The Triangle of TrustSM and the ACA
Ask how Trusaic can apply the Triangle of Trust to achieve 100% ACA compliance for your organization
The Triangle of TrustSM is the principle that combining data, regulatory expertise and analytics will optimally move raw data to successfully address regulatory compliance and business intelligence needs. It is a critical tool in achieving ACA compliance.
Expertise in Data
Data, such as Payroll, Time and Attendance, Leave of Absence, Benefits Administration and general HR information, which have both structured and unstructured components, are frequently scattered across various databases and platforms. The data from these disparate silos need to be aggregated, consolidated and validated into a set of accurate data for use in addressing regulatory compliance for the ACA. During this aggregation process, there's a significant chance that crucial bits of information will either be omitted, duplicated, or entered in error.
Expertise in Regulations and Analytics
Regulatory expertise is critical to ensure the accurate data is applied in appropriate ways, through analytical processes that combines correct interpretation of regulations and laws. Such expertise in regulatory affairs will allow software to effectively address regulatory compliance and business intelligence. Understanding how to interpret and segment data so that it will answer the requisite questions of your analysis as processed through software is critical to getting the best, most accurate interpretations from the data for a successful ACA filing. Given the severity of the financial risk of IRS penalties for ACA non-compliance, having ACA regulatory experts readily available is vital to your ACA compliance efforts.
For example, does your organization know the intricacies of the ACA well enough to determine if the data being used will successfully answer questions like these?
- What safe harbor and measurement method are being used, and are they being applied correctly?
- Are processes in place to make the health coverage benefits being offered are consistent with the ACA?
- What's the monthly offer rate percentage?
- Do your insurance products help or hurt your ACA compliance efforts?
Expertise in Software
Software development is a multidisciplinary effort in software programming, database management, data science, data analysis and regulatory expertise. These experts need to work together to properly develop and program software that will apply the clean data to effectively address regulatory compliance and provide business intelligence. This is critical to obtain accurate outputs that will effectively address IRS information requirements that demonstrate ACA compliance.
The challenge with using do-it-yourself software for ACA compliance is that it won't tell you if the underlying data contains discrepancies, and it won't tell you if the inputs combine to comply with the ACA rules. You're putting a lot of trust in automated software that puts the onus on you to understand the implications of the inputs. Also, if the data is bad, the software may only highlight the errors in the ACA filings. These errors can result in exposure to significant IRS penalty assessments.
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