Benefit Calculation Audit
ITM provides a variety of services to help you satisfy prescribed risk management requirements, including a fully automated benefit calculation audit service.
Our calculation audit service uses our own unique propriety software – DAaRT (Data Analysis and Reporting Tool) – to provide a fully automated audit of the accuracy of calculations being performed on members. When combined with our data analysis and reporting service, ITM delivers a 360 degree view of the efficiency of membership data and the interaction of data with calculations.
We can provide a calculation audit and Data Analysis as a one off project or as part of a regular risk review..
The benefits of ITM’s approach
- Complies - with regulators risk management requirements.
- Provides - a comprehensive understanding of the completeness and accuracy of calculations and their interaction with members data.
- Creates - an opportunity to economically cleanse the data (if necessary) via a totally automated process.
- Enables - accurate liability quantification for all members, leading to a more accurate actuarial valuation, directly impacting fund financing.