Featured Product

    APRA Releases Initial Plan for Implementing New Reporting Solution

    April 03, 2019

    APRA released the initial Implementation Plan for the new Data Collection Solution, which will replace its data collection system, Direct to APRA (D2A), with a modern, efficient, web-based solution. The plan provides all entities with an early view of the implementation approach to the roll-out of the new Data Collection Solution, which is expected to go live in March 2020. It also provides high-level guidance on the key project milestones and their expected timeframes.

    The Implementation Plan informs reporting entities on the actions required now to prepare for the commencement of the new solution in early 2020. It also outlines the approach for managing the Data Collection Solution project risk, along with APRA’s future direction for data collections. The plan covers the key implementation components, including readiness, testing, training, and support. As some information is still unknown and some plans may change once more information becomes available, another version of this Implementation Plan is scheduled to be released in July 2019. In its Implementation Plan, APRA states that, although it will help entities to prepare for the change, entities need to start planning their transition to the new Data Collection Solution to ensure they continue to meet their reporting obligations. Readiness checklists will be provided to entities, which will specify required actions throughout the transition, including involvement in testing and training activities. Readiness activities will occur in the second half of 2019 and early 2020. 

    The new Data Collection Solution will not have a production parallel run with D2A. However, a test environment will be made available before go-live which will enable entities to test uploading data and to perform a range of functions. Should entities use third-party service providers or RegTech providers to assist in the submission of their returns, it will be the entity’s responsibility to liaise and confirm with their providers that they are well-prepared for go-live. A production parallel run is not possible due to the wide range of entity reporting due dates. As per APRA, the reporting entities will be expected to:

    • Manage their own internal readiness for the new Data Collection Solution
    • Ensure the relevant people within their entities are receiving new Data Collection Solution project communications from APRA
    • Develop internal business cases for funding and establish project teams as required to enable their own readiness
    • Participate in the testing process to ensure they are able submit returns prior to go-live
    • Ensure all relevant users are set up with authentication credentials for testing and go-live
    • Ensure all relevant users complete the provided training prior to go-live
    • Provide feedback and raise any concerns throughout the implementation
    • Submit all data, including re-submissions, through the new solution post go-live


    Related Links

    Keywords: Asia Pacific, Banking, Insurance, Reporting, D2A, Data Collection Solution, APRA

    Featured Experts
    Related Articles

    BOE Sets Out Its Thinking on Regulatory Capital and Climate Risks

    The Bank of England (BOE) published a working paper that aims to understand the climate-related disclosures of UK financial institutions.

    March 13, 2023 WebPage Regulatory News

    OSFI Finalizes on Climate Risk Guideline, Issues Other Updates

    The Office of the Superintendent of Financial Institutions (OSFI) is seeking comments, until May 31, 2023, on the draft guideline on culture and behavior risk, with final guideline expected by the end of 2023.

    March 12, 2023 WebPage Regulatory News

    BIS Paper Examines Impact of Greenhouse Gas Emissions on Lending

    BIS issued a paper that investigates the effect of the greenhouse gas, or GHG, emissions of firms on bank loans using bank–firm matched data of Japanese listed firms from 2006 to 2018.

    March 03, 2023 WebPage Regulatory News

    HMT Mulls Alignment of Ring-Fencing and Resolution Regimes for Banks

    The HM Treasury (HMT) is seeking evidence, until May 07, 2023, on practicalities of aligning the ring-fencing and the banking resolution regimes for banks.

    March 02, 2023 WebPage Regulatory News

    BCBS Report Examines Impact of Basel III Framework for Banks

    The Basel Committee on Banking Supervision (BCBS) published results of the Basel III monitoring exercise based on the June 30, 2022 data.

    February 28, 2023 WebPage Regulatory News

    PRA Consults on Prudential Rules for "Simpler-Regime" Firms

    Among the recent regulatory updates from UK authorities, a key development is the first-phase consultation, from the Prudential Regulation Authority (PRA), on simplifications to the prudential framework that would apply to the simpler-regime firms.

    February 28, 2023 WebPage Regulatory News

    DNB Publishes Multiple Reporting Updates for Banks

    DNB, the central bank of Netherlands, updated the list of additional reporting requests and published additional data quality checks and XBRL-Formula linkbase documents for the first quarter of 2023.

    February 28, 2023 WebPage Regulatory News

    NBB Sets Out Climate Risk Expectations, Issues Reporting Updates

    The National Bank of Belgium (NBB) published a communication on climate-related and environmental risks, issued an update on XBRL reporting

    February 24, 2023 WebPage Regulatory News

    EBA Updates Address Securitization Standards and DGS Guidelines

    The European Banking Authority (EBA) published the final draft of the regulatory technical standards that set out conditions for assessment of homogeneity of the underlying exposures in simple, transparent, and standardized (STS) securitizations.

    February 21, 2023 WebPage Regulatory News

    FSB Publishes Letter to G20, Sets Out Work Priorities for 2023

    The Financial Stability Board (FSB) published a letter intended for the G20 Finance Ministers and Central Bank Governors, highlighting the work that FSB will take forward under the Indian G20 Presidency in 2023

    February 20, 2023 WebPage Regulatory News
    RESULTS 1 - 10 OF 8793