APRA to Finalize Design of the New Data Collection Solution This Year
APRA had commenced a major data transformation program to keep pace with the advancements in data, analytics, and technology. In December of last year, APRA had announced its decision to replace the data collection tool, Direct to APRA (D2A), with a new Data Collection Solution. APRA intends to finalize the design of the new Data Collection Solution this year and commence its implementation from late 2018. The roll-out and transition period is expected to start from late 2019. APRA also published an overview of the feedback received so far and continues to invite further feedback through a variety of avenues that will be available now and on an ongoing basis, as implementation takes place.
Based on stakeholder feedback calling for a system that is simpler, easier to use, and requires less manual entry, APRA requests further guidance and feedback to shape a solution that will adapt to future needs as reporting requirements, data analytics. and technology continue to evolve. The new solution is intended to be easier to use, without requiring software download and with an intuitive interface. It is expected to reduce ongoing maintenance and support costs, by enabling data uploads, so it is less dependent on manual data entry than D2A. It will also be web-based, which simplifies system maintenance. APRA intends to develop the new system fully based on Standard Business Reporting taxonomies. To shape the new Data Collection Solution, APRA want to know:
- What design features and functions in the new system would benefit an organization?
- What is involved in an organization’s processes for compiling data to submit to APRA?
- How challenging will an organization find it to switch from D2A attribute codes to SBR?
- How can APRA work with industry to lessen the burden of moving to the new system?
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Keywords: Asia Pacific, Australia, Reporting, D2A, Data Collection, APRA
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