APRA is replacing D2A
APRA’s Response to Industry summarises our key findings on the features stakeholders have said they would like in the new Data Collection Solution.
"We are committed to working with you to design and implement a more modern, efficient and user-friendly data collection solution that benefits both APRA and industry for years to come."
- Sean Carmody, EGM Risk & Data Analytics.
The new Data Collection Solution will address industry’s challenges with D2A
We have listened to stakeholder feedback calling for a system that is simpler, easier to use and requires less manual entry. We are now using your guidance and feedback to shape a solution that, as a minimum, will:
- Adapt to future needs. The new solution will adapt as reporting requirements and technology continue to evolve.
- Reduce ongoing maintenance and support costs. The new solution will enable data uploads, so it is less dependent on manual data entry than D2A. It will also be web based, which simplifies system maintenance.
- Be easier to use. The new system will have a more modern, intuitive user interface and will not require software to be downloaded onto a specific machine.
APRA has engaged extensively with industry
In March 2018, we commenced a substantial engagement program with reporting entities, administrators, industry bodies and Regtech providers, aimed at identifying the most desirable features for the new system, and how best to transition to it. APRA engaged with:
- 293 attendees across 10 webinars
- 85 attendees to seven industry and Regtech roundtables
- 64 attendees to three cross-industry technical working sessions
APRA has received 47 written submissions and 112 responses to the online survey. Emails responded to 16 questions which were presented in the Key Items document. We have published the non-confidential submissions here.
We have now issued our formal response to industry feedback
In July 2018 we released our formal response to industry on the Data Collection Solution. The paper provides further clarification of the features APRA will look for in the new solution, as well as our preferred approach to implementation.
Industry implementation will take place from early 2020
Later this year, APRA will issue a Request for Tender seeking software companies able to provide a data collection tool that meets the requirements outlined in our Response to Industry.
We intend to finalise the selection of the new Data Collection Solution this year. The roll-out and transition period is expected to start in the first quarter of 2020.
Industry engagement will continue
We have formed three groups to provide guidance and direction for key decisions and how to implement the transition from D2A:
- Strategic Industry Reference Group
- Technical Working Group
- Software Vendor Working Group
We will continue to engage with industry through these groups throughout implementation and roll-out.