APRA released its formal response to the feedback received on replacing Direct to APRA (D2A) with a new data collection solution. The Response to Industry provides an overview of the insights gained from the engagement process. It also provides more information about the direction APRA will take in finalizing the selection of the new system and the most appropriate means of rolling it out.
The Response to Industry informs stakeholders about the results of engagement and research of APRA and provides direction while APRA tenders for, and selects, a solution. This document focuses on the eight key themes that emerged as most important to entities, rather than addressing all feedback from engagement activities. These eight key themes are multiple submission channels and formats, a secure web-based portal, an improved data validation and query experience, test environments for transition and ongoing support, an early and comprehensive implementation plan, a clear implementation timeline, appropriate engagement and support through transition, and support for the regtech community.
Next month, APRA will issue a Request for Tender, seeking a software provider to deliver a data collection tool that meets the requirements outlined in the Response to Industry. Analysis of the market indicates that there are commercial off-the-shelf products available that meet many of these requirements. Although the first phase of engagement on the Data Collection Solution has finished, a second phase of industry engagement is now underway. To help finalize the choice of the system and the transition and roll-out plan, APRA has created three new cross-industry forums: Strategic Industry Reference Group, Technical Working Group, and Software Vendors Working Group.
The Key Items document indicated that the new solution would be implemented from late 2018 to August 2019, with roll-out and transition beginning in September 2019. Based on feedback across the engagement activities, APRA has extended the draft timeline to reflect stakeholders’ need for adequate time to transition. The key change from the draft timeline is that the industry implementation has moved from September 2019 to early 2020. APRA expects to commence transition to the new Data Collection Solution in the first quarter of 2020, with the majority of entities transitioning by mid-2020. Successfully replacing D2A is critical to the data transformation agenda of APRA. This will impact over 4,500 entities that submit data to APRA; thus, it is essential that the new system meets its objectives.
Keywords: Asia Pacific, Australia, Banking, Insurance, Reporting, D2A, Data Collection, APRA
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