APRA selected an international consortium to deliver the new Data Collection Solution that will be used across the financial sector to meet data reporting requirements. It selected a software system developed by the Irish company Vizor Software to replace its existing data reporting system, Direct to APRA (D2A). Furthermore, Dimension Data from Australia was selected to deliver the new solution, which will be used by more than 4,500 financial sector entities to meet their regulatory reporting requirements to APRA. The new Data Collection Solution is due to come online in March 2020, following further engagement with industry involving testing and training on the new system.
The joint tender by the companies was chosen from among a field of domestic and international companies and consortia that responded to last August’s Request for Tender, seeking an off-the-shelf, minimally customized solution to become the new data collection system of APRA. The new Data Collection Solution will replace the D2A system, which was released in 2001 and has become increasingly challenging for both industry and APRA to use and maintain. In its place, Vizor will provide a modern, efficient, web-based system, improving the core data collection capabilities of APRA. Vizor Software has a proven track record, having provided the platforms that are used by a number of APRA’s international peers for regulatory data submissions. APRA will shortly release an initial implementation plan outlining more details of its roll-out plan.
Replacing D2A with the new Data Collection Solution is part of the broader data modernization program, designed to ensure that APRA keeps pace with advancements in data, analytics, and technology. APRA has formed three groups to provide guidance and direction for key decisions and how to implement the transition from D2A—namely, Strategic Industry Reference Group, Technical Working Group, and Software Vendor Working Group. According to APRA, the new solution is expected to adapt as reporting requirements and technology continue to evolve, will reduce the ongoing maintenance and support costs, and will feature a modern, intuitive user interface.
Keywords: Asia Pacific, Australia, Banking, Insurance, D2A, Data Collection Solution, Reporting, Vizor Software, APRA
Previous ArticleCFTC Amends De Minimis Exception Under the Swap Dealer Definition
EBA issued a revised list of validation rules with respect to the implementing technical standards on supervisory reporting.
EBA published its response to the call for advice of EC on ways to strengthen the EU legal framework on anti-money laundering and countering the financing of terrorism (AML/CFT).
NGFS published a paper on the overview of environmental risk analysis by financial institutions and an occasional paper on the case studies on environmental risk analysis methodologies.
MAS published the guidelines on individual accountability and conduct at financial institutions.
APRA published final versions of the prudential standard APS 220 on credit quality and the reporting standard ARS 923.2 on repayment deferrals.
SRB published two articles, with one article discussing the framework in place to safeguard financial stability amid crisis and the other article outlining the path to a harmonized and predictable liquidation regime.
FSB hosted a virtual workshop as part of the consultation process for its evaluation of the too-big-to-fail reforms.
ECB updated the list of supervised entities in EU, with the number of significant supervised entities being 115.
OSFI published the key findings of a study on third-party risk management.
FSB is extending the implementation timeline, by one year, for the minimum haircut standards for non-centrally cleared securities financing transactions or SFTs.