At the end of last week, the Australian Prudential Regulation Authority (APRA) thanked 37 organisations for their responses to the April implementation plan for the new data collection system that will replace the D2A.
Based on the submissions they received, APRA will release an updated implementation plan at the end of next month.
In 2017, the prudential regulator indicated they were changing the D2A data collection system. Then, in 2018, they kicked off the engagement process with industry and requested tenders in the middle of last year for responses to the implementation of the DCS to replace the D2A data collection plan that was intended to replace their present system.
This has been an evolving discussion and APRA has been careful to keep their regulated entities updated.
APRA said that, judging from the responses they have received, there is wide-spread understanding of why the regulator is changing their method of data collection; however, there were some concerns regarding the time-frame, which has the new system going live on a date in March of next year and which calls for training to be scheduled in advance of the live date. Respondents are also looking for more-detailed information about the data collection system.
According to the minutes from the last Strategic Industry Reference Group meeting:
APRA expressed the intention to establish a regulatory framework that would enable data for ad-hoc collections to be submitted via the new DCS. APRA acknowledges that ad-hoc collections are not subject to the same reconciliation points and audit requirements, and that APRA would communicate this caveat when passing on information to partner agencies. APRA may look to introduce data standards which would indicate the level of data quality that can be expected – for example, identifying a set of data as gold, silver or bronze standard.