APRA Connect to Go Live on September 13, 2021
The Australian Prudential Regulation Authority (APRA) announced that its new data collection system APRA Connect will go live on September 13, 2021. APRA Connect will be available from September 13, 2021 for entities to maintain entity information such as contact details, Responsible Persons and related parties, including Banking Executive Accountability Regime (BEAR) reporting for authorized deposit-taking institutions. All entities now need to prepare for APRA Connect production go-live and nominate their initial Regulatory Reporting Administrator via the D2A form “RRA_PROD: APRA Connect nomination for 13 September go live” in readiness for production.
Authorized deposit-taking institutions will be required to maintain all Banking Executive Accountability Regime information (including for example, accountability statement and maps) in APRA Connect from September 2021. Additionally, APRA continues to consult on revisions to the capital framework for authorized deposit-taking institutions; as the related collections are replaced, they will be introduced in APRA Connect. ARS 220 on credit quality and ARS 115 on operational risk are expected to go live in APRA Connect in March 2022. The first regulatory data collections to be introduced in APRA Connect are the Superannuation Data Transformation collections, due in September 2021, and Private Health Insurance Reform (HRS 605.0), due in October 2021. APRA advises that entities should now have authorized users in Relationship Authorization Manager (RAM) and should have conducted the following activities in the APRA Connect test environment:
- Logged into the APRA Connect test environment and been assigned roles
- Set up your teams in the test environment with the right roles and permissions
- Become familiar with system functionality
- Practiced data preparation and submission (where returns are available) and updating entity information
The APRA Connect test and production environments are separate. There is no data transfer between the two environments and, therefore, entities will need to be ready to set up users in APRA Connect from September 13, 2021. Entities should consider which APRA Connect roles should be assigned to users. Different roles may be assigned to users in each environment. A new D2A form (RRA_PROD: APRA Connect nomination for 13 September go live) will be available shortly for entities to nominate an initial Regulatory Reporting Administrator (RRA) for each entity (ABN). Entities will also need to nominate via the D2A form any additional roles that are required to be assigned to the initial RRA. Once the initial RRA is onboarded, there is no limit on the number of additional users the initial RRA can assign this role within their entity. RegTech firms will be required to request access to APRA Connect test environment and complete a Deed for access. The APRA Connect Guide provides reference information and help to use the system and should be readily accessible when using the system.
Related Links
Keywords: Asia Pacific, Australia, Banking, APRA Connect, D2A, Reporting, Data Collection, BEAR, Operational Risk, Regulatory Capital, ARS 220, ARS 115, Basel, 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.
Patrycja Oleksza
Applies proficiency and knowledge to regulatory capital and reporting analysis and coordinates business and product strategies in the banking technology area
Previous Article
PBC to Launch Carbon Financing Tools, Improve Ratings in Bond MarketRelated Articles
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.