Transform your APRA Superannuation Reporting

APRA is undertaking a multi-year project to upgrade the breadth, depth and quality of its superannuation data collection. APRA’s Superannuation Data Transformation project aims to drive better industry practices and improve member outcomes by significantly enhancing the comparability and consistency of reported data.

With 9 new reporting templates being introduced under Phase 1 and more granular data reporting planned for the new APRA Connect in 2021, manual reporting processes will no longer scale.

"The pandemic has forced financial services organisations to urgently leverage new technologies and ways of working, implementing digital projects in mere weeks that would previously have taken months, if not years, and at significantly greater costs." KPMG Mutuals Industry Review 2020.

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 super trustees are responsible for managing their own readiness for the new platform.

We recommend all super trustees start to get ready now ahead of reporting changes in 2021:

1. Engage with the APRA Consultation Process - given the scale and complexity of the project, APRA has divided the consultation into three phases:

  • Phase 1 (Breadth) - addresses the most urgent gaps in APRA’s data collection
  • Phase 2 (Depth) - will increase the granularity of the entire collection, taking advantage of APRA’s new Data Collection Solution and enhanced data analytic capabilities
  • Phase 3 (Quality) - will assess the quality and consistency of the additional data reported during Phases 1 and 2, and review and address any implementation issues

2. Implementation Process – if you currently have a mostly manual or Excel-based regulatory reporting process in place, look to invest in a technology solution that can automate both your current D2A and future APRA Connect reporting requirements.

3. APRA Connect submission – once APRA Connect goes live in September 2021, you will need to start submitting new SRF templates and granular data to APRA. APRA Connect supports submission via XML file upload and directly via API.

How can Vizor help you transform your APRA reporting?

“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 are 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.’’ says Joanne Horgan, CIO of Vizor. ‘’Our technology, expertise and experience in the area of regulatory reporting, can help super funds in Australia to transform the way they collect data – significantly reducing the manual effort and costs’’, she concludes.

In April 2019, Vizor Software was selected by the Australian Prudential Regulation Authority (APRA) as the software platform of choice to replace its 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 for Superannuation. Key benefits are:

  • Automatic system updates in sync with APRA Connect templates and rules
  • Pre-validation of your APRA Connect data using the same Rules Engine being deployed inside the new APRA Connect system to guarantee “right first-time” submission
  • Easy integration with existing systems using RESTful API
  • Cost-effective – eliminates manual effort by automatically converting your Excel data to an APRA-ready submission file.
  • Fast & Scalable – get started in as little as 4 weeks in our secure, enterprise Cloud. Only pay for what you need.
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