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After a six-month delay with rollout due to Covid-19, APRA Connect is now live. APRA Connect supports banks, superannuation funds and insurers in providing more detailed data on their operations and financial information to the Australian Prudential Regulation Authority (APRA).
APRA Connect gives greater flexibility for submitting data, with improved functionality and an easy-to-use interface. It will ensure that APRA and the entities that report to it, can meet evolving regulatory needs. Like many regulators, APRA’s reporting requirements have grown steadily more complex. To meet these increasing requirements, and as part of APRA’s five-year modernisation plan, APRA Connect is being phased in, replacing the existing Direct to APRA (D2A) system.
Speaking to Financial Review magazine about the go-live APRA’s executive director for cross-industry insights and data predicts it will be a positive step. Sean Carmody says, “we are hoping down the track to not just use it ourselves, but to be more transparent with publications.”
After a rigorous evaluation process, APRA selected our Software to replace its existing D2A reporting system. Our expertise and experience allow us to meet requirements with minimal customisation and delivers a platform that will evolve with future needs. We are proud to work with the regulator, supporting it on its journey to digital transformation.
The APRA Connect reporting system is ideally placed to support financial institutions with reporting obligations. In time will be used by over 4,500 financial entities including ADIs, insurance and superannuation. The web-based system improves APRA’s data reporting abilities.
Our system automatically synchronises all APRA data models and rules published on APRA Connect. Eliminating the need for complex and lengthy system upgrades, it’s a significant change for the regulator and the regulated and a new way to manage evolving regulatory reporting requirements.
Speaking at the House of Representatives, APRA Chairman Wayne Byres says the launch of APRA Connect illustrates how data analysis is part of APRA’s future, and new corporate plan.
He wants APRA to “better enable data-driven decision-making by continuing to invest in and embed data as a core enabler for achieving APRA’s purpose and strategy, as well as enabling the efficient delivery of important information to other arms of government and enhancing transparency by publishing more meaningful data and insights.”
The first data collection is for the superannuation industry, valued at $880 million AUD, followed by Private Health Insurance (PHI) collection in October 2021. The new system makes it easier to scrutinise and reliably compare fund and product performance. It allows reporting entities to submit data in XML, Excel, XBRL and manual form entry.
Reporting entities should also learn about APRA’s new reporting standards, including the new taxonomy artefacts. Completing an entity’s profile on APRA Connect and add in contact details for responsible parties are all part of the preparatory steps for APRA Connect. Entities reporting through APRA Connect can look forward to easier regulatory reporting processes, saving time and money.
Our APRA Connect regulatory reporting solution eliminates manual effort with automatic conversion of excel data into an APRA-ready submission file. The solution is fast and scalable and can be up and running in as little as four weeks. With automatic system updates, you can be confident that you’re coordinated with always-updating APRA Connect templates.
Talk to our experts today.
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