Featured Product

    APRA Releases Response to Industry Feedback on Replacing D2A Solution

    July 30, 2018

    APRA released its formal response to the feedback received on replacing Direct to APRA (D2A) with a new data collection solution. The Response to Industry provides an overview of the insights gained from the engagement process. It also provides more information about the direction APRA will take in finalizing the selection of the new system and the most appropriate means of rolling it out.

    The Response to Industry informs stakeholders about the results of engagement and research of APRA and provides direction while APRA tenders for, and selects, a solution. This document focuses on the eight key themes that emerged as most important to entities, rather than addressing all feedback from engagement activities. These eight key themes are multiple submission channels and formats, a secure web-based portal, an improved data validation and query experience, test environments for transition and ongoing support, an early and comprehensive implementation plan, a clear implementation timeline, appropriate engagement and support through transition, and support for the regtech community.

    Next month, APRA will issue a Request for Tender, seeking a software provider to deliver a data collection tool that meets the requirements outlined in the Response to Industry. Analysis of the market indicates that there are commercial off-the-shelf products available that meet many of these requirements. Although the first phase of engagement on the Data Collection Solution has finished, a second phase of industry engagement is now underway. To help finalize the choice of the system and the transition and roll-out plan, APRA has created three new cross-industry forums: Strategic Industry Reference Group, Technical Working Group, and Software Vendors Working Group. 

    The Key Items document indicated that the new solution would be implemented from late 2018 to August 2019, with roll-out and transition beginning in September 2019. Based on feedback across the engagement activities, APRA has extended the draft timeline to reflect stakeholders’ need for adequate time to transition. The key change from the draft timeline is that the industry implementation has moved from September 2019 to early 2020. APRA expects to commence transition to the new Data Collection Solution in the first quarter of 2020, with the majority of entities transitioning by mid-2020. Successfully replacing D2A is critical to the data transformation agenda of APRA. This will impact over 4,500 entities that submit data to APRA; thus, it is essential that the new system meets its objectives.

     

    Related Links

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

    Featured Experts
    Related Articles
    News

    EIOPA Forms Consultative Expert Group on Digital Ethics in Insurance

    EIOPA established the Consultative Expert Group on Digital Ethics in Insurance to assist EIOPA in the development of digital responsibility principles in insurance.

    September 17, 2019 WebPage Regulatory News
    News

    FASB Proposes Taxonomy Changes Related to Topics 848 and 470

    FASB proposed taxonomy improvements for the proposed Accounting Standards Update on topic 848 on facilitation of effects of reference rate reform on financial reporting.

    September 16, 2019 WebPage Regulatory News
    News

    BoE Statement on Recalculating Transitional Measures Under Solvency II

    BoE notified that it will be willing to accept applications from firms to recalculate transitional measure on technical provisions (TMTP) as at September 30, 2019.

    September 16, 2019 WebPage Regulatory News
    News

    BIS Hosts Conference to Discuss Issues from Emergence of Stablecoins

    BIS hosted a conference in Basel to discuss policy and regulatory issues posed by the emergence of stablecoin initiatives backed by financial institutions and large technology companies.

    September 16, 2019 WebPage Regulatory News
    News

    BIS Paper on Embedded Supervision of Blockchain-Based Financial Market

    BIS published a working paper that investigates ways to regulate and supervise blockchain-based financial markets.

    September 16, 2019 WebPage Regulatory News
    News

    BoE Paper on Market-Implied Systemic Risk and Shadow Capital Adequacy

    BoE published a working paper that presents a forward-looking approach to measure systemic solvency risk.

    September 13, 2019 WebPage Regulatory News
    News

    HKMA Consults on Policy Module on Pillar 2 Supervisory Review Process

    HKMA is consulting on the revised Supervisory Policy Manual module CA-G-5 that sets out the HKMA approach to conducting the supervisory review process under Pillar 2.

    September 13, 2019 WebPage Regulatory News
    News

    PRA Publishes Waiver by Consent of Continuity of Access Rules

    PRA published a new waiver by consent to waive the Continuity of Access requirements contained in the Depositor Protection Part of the PRA Rulebook (DPP).

    September 13, 2019 WebPage Regulatory News
    News

    EBA Single Rulebook Q&A: Second Update for September 2019

    EBA updated the Single Rulebook question and answer (Q&A) tool with answers to three questions.

    September 13, 2019 WebPage Regulatory News
    News

    BoE Publishes Update on Meeting of Working Group on Risk-Free Rates

    BoE published the minutes of the July meeting of working group on sterling risk-free reference rates.

    September 13, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 3827