Are you ready for APRA Connect?

In 2021, APRA Connect will become the new data collection solution for reporting entities to lodge entity information and financial data with APRA. This new data collection solution will progressively replace Direct to APRA (D2A), and all new reporting obligations will be onboarded to APRA Connect over time. All reporting entities are being encouraged to transition from manual submission to more automated submission methods.

In the recent virtual event ‘‘How to get ready for APRA Connect’’ we have covered the following key areas:

  • APRA Connect requirements and processes - key differences to expect between D2A and APRA Connect
  • Benefits of leveraging the same technology as the regulator to deliver your APRA reporting
  • Demonstration of Vizor’s APRA Reporting Centre for ADIs
  • How to improve data quality, aligned with CPG-235, for all your APRA reporting
  • How to save time, money and reduce the burden of regulatory reporting
What should you be doing to get ready?

APRA Connect will provide flexibility for collecting and submitting data, with new functionality and an easy-to-use interface. It will ensure both entities and APRA are well placed to continue to meet evolving regulatory needs.

All Banks, Superannuation and Insurance entities are responsible for managing their own readiness for the new platform. No matter which type of entity you are, before making a decision about investing or upgrading your regulatory reporting solution, ask the following questions:

  • Are you covered for all existing and new reporting requirements as they come into APRA Connect or are you charged per reporting requirement?
  • What reporting templates, data models and formats are supported (just SBR XBRL or Excel/D2A/XML)?
  • Is your solution connected to MyGovID and ready for machine-to-machine API submission?
How can Vizor help you automate APRA reporting?

In April 2019, Vizor Software was selected by the Australian Prudential Regulation Authority (APRA) as the software platform of choice to replace its 2001 Direct to APRA (D2A) solution.

Vizor has the first solution to automatically synchronise with all APRA data models and rules published on the new APRA Connect. This eliminates complex system upgrades and reduces the cost and impact of future regulatory changes. Key benefits are:

  • Automatic system updates in sync with APRA Connect templates and rules
  • Pre-filing validation of your APRA Connect data using the same Rules Engine being deployed inside the new Connect system to guarantee “right first time” submission
  • Easy integration with existing systems using RESTful API
  • Cost-efficient - all APRA Connect reports & updates are ‘out of the box’

“Working with both APRA and MAS to deliver their new data collection platforms, we see common data trends in line with other leading regulators we work with. Regulators will be moving to standardised, machine-readable data models and from aggregate to granular requests. It is no longer enough to simply submit data on time, your data must be explainable and high-quality. In our recent webinar, we continued to collaborate with the industry in getting ready for APRA Connect.” says Joanne Horgan, CIO of Vizor.