Featured Product

    APRA Releases Initial Plan for Implementing New Reporting Solution

    April 03, 2019

    APRA released the initial Implementation Plan for the new Data Collection Solution, which will replace its data collection system, Direct to APRA (D2A), with a modern, efficient, web-based solution. The plan provides all entities with an early view of the implementation approach to the roll-out of the new Data Collection Solution, which is expected to go live in March 2020. It also provides high-level guidance on the key project milestones and their expected timeframes.

    The Implementation Plan informs reporting entities on the actions required now to prepare for the commencement of the new solution in early 2020. It also outlines the approach for managing the Data Collection Solution project risk, along with APRA’s future direction for data collections. The plan covers the key implementation components, including readiness, testing, training, and support. As some information is still unknown and some plans may change once more information becomes available, another version of this Implementation Plan is scheduled to be released in July 2019. In its Implementation Plan, APRA states that, although it will help entities to prepare for the change, entities need to start planning their transition to the new Data Collection Solution to ensure they continue to meet their reporting obligations. Readiness checklists will be provided to entities, which will specify required actions throughout the transition, including involvement in testing and training activities. Readiness activities will occur in the second half of 2019 and early 2020. 

    The new Data Collection Solution will not have a production parallel run with D2A. However, a test environment will be made available before go-live which will enable entities to test uploading data and to perform a range of functions. Should entities use third-party service providers or RegTech providers to assist in the submission of their returns, it will be the entity’s responsibility to liaise and confirm with their providers that they are well-prepared for go-live. A production parallel run is not possible due to the wide range of entity reporting due dates. As per APRA, the reporting entities will be expected to:

    • Manage their own internal readiness for the new Data Collection Solution
    • Ensure the relevant people within their entities are receiving new Data Collection Solution project communications from APRA
    • Develop internal business cases for funding and establish project teams as required to enable their own readiness
    • Participate in the testing process to ensure they are able submit returns prior to go-live
    • Ensure all relevant users are set up with authentication credentials for testing and go-live
    • Ensure all relevant users complete the provided training prior to go-live
    • Provide feedback and raise any concerns throughout the implementation
    • Submit all data, including re-submissions, through the new solution post go-live


    Related Links

    Keywords: Asia Pacific, Banking, Insurance, Reporting, D2A, Data Collection Solution, APRA

    Featured Experts
    Related 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.

    August 04, 2022 WebPage Regulatory News

    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).

    August 03, 2022 WebPage Regulatory News

    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.

    August 03, 2022 WebPage Regulatory News

    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).

    August 02, 2022 WebPage Regulatory News

    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.

    August 01, 2022 WebPage Regulatory News

    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.

    July 29, 2022 WebPage Regulatory News

    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.

    July 29, 2022 WebPage Regulatory News

    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.

    July 29, 2022 WebPage Regulatory News

    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).

    July 29, 2022 WebPage Regulatory News

    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.

    July 29, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8423