Industry Fund First Super is prepared for the stringent Australian Prudential Regulation Authority 2013 reporting requirements thanks to CCH Integrator
CCH, a Wolters Kluwer business, has partnered with industry fund
First Super to help it simplify its compliance with the Australian Prudential Regulation Authority (APRA)'s more extensive reporting requirement that all Super Funds’ reports be 100% accurate, 100% of the time from July 1, 2013.
First Super has collaborated with CCH, a global leader in integrated risk, compliance and reporting solutions, to take the sting out of the new reporting requirements for fund trustees and administrators. First Super will be using CCH’s leading corporate reporting platform CCH Integrator to streamline the compliance data collection and filing burden. This is significant because as First Super CEO Graeme Russell explains, it is not just the increased workload and costs fund trustees and administrators have to worry about.
“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% accurate, 100% of the time. It also means that current information has to be available to the entire management team. Automation is the only way to achieve that level reliably and at a reasonable cost,” Mr Russell said.
To find a solution suitable for a smaller fund, First Super turned to Australia’s leading corporate tax reporting platform, CCH Integrator, which many banks, custodians and major listed companies use to increase visibility, lower risk, and improve accuracy and efficiency. Jim Edwards, CCH’s Director of Corporate Reporting Solutions said, “When we looked at the problem super funds were facing, it became clear they were essentially the same ones we’ve been helping other APRA-regulated entities with for some time.”
Despite the differences between banks and super funds, Mr Edwards was convinced they could provide an efficient and effective solution for super funds quite quickly.
“We’ve already set up most of the new APRA reporting forms on to our system, and First Super is mapping data into those forms from its accounting and administration systems. We are also working closely with administration platform providers to automate data extracts from their platforms to further streamline the compliance process,” Mr Edwards explained. “At this rate, we will be piloting with First Super this quarter and we plan to launch the final product to all funds by Quarter 1, 2013.”
CCH Integrator also solved the problem of data distribution by housing data in a single, web-hosted repository, which allows multiple users access using different security levels. This allows any staff involved in the reporting and compliance process to collaborate whilst providing strict data access controls to data that the trustee might consider confidential.
Mr Edwards explained that CCH will continue to invest heavily into superannuation compliance and reporting. “We have a high focus on streamlining corporate reporting and compliance within funds to reduce operating costs,” he said.
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 (2011) €3.4 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 First Super
First Super formed on July 1, 2008, and is an industry super fund for workers in the timber, pulp and paper and furniture and joinery industries. As at June 30, 2012, First Super had over 72,000 members and almost $1.7 billion in members’ funds.
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.