Prudential regulator APRA has issued a response paper addressing feedback on its direction for data collections consultation.
Prior to the paper’s release, APRA engaged with the industry through roundtables and received written submissions to a discussion paper, issued in March this year, which sets out a five-year roadmap for transforming its approach to collecting financial industry data from the over-2,000 entities it regulates, the rationale for these changes, and the proposed implementation timeline.
As part of its response to the issues raised during the consultations, APRA also committed to:
- providing more detailed roadmaps for the intended design and implementation of new collections for each industry,
- working with industry to develop a targeted framework that supports data quality outcomes for more granular collections, and
- 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.
“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,” APRA deputy chair Helen Rowell said. “Our data collections roadmap is ambitious and will require significant investment from industry to achieve this transformation over the next five years.”
APRA said it plans to complete the transition its new data collection system, APRA Connect, by 2027 – a move which will fully decommission the Direct to APRA (D2A) data collection tool.
What’s do you think about APRA’s response to the issues raised in the consultations? Share them in the comments section below.
