The Australian Prudential Regulation Authority has resumed the at the time-in-a-technology overhaul of its main data collection system after a nine-thirty day period pause.
APRA briefly suspended the challenge to swap its antiquated main money data technique, Immediate to APRA (D2A), in light of the pandemic in late March.
The pause – initially slated for at minimum six months – was instigated to enable money establishments to focus on their firms and aid their customers.
D2A, which was very first released in 2001, is at the moment utilized to figure out the financial health and funds resilience of banking companies and other money establishments.
It permits money establishments to securely hook up with APRA to finish and post money data types for prudential reporting and compliance.
But with D2A nearing stop-of-lifestyle for at minimum the past two yrs, the regulator has been doing the job to stand up a new data collection system known as APRA Connect.
The system is envisioned to conquer a quantity of inherent constraints, which include the necessity that banking companies post data manually or by uploading XML/XBRL data files.
It is also envisioned to enable “more granular” data to be gathered and to reinforce “data-enabled determination-making”.
“APRA Connect is a modern-day, economical and adaptable alternative to enhance data collections and support evolving regulatory requires,” the regulator explained on Friday.
“It underpins APRA’s broader data enabled ability uplift, and is intended to ensure APRA keeps speed with advancements in data, analytics and technological know-how.”
The lengthier than envisioned pause implies APRA Connect now won’t go live right until the stop of September 2021 – eighteen months later on than very first envisioned.
Pursuing go-live, APRA expects a “progressive cutover of regulatory data reporting to the new alternative about the coming years”.
This implies that additional than 4500 banking companies, insurers and superannuation cash will have to use equally D2A and APRA Connect to fulfill their reporting specifications in the medium time period.
APRA has earlier delayed the go-live once prior to thanks to “complexities identified in the layout period, supplemental scope, exterior dependencies as perfectly as business feedback”.