The Australian Prudential Regulation Authority (APRA) is replacing its data collection tool 'Direct to APRA (D2A)' with a new Data Collection Solution which is targeted for release in March 2020. Coinciding with this announcement, APRA also released their initial Implementation Plan.
The details in APRA's Implementation Plan, as well as the proposed implementation timeline, is important to ABSIA Members as the introduction of APRA's new solution will impact all entities that report data to APRA. It is especially important given that once the solution is live, entities will no longer be able to use D2A or be able to submit data via email, mail or fax.
The new solution will be web-based and it will have a modern, intuitive user interface with more options for data uploads. The solution will be able to adapt as reporting requirement, data analytics and technology evolve and it will provide greater flexibility for the automation of data submissions.
To ensure a smooth process, APRA will monitor readiness across reporting entities, provide training materials and provide access to a test environment where reporting entities can familiarise themselves with the system. Another version of their Implementation Plan is scheduled to be released in July 2019 in which the go-live date will be confirmed.
Readiness activities will occur in the second half of 2019 and early 2020. While APRA will help entities to prepare for the change, entities need to start planning their transition to the new solution to ensure they continue to meet their reporting obligations. The test environment will be available from October 2019 and it is expected that third-party service providers and RegTech providers will participate here and in other working groups.
Throughout the process, entities will be given the opportunity to provide feedback through formal and informal channels, which may include surveys, webinars and FAQs.
For now, APRA is asking for entities to provide their feedback via the survey in the Implementation Plan. These responses will be considered and the information obtained will assist in the development of the next version of the Implementation Plan.