APRA Updates Implementation Plan for New Data Collection Solution
APRA released an updated implementation plan for its new Data Collection Solution. The plan concerns the replacement of the current data collection system, Direct to APRA (D2A). The plan offers guidance to the industry on the changes involved and on preparing for the new solution. The key updates relate to the extended project and implementation timeframes, details on what is changing with the new solution, technical specifications, and guidance for entity readiness. APRA had issued the first version of this plan in April 2019. APRA plans to make the test environment available in the first quarter of 2020 and to go live later in 2020. The go-live date has moved from March 2020 to later in 2020 and a confirmation of these revised dates will be provided by October 2019.
The implementation plan includes information for reporting entities (entities), third-party administrators (Service Providers), and regulatory technology providers (regtech firms). The new Data Collection Solution will be a secure, web-based solution for users to submit data and upload supporting documents to meet the reporting requirements of APRA. The new solution will provide a better and simpler user experience. Service providers will still be able to submit data on behalf of entities. The new solution will deliver improved functionality in line with the industry recommendations. This will ensure both the entities and APRA are well-placed to continue to meet the evolving regulatory needs. APRA aims to minimize the impact of changes to entities at go-live. The key changes include:
- The use of standard web browsers to access the solution
- Replacement of AUSkey with myGovID, as the authentication solution to provide a secure way to access the new solution
- Responsibility for identifying and registering users that can access the solution to submit data to APRA, including service providers, to be placed on entities
APRA expects entities to register for a webinar in mid-August for a walk-through of the implementation plan, for demonstration of the new solution features, and to provide feedback on this implementation plan by completing a short survey. APRA also expects entities to complete the ad hoc D2A form on the current and intended future state submission methods (available August 1-30, 2019). In the coming months, additional information will be provided about revised timelines, myGovID authentication, submission methods (including application programming interfaces), and an additional module for facilitating executive accountability regime requirements of APRA. Entity readiness is key to successful implementation of the new solution and APRA will continue to provide the industry with sufficient information and time to prepare for the new solution.
Related Links
- Letter
- Implementation Plan (PDF)
- Feedback Survey on Implementation Plan
- Overview of Implementation Plan
Keywords: Asia Pacific, Australia, Banking, Insurance, Reporting, D2A, Data Collection Solution, APRA
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