Find out more about APRA Superannuation Data Transformation solutions
Contact us here.
Better data transparency leading to better pension outcomes is a key goal of the Australian Prudential Regulatory Authority (APRA).
The Authority, which regulates pensions funds, is pursuing a major data transformation project to improve the quality of its superannuation data collection. This will require superannuation funds to offer consistent, comparable, and easily scrutinised data, making comparing performance between funds straightforward.
In Australia, all employers are obliged to pay into pension funds for their employees, which is known as superannuation. These funds are regulated by APRA. The money is invested by fund managers, also known as super trustees, into shares, property, government bonds and cash deposits, and can be accessed by the employee once they turn 65 years old.
Different employers use different fund managers, and the APRA Superannuation Data Transformation project will make it easier to compare and scrutinise them. The project, known as APRA Connect, aims to drive best practices within the industry, and improve member outcomes by enhancing the consistency of reported data.
"The pandemic has forced financial services organisations to urgently leverage new technologies and ways of working, implementing digital projects in mere weeks that would previously have taken months, if not years, and at significantly greater costs." KPMG Mutuals Industry Review 2020.
In April 2019, APRA selected our software solution to replace the existing data reporting system Direct 2 APRA (D2A). Initially planned to go live in 2021, the Covid-19 pandemic forced a six-month delay in the project and APRA Connect will go live in September 2021. All reporting entities will use APRA Connect for reporting of entity information and financial data.
All super trustees are responsible for managing their own readiness for the new platform. To help entities face the challenge regarding new regulatory reporting requirements, we have also developed the first solution that allows trustees to automatically synchronise with all APRA data models and rules published on the new APRA Connect.
Automated APRA Connect, a customised version of our off-the-shelf data collection product, will provide flexibility for collecting and submitting data, with new functionality and an easy-to-use interface. It will ensure both entities and APRA are well placed to continue to meet evolving regulatory needs.
We have the first solution to automatically synchronise with all published APRA Connect reporting forms and rules across ADIs, insurers and super funds. Simply import your financial reporting data from Excel or connect the REST API to your data warehouse and our platform will validate and populate the data into the correct format for submission.
Ours is the first solution to automatically synchronise with all data models and rules published on the new APRA Connect. This eliminates the need for system upgrades, and it reduces the cost and impact of future regulatory changes for Superannuation.
Chief Innovation Officer, Joanne Horgan, says: “We’re working closely with both APRA in Australia and MAS in New Zealand to deliver their new data collection platforms. Regulators are moving to standardised, machine-readable data models and from aggregate to granular requests. It is no longer enough to simply submit data on time, your data must be explainable and high-quality.’’
‘’Our technology, expertise and experience in the area of regulatory reporting, can help super funds in Australia to transform the way they collect data – significantly reducing the manual effort and costs.’’
Contact us here.