APRA aims to transition all data collections to APRA Connect over the next five years. APRA
notes the importance of meeting the need for more detailed data for prudential and other
purposes
To better support data-driven decisions by internal and external stakeholders, and as a
further step towards better regulation, APRA is continuing to invest in and embed data as a
core enabler for achieving its purpose and strategy
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Support for and alignment to APRA’s direction
APRA has embarked upon a major data change program that will ultimately streamline
requirements from industry and enrich data and insights for APRA, government, peer
regulators, its regulated population, and other stakeholders.
APRA aims to transition all data collections to APRA Connect over the next five years. APRA
notes the importance of meeting the need for more detailed data for prudential and other
purposes.
At the completion of the transition to APRA Connect, APRA will be in a position to
decommission the Direct to APRA (D2A) data collection system which was created in 2001
and is nearing end-of-life. The cost of continued use for industry and for APRA of out-dated
technology is increasing as security updates, fixes and feature updates become unavailable
and core components of the platform lose support. For regulated industries, this leads to the
need for specialised legacy environments that are expensive to maintain and pose a cyber
security risk.
Setting up for successful implementation
Industry roadmaps set out the intended high-level approach to the creation of new
collections and the transition to APRA Connect over the next five years.
APRA invited suggestions on timing, sequence, scope, and method of implementation for
collections, particularly those scheduled for 2024 and beyond.
Understanding costs and benefits
APRA acknowledges that the proposed timelines are ambitious and substantial effort from
APRA and entities will be required to achieve them.
APRA invited feedback and information on anticipated costs and benefits and has committed
to work with stakeholders to mitigate challenges as far as possible.
Engaging with industry
APRA will continue to engage with stakeholders at strategic and operational levels. Success
depends on strong industry engagement, and a sense of co-ownership of the process and
outcomes.
APRA intends to continue to collaborate with peer agencies on collective data requirements
so that APRA can collect and share in order to reduce individual agency requests. APRA will
continue to engage with the Reserve Bank of Australia (RBA), the Australian Securities and
Investments Commission (ASIC), the Australian Bureau of Statistics (ABS), the Australian Tax
Office (ATO), the Commonwealth Treasury and the federal Department of Health (DoH) and
other agencies relevant to the collection of data from the financial sector.
Engaging with industry
The proposed industry roadmaps have been adjusted in response to industry and stakeholder
feedback. An estimate of the phases of engagement and consultation has been included for
each collection and the reporting standards impacted in each phase are now specified. There
have also been minor changes to the sequencing of collections when compared to that
proposed in the Discussion Paper.
The intended duration of each engagement phase is indicative and dependent on the
complexity of the collection. Firm implementation timeframes will be communicated as
engagement on each collection is progressed and is therefore subject to change. Further
changes may be required in response to other priorities such as macro-economic factors or
policy demands.
Cross-industry collections have been incorporated into each industry’s roadmap to provide a
whole of industry view. While implementation of cross-industry collections is likely to vary by
industry, APRA intends to engage and consult all regulated industries on common data items
at the same time. Beyond these common data items, industries may have unique data items,
specific to the arrangements and risks in their industries and APRA will ensure that these
industry specific data items remain connected to our activities on cross-industry data
collections.
APRA will review the long-term roadmaps on an annual basis with a view to adjusting
roadmaps where it is necessary to do so to ensure successful implementation.
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