The Australian Prudential Regulation Authority has resumed the the moment-in-a-technology overhaul of its core facts assortment system following a nine-thirty day period pause.
APRA temporarily suspended the job to swap its antiquated core fiscal facts process, Direct to APRA (D2A), in light of the pandemic in late March.
The pause – in the beginning slated for at minimum six months – was instigated to make it possible for fiscal institutions to focus on their businesses and help their shoppers.
D2A, which was very first released in 2001, is at this time applied to ascertain the financial health and funds resilience of banking companies and other fiscal institutions.
It permits fiscal institutions to securely join with APRA to comprehensive and submit fiscal facts varieties for prudential reporting and compliance.
But with D2A nearing end-of-existence for at minimum the earlier two many years, the regulator has been doing work to stand up a new facts assortment system referred to as APRA Connect.
The system is envisioned to overcome a amount of inherent limits, like the necessity that banking companies submit facts manually or by uploading XML/XBRL information.
It is also envisioned to make it possible for “more granular” facts to be gathered and to improve “data-enabled choice-making”.
“APRA Connect is a present day, effective and versatile answer to strengthen facts collections and assist evolving regulatory requires,” the regulator reported on Friday.
“It underpins APRA’s broader facts enabled capability uplift, and is made to ensure APRA retains tempo with advancements in facts, analytics and know-how.”
The for a longer time than envisioned pause means APRA Connect now will not go reside right until the end of September 2021 – 18 months later on than very first envisioned.
Following go-reside, APRA expects a “progressive cutover of regulatory facts reporting to the new answer over the coming years”.
This means that extra than 4500 banking companies, insurers and superannuation funds will have to use both of those D2A and APRA Connect to satisfy their reporting needs in the medium phrase.
APRA has formerly delayed the go-live once in advance of due to “complexities determined in the structure stage, further scope, external dependencies as nicely as sector feedback”.