Based in Melbourne, Mr Clamp will report to managing director Mark Vaughan, and will be responsible for developing and implementing new strategies and programs to maximise QMV’s future business growth.

Mr Clamp joins QMV after three years as country director for Australia and New Zealand at intellectual property services and software company CPA Global. Prior to that, Jonathan held senior business development and general management roles at King & Wood Mallesons in Melbourne and British Telecom in the United Kingdom. For the first 10 years of his career, Jonathan was a qualified lawyer – including seven years at Linklaters in London, advising companies across industries on corporate finance and other commercial law matters.

Mr Vaughan said Mr Clamp joins the business at a significant time in its growth.

“Jonathan has a proven track record as a strategic thinker who is driven and able to apply innovative thinking to solve complex problems.

“He brings strong experience in strategy, business development, and sales in a number of highly dynamic market landscapes, to the new role.

“Jonathan’s appointment comes at a time when we are seeing an increased appetite for Investigate (QMV’s data quality software), driven primarily by the value-add it provides into remediation, transition and regulatory projects.

“During Jonathan’s 25-year career, he has collaborated with a vast range of clients – from government and major companies to professional services firms and SMEs. This experience will stand him in good stead in his new role as he focuses on increasing business growth – including expansion outside of QMV’s traditional financial services clientele, along with taking Investigate to international markets.

Mr Clamp has postgraduate legal qualifications and holds an MA from Trinity College, Cambridge University.

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Mark Vaughan

Post Royal Commission, financial institutions are cleaning up their act and cleaning up their customer data, according to QMV managing director, Mark Vaughan.

“Banks, superannuation funds, insurers and wealth managers have been working overtime since the Royal Commission, unpicking data issues and, of course where needed, compensating customers for account errors such as fee-for-no-service and interest miscalculations.

“Data remediation teams in some cases have swollen to hundreds or even thousands of personnel due to the complexity and extent of work required,” he said.

A typical remediation program involves a number to steps: isolate the data error and identify the root cause, quarantine its spread, fix and compensate where appropriate, communicate with relevant stakeholders and implement change to prevent it from happening again.

“In this environment, demand for Remediation as a Service (RaaS) is increasing as external specialists are engaged to run data remediation programs entirely, or to bolster existing internal teams.

“The whole industry will benefit from this movement. There is an increased drive to ensure that remediation and preventative measures are effectively implemented to avoid expensive and time-consuming data errors happening in the first place.

“Financial institutions have always had a focus on data and we are now seeing them taking data quality to a higher level by actively implementing more robust controls and preventative measures to avoid expensive and time-consuming data errors happening in the first place.”

Mr Vaughan said the most common causes of data error in financial institutions are unit pricing errors, delays in crediting or calculation of interest, missing or incorrect information like date of birth or salary, administrative data entry error, lack of internal controls and misinterpretation of fee calculations.

“Invariably on further investigation of an original issue, many other issues are unearthed and scope creep is a major risk in remediation,” he said.

“This type of work requires highly specialised remediation experts with developed processes, calculation models and the right technology to fast-track quality remediation work and reduce costs. Without this, time and cost can blow out extremely quickly and worse. The outcome is only partial success and implementation of inadequate preventive measures.

“The reality is, having issues with data is common and normal. It’s not about having the problem, it’s about how and when you find it, and how quickly you can quarantine and fix it.

“After this initial mass-clean up, the future for financial institutions hinges on having sophisticated controls in place to keep customer data error to a minimum,” he said.

According to Mr Vaughan, it has become requisite for all financial institutions to have both a dedicated unit that owns data quality and to have proven data quality software tools in place.

“In the past, many business units each somewhat owned data quality and therefore no one owned it. Customer data held in disparate data silos is a big part of the problem,” he said.

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QMV Managing director Mark Vaughan said the appointment of Ms Colaço comes at a period of significant change and growth in the business as it continues to make inroads into the Sydney market, and expands its focus to include the insurance and banking industries.

Ms Colaço has over 20 years’ experience in financial services, most recently as head of people and culture consulting at Amicus. Prior to this she was director, head of consulting Asia Pacific (JAPA) at American Express. She has also worked for TAL Life, FINEOS and ING.

“Wendy has worked in a diverse range of roles across Australia and abroad and has extensive leadership, insurance and management consulting experience. Her breadth and depth of experience make her a good fit for the QMV team,” Mr Vaughan said.

“In this role Wendy will help drive the growth of the QMV business into the Sydney market, and will help with the expansion of the businesses focus to include the insurance and banking industries.”

The appointment follows the opening of the QMV Sydney office in late 2017.

Ms Colaço has a Bachelor of Economics Law from University of Newcastle.

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QMV provides independent consulting services and technology systems to superannuation funds, trustees, administrators and wealth management organisations.  It was founded in 2008 by Mr Quinn, Mr Vaughan and Stephen Mahoney.

Mr Quinn said that QMV is moving through a significant period of change and growth, including an expansion into the Sydney market, and it was decided that now is the right time for a change in leadership.

“As our business enters its next phase of strategic growth and expansion into new markets, it makes sense to bring in a new leader with fresh ideas.”

Mr Quinn will continue as a director of the business and work closely on QMV’s expansion into Sydney.

“We are experiencing increasing interest in our services which includes change management, program and project management with a focus on technology, regulatory change, data quality, data remediation, migrations and mergers.

“As the superannuation industry continues to deal with ongoing regulatory change as well as the shift from accumulation to pension phase by many of their members, we are well-positioned to help manage these challenges and ensure institutions have the resources and capabilities to respond effectively,” Mr Quinn said.

Mr Vaughan has over 17 years experience in the financial services industry.  During that time, he has provided consulting services to organisations including nab, Link Group, Mercer, UniSuper and First State Super.  Mr Vaughan holds a bachelor of commerce and is a member of the Association of Super Funds of Australia (ASFA).

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