APRA Releases Initial Plan for Implementing New Reporting Solution
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
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Karen Moss
Senior practitioner in asset and liability management (ALM) and liquidity risk who assists banking clients in advancing their treasury and balance sheet management objectives
Previous Article
PRA Finalizes Reporting Changes in Line with EBA Taxonomy 2.9Next Article
ESRB Publishes Quarterly Risk Dashboard in June 2019Related Articles
EBA Issues Erratum for Phase 2 Package of Reporting Framework 3.0
EBA published an erratum for the technical package on phase 2 of the reporting framework 3.0.
EBA Updates Lists of Entities for Use in Capital Calculations under SA
EBA published an erratum for the technical package on phase 2 of the reporting framework 3.0.
MAS Amends Notice on Related Party Transactions of Banks
MAS amended Notice 643A that addresses requirements for banks to prepare statements of exposures and credit facilities to related concerns or parties.
ECB Amends Guideline on Euro Short-Term Rate
ECB has published, in the Official Journal of the European Union, the Guideline 2021/565 on the euro short-term rate (€STR) and this guideline amends the previous ECB Guideline 2019/1265.
EBA Consults on Standards Related to FRTB-SA
EBA launched a consultation on the draft regulatory technical standards on the list of countries with an advanced economy for calculating the equity risk under the alternative standardized approach (FRTB-SA).
PRA Proposes Rules Related to IRB Approach for Credit Risk
PRA is proposing, via CP7/21, the approach to implementing new requirements related to the specification of the nature, severity, and duration of an economic downturn in the internal ratings-based (IRB) approach to credit risk.
BoE Outlines Regulatory Treatment of Recovery Loan Scheme of UK
The UK government launched the Recovery Loan Scheme (RLS) as part of its continued COVID-19 support for UK businesses, as announced by HM Treasury on March 03, 2021.
FSB Addresses G20 on COVID Measures, TBTF Reforms, and Climate Risks
FSB published a letter, from its Chair Randal K. Quarles, to the G20 Finance Ministers and Central Bank Governors, ahead of their virtual meeting on April 07, 2021.
OSFI Unwinds Temporary Increase to Covered Bond Limit for Banks
OSFI issued a letter to the deposit-taking institutions issuing covered bonds and announced the unwinding of the temporary increase to the covered bond limit for deposit-taking institutions, effective immediately.
EU Amends CRR and Securitization Regulation in Response to Pandemic
To support recovery from the COVID-19 crisis, EU has published two regulations to amend the securitization framework, as set out in the Securitization Regulation (2017/2402) and the Capital Requirements Regulation or CRR (575/2013).
