CitiStreet has established a centralized group focused on client data management. The new CitiStreet Data Management group will help benefit plan sponsors manage all aspects of their benefits administration data, including conversion, cleanup, process consulting and ongoing maintenance and controls. CitiStreet has hired an industry expert in the field, Cort Raithel, to head the team.
Proper data management is essential for plan sponsors to reduce costs, reduce business risk and attain the highest level of participant satisfaction. For example, p oor data quality and process can translate into expensive case-by-case manual intervention, incorrect pension calculations, and incorrect health coverage. It almost always means plan participants must wait longer for their requests to be processed.
CitiStreet Data Management will provide specialized staff to perform manual research of benefits files or fiche as well as recommend and execute global correction strategies. In addition to legacy data issues, equal importance will be placed on regular data maintenance, such as monitoring and resolving data feed errors. Reports and reconciliations provided by the team will ensure consistent data across multiple benefits vendors and support Sarbanes-Oxley compliance.
CitiStreet Data Management will be involved at all points of a client's administrative lifecycle - from prospective client, to implementation, to ongoing operations. Each CitiStreet client will have a consultant to manage the data activities as well as provide strategic data advice. This provides a single point of contact and avoids the issues or inefficiencies associated with knowledge transfer across multiple parties. The group will also provide advice to data-challenged companies or institutions and help prepare them for outsourcing.
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