ITM to provide data risk management certification

10-Feb-2010

ITM, the independent data and administration consultant will provide Trustees who undertake an independent Data Risk Audit with a ‘Data Risk Management Certificate’.

John Broker, Director at ITM comments: ‘the ITM certification will help Trustees evidence that they have complied with the Record Keeping and Data Standards required by the Regulator. Trustees will be able to evidence good governance and internal control review. Trustees can demonstrate to their members, advisers and the Regulator that they know their data risks and have plans to mitigate them.

ITM audits several hundred scheme data sets per year and we are seeing demand grow as Trustees realise the Regulator is moving through the Educate→ Enable → Enforce process’.

Trustees will now be able to include their ITM Data Risk Management Certificate in the processes that support the scheme accounts and actuarial valuation. The certificate will be a simple benchmark that demonstrates how Trustees have complied. It should be noted that from the recently issued Consultation document, enforcement of a data standard is likely to arrive soon as we move towards 2012 and auto-enrolment.

The Data Risk Management Certificate is not just a one-off but can be used to demonstrate that data risk mitigating actions are measured, monitored and managed annually.

ITM believes that undertaking a data audit independently from the scheme administrator is best practice and ensures objectivity. Broker commented 'trustees need ask themselves if it is appropriate to ask their administrators to “self audit” their data– after all, scheme accounts are subject to a rigorous external audit process so doesn’t the same principle apply to scheme data?

ITM will be working with the pension accounts audit fraternity and others such as trustee liability insurers to ensure that the Data Risk Management Certificate meets their needs and adds yet further value to trustees.

Further information is available at www.itmlimited.com