APRA Issues Update on New Data Collection System APRA Connect
APRA issued an update on the progress in the implementation of the new data collection system APRA Connect. APRA recently released the response paper and ten final reporting standards, along with the related draft taxonomy artefacts, for the first phase of its multi-year Superannuation Data Transformation; these will be one of the first set of data collections to be reported through APRA Connect. The draft artefacts include the data dictionary, reporting taxonomy, validation file, and XSD files (to validate files). Final versions of these documents will be available before the external test environment is released to entities in June 2021.
Earlier, APRA had announced that APRA Connect will go live at the end of September 2021, with a test environment to be made available from June 2021. The timing of regulatory data reporting commencing in APRA Connect will vary for each industry. APRA will progressively start new collections in APRA Connect in line with industry consultations. The first regulatory data collections to be introduced in APRA Connect at the September 2021 go live will be the Private Health Insurance (PHI) Reform (HRS 605.0) and Superannuation Data Transformation collections. The first submission will be due on APRA Connect from January 2022. Returns will be exclusively available on one system or the other and no new collections will be introduced to D2A. Once all data reporting has moved to APRA Connect, D2A will be retired.
To assist entities in their transition to APRA Connect, APRA will make a test environment available from the end of June 2021 as a permanent feature. In response to the industry feedback, APRA will also be conducting a pilot in the external test environment for a small number of Superannuation entities. The pilot is expected to take place in April/May 2021. The test environment will allow entities to become familiar with APRA Connect and trial submission of entity information and regulatory data. Returns will be available in the test environment prior to the first reporting date that entities are required to submit them in APRA Connect. The test environment will also be used to support the design of new collections and APRA’s consultations with industry. APRA explains that the APRA Connect test environment will help entities, service providers, and regtech firms to
- familiarize themselves with the features and functionalities of APRA Connect.
- identify any changes required to the existing systems and processes.
- engage with APRA on new collection design.
Related Links
- Update on APRA Connect
- News on Reporting Standards
- Taxonomy Artefacts
- More on Test Environment
- Information on APRA Connect
Keywords: Asia Pacific, Australia, Banking, Insurance, Pensions, Superannuation, APRA Connect, D2A, COVID-19, Regtech, Reporting, APRA
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