APRA Releases Initial Plan for Implementing New Reporting Solution
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
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Pierre-Etienne Chabanel
Brings expertise in technology and software solutions around banking regulation, whether deployed on-premises or in the cloud.
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Previous Article
US Agencies Publish FAQs on Accounting Standard on Credit LossesRelated Articles
BIS Innovation Hub Sets Out Work Program for 2021
BIS Innovation Hub published the work program for 2021, with focus on suptech and regtech, next-generation financial market infrastructure, central bank digital currencies, open finance, green finance, and cyber security.
EC Plans to Consult on Crisis Management and EDIS Framework Revisions
In an article published by SRB, Mairead McGuinness, the European Commissioner for Financial Services, Financial Stability, and Capital Markets Union, discussed the progress and next steps toward completion of the Banking Union.
EBA Finalizes Remuneration Standards for Investment Firms in EU
EBA finalized the two sets of draft regulatory technical standards on the identification of material risk-takers and on the classes of instruments used for remuneration under the Investment Firms Directive (IFD).
ECA Recommends Actions to Enhance Resolution Planning for Banks
EC published, in the Official Journal of the European Union, a notification that the European Court of Auditors (ECA) has published a special report on resolution planning in the Single Resolution Mechanism.
BoE Publishes Key Elements of the 2021 Stress Testing for Banks in UK
BoE published a scenario against which it will be stress testing banks in 2021, in addition to setting out the key elements of the 2021 stress test, guidance on the 2021 stress test, and the variable paths for the 2021 stress test.
PRA Proposes Rules on Identity Verification of Depositor Protection
PRA published a consultation paper (CP3/21) proposes rules regarding the timing of identity verification required for eligibility of depositor protection under the Financial Services Compensation Scheme (FSCS).
FSB Publishes Work Program for 2021
FSB published the work program for 2021, which reflects a strategic shift in priorities in the COVID-19 environment.
FCA Issues Update on Move to New Data Collection Platform
FCA announced that 50% firms have started using the new data collection platform RegData, which is slated to replace the existing platform known Gabriel.
Bundesbank Publishes Derivation Rules for Reporting by Banks
Bundesbank published Version 5.0 of the derivation rules for completeness check at the form level, with respect to the data quality of the European harmonized reporting system.
FED Revises Capital Planning and Stress Testing Requirements for Banks
FED finalized a rule that updates capital planning requirements to reflect the new framework from 2019 that sorts large banks into categories, with requirements that are tailored to the risks of each category.
