APRA Selects Vizor Software to Develop New Reporting Solution
APRA selected an international consortium to deliver the new Data Collection Solution that will be used across the financial sector to meet data reporting requirements. It selected a software system developed by the Irish company Vizor Software to replace its existing data reporting system, Direct to APRA (D2A). Furthermore, Dimension Data from Australia was selected to deliver the new solution, which will be used by more than 4,500 financial sector entities to meet their regulatory reporting requirements to APRA. The new Data Collection Solution is due to come online in March 2020, following further engagement with industry involving testing and training on the new system.
The joint tender by the companies was chosen from among a field of domestic and international companies and consortia that responded to last August’s Request for Tender, seeking an off-the-shelf, minimally customized solution to become the new data collection system of APRA. The new Data Collection Solution will replace the D2A system, which was released in 2001 and has become increasingly challenging for both industry and APRA to use and maintain. In its place, Vizor will provide a modern, efficient, web-based system, improving the core data collection capabilities of APRA. Vizor Software has a proven track record, having provided the platforms that are used by a number of APRA’s international peers for regulatory data submissions. APRA will shortly release an initial implementation plan outlining more details of its roll-out plan.
Replacing D2A with the new Data Collection Solution is part of the broader data modernization program, designed to ensure that APRA keeps pace with advancements in data, analytics, and technology. APRA has formed three groups to provide guidance and direction for key decisions and how to implement the transition from D2A—namely, Strategic Industry Reference Group, Technical Working Group, and Software Vendor Working Group. According to APRA, the new solution is expected to adapt as reporting requirements and technology continue to evolve, will reduce the ongoing maintenance and support costs, and will feature a modern, intuitive user interface.
Related Links
Keywords: Asia Pacific, Australia, Banking, Insurance, D2A, Data Collection Solution, Reporting, Vizor Software, APRA
Featured Experts
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
David Fihrer
Skilled life insurance actuary; subject matter expert on IFRS 17 and source of earnings
Previous Article
ECB Paper on Implications of Crypto-Assets for Financial StabilityRelated Articles
APRA Publishes Results of Climate Risk Self-Assessment Survey
The Australian Prudential Regulation Authority (APRA) has published the findings of its latest climate risk self-assessment survey conducted across the banking, insurance, and superannuation industries.
ACPR Publishes Updates Related to CRD IV and Covered Bonds
The French Prudential Supervisory Authority (ACPR) published a notice related to the methods for calculating and publishing prudential ratios under the Capital Requirements Directive (CRD IV) and the minimum requirement for own funds and eligible liabilities (MREL).
BIS Paper Contributes to Debate on Regulating NBFIs and Big Techs
The Financial Stability Institute (FSI) of the Bank for International Settlements recently published a paper proposing a framework for classifying financial stability regulation as either entity-based or activity-based.
EIOPA Publishes Guidance on Climate Change Scenarios in ORSA
The European Insurance and Occupational Pension Authority (EIOPA) published the risk dashboard based on Solvency II data and the final version of the application guidance on climate change materiality assessments and climate change scenarios in the Own Risk and Solvency Assessment (ORSA).
EBA and ECB Respond to Proposals on Sustainability Disclosures
The European Banking Authority (EBA) and the European Central Bank (ECB) published their responses to the consultations of the International Sustainability Standards Board (ISSB) and the European Financial Reporting Advisory Group (EFRAG) on sustainability-related disclosure standards.
BIS Report Notes Existing Gaps in Climate Risk Data at Central Banks
A Consultative Group on Risk Management (CGRM) at the Bank for International Settlements (BIS) published a report that examines incorporation of climate risks into the international reserve management framework.
EBA Publishes Multiple Regulatory Updates for Regulated Entities
The European Banking Authority (EBA) published the final guidelines on liquidity requirements exemption for investment firms, updated version of its 5.2 filing rules document for supervisory reporting, and Single Rulebook Question and Answer (Q&A) updates in July 2022.
EIOPA Issues SII Taxonomy and Guide on Sustainability Preferences
The European Insurance and Occupational Pensions Authority (EIOPA) published Version 2.8.0 of the Solvency II data point model (DPM) and XBRL taxonomy.
EESC Opines on Proposals on CRR and European Single Access Point
The European Union published, in the Official Journal of the European Union, an opinion from the European Economic and Social Committee (EESC); the opinion is on the proposal for a regulation to amend the Capital Requirements Regulation (CRR).
HM Treasury Publishes Multiple Regulatory Updates in July 2022
HM Treasury published a draft statutory instrument titled “The Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2022,” along with the related explanatory memorandum and impact assessment.
