The beta version of CEM’s Data Quality Scorecard has rolled out. When you get your scorecard, what actions could you take?
In a recent edition of Peer Intelligence, I discussed CEM’s strong commitment to data quality and the actions we take to ensure the quality of the data we receive. Our latest initiative is the introduction of a Data Quality Scorecard for every participant in our Investment Benchmarking Subscription.
The scorecard is a fund-specific assessment of the investment performance and cost data provided to CEM, along with the timeliness of that data. This assessment is based on CEM’s Global Reporting Principles, which were developed with the support of an Advisory Board comprising seven leading global funds.
This year, we have shared the Data Quality Scorecard separately from our comprehensive benchmarking reports, sending it specifically with key decision-makers at each fund. Our objective is to gather your feedback and, over time, enhance both the rigour of the assessment and its integration with our benchmarking analyses. Additionally, we aim to include Data Quality Scorecards for our Defined Contribution Benchmarking and Pension Administration Benchmarking subscribers in the next year.
Why invest this much effort in data scoring? To quote an age-old CEM axiom: “What gets measured, gets managed”. When you receive your score, we recommend the following steps:
- Understand the Score: Take the time to review the scorecard, which highlights the gaps that need to be addressed to improve your future score.
- Discuss Internally: Often, missing data may be readily available but was not provided to CEM. If you have this data now, please contact your CEM Relationship Manager.
- Engage with Managers or Service Providers: Many data gaps can be filled with better information from asset managers. Often, requesting this information is a straightforward process.
- Learn from Peers: If you're having trouble obtaining key data from a third party, chances are that another member of the CEM community has experience with that same provider. With permission, we are happy to facilitate connections so you can share insights.
- Be Aware of the Standards: We will gradually raise the difficulty level in the scoring rubric. Your fund should review the criteria and prepare for future changes.
- Provide Feedback: Since this is a beta test, we anticipate areas for improvement. Your feedback is crucial to this process, so please feel free to email us or reach out to your CEM Relationship Manager.
Thank you to everyone who has contributed insights and support in developing and implementing the Data Quality Scorecards. Our industry benefits greatly from your efforts.
Turning to a few items I would love to highlight in this month’s issues of Peer Intelligence.
Thanks, as always, for reading,
Rashay
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