Data Deep Dive. Is Your Data Ready?
When it's time to take action on your pension plan, will your data be ready?
The most common consequence of inaccurate data is that the financial outcome of pension risk mitigation activities will fall short of your organization’s hopes.
Having the right data in place helps prevent a number of risks, both internal and external. And in total provides a great opportunity to develop and implement an effective risk management strategy, exploit opportunities to de-risk and react dynamically to changing market conditions.
Being "data ready" means having an electronic repository with required data elements, such that no research, discovery, or double-checking would be necessary if pension-related actions to happen today.
Many organizations considering pension risk mitigation activities in the near future believe their data is in pristine shape.*
When To Consider A Data Assessment?
Pension plan mismanagement has been the focal point of a growing number of class actions suits in recent years.
As pension challenges became bigger, multinationals believed that they needed to get actively involved in tracking the complex of pension problem, and in particular, the risks it represented to their financial standing. And data challenges can't be addressed on an ad-hoc basis if your organization is considered large-scale.
By performing a data assessment, you can determine the condition and readiness of your data in advance of important projects that are data-dependent, paving the way for successful execution. At the same time, integration of risk management and governance strategies are needed.
To learn how data readiness could impact your organization's pension-related goals, and get help your data assessment, download the full article, filling-out the form below