On 30 July, APRA released its response to industry feedback on the proposed replacement of Direct to APRA (D2A) with a new Data Collection Solution.
In a letter to APRA reporting entities, APRA Executive General Manager, Risk and Data Analytics, Sean Carmody, said a second phase of industry engagement is now underway to help finalise the choice of the system and the transition and roll-out plan. To this end, APRA has created the following 3 new cross-industry forums: (i) Strategic Industry Reference Group; (ii) Technical Working Group; and (iii) Software Vendors Working Group. More details about the purpose and composition of these groups, including meeting minutes, are available on APRA’s Data Collection Solution page.
The letter states that the new system will align with APRA’s commitment to use the Government’s Standard Business Reporting (SBR) reporting taxonomies. Replacing D2A will not remove the obligation for regulated entities to report data to APRA or change the frequency and content of submissions. Entities will also continue to report data to multiple government agencies.