APRA announced the commencement of a multi-year program of work to transform the way APRA collects, stores, accesses, and publishes data. As part of this, APRA is replacing the data submission tool Direct to APRA (D2A). The vision is to implement an easy-to-use system to collect high-quality data that is adaptable to future business needs.
APRA anticipates that the delivery of a centralized, web-based portal with greater data upload capabilities will help entities to achieve efficiency gains, while providing a more agile reporting environment that keeps pace with the evolving regulatory landscape for years to come. Roundtables were held recently with industry bodies as a preliminary step before the broader industry engagement commences in 2018. The discussions were useful to hear initial ideas on the benefits, challenges, and opportunities that may result from replacing D2A. APRA also sought ideas on ways to engage in the most effective way, given that the change will impact all APRA-reporting industries. APRA recognizes the scale of transformation that the new data collection tool will bring. Further information about the new data collection solution will be provided in early 2018.
Related Link: Announcement Letter (PDF)
Keywords: Asia Pacific, Australia, Banking, D2A, Data Collection, Reporting, APRA