depositors, policyholders and superannuation fund members.
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