The Australian Prudential Regulation Authority (APRA) has released a response paper addressing feedback on its direction for data collections consultation.
In March this year, APRA released a discussion paper setting out a five-year roadmap for transforming its approach to collecting financial industry data from the over-2000 entities it regulates. The paper outlined the rationale for these changes and the proposed implementation timeline.
In response to the discussion paper, APRA has engaged with industry through roundtables and received written submissions. Today's paper sets out APRA's response to issues raised during these consultations, including a commitment to:
- provide more detailed roadmaps for the intended design and implementation of new collections for each industry;
- work with industry to develop a targeted framework that supports data quality outcomes for more granular collections;
- continue working with all industries through strategic and technical working groups to support planning, design, and implementation of the future collection roadmaps, and taking a co-design approach to the design of collections.
APRA Deputy Chair Helen Rowell said: "The proposed shift to more granular collections will enable APRA and all other stakeholders to benefit from deeper insights, while ultimately reducing the burden for industry. Our data collections roadmap is ambitious and will require significant investment from industry to achieve this transformation over the next five years."
APRA intends to complete the transition to APRA Connect, its new data collection system, by 2027, which allow APRA to fully decommission the Direct to APRA (D2A) data collection tool.
Today's response paper, including more detailed roadmaps for data collections, and non-confidential submissions are available on the APRA website at: APRA's Direction for data collections.
The response paper should be read in conjunction with APRA's response on Phase 2 Depth of the Superannuation Data Transformation project.
