Email: DCS Subscriber Update 11 – 5 September 2019

(Please note: This update was originally sent as update 10).

Dear subscriber,
 
It’s been a month since APRA released the updated Implementation Plan to help industry prepare for the new Data Collection Solution, and this subscriber update summarises the feedback and highlights some of the questions we have received since then.

Industry readiness

Feedback has been received through recent webinars and survey responses.  Many entities want to understand the revised timeline to enable planning, and understand exactly what steps need to be taken when.  Others are interested in more detail about the expected changes to XML and XBRL files for upload, and whether APRA will also confirm successful submission of files in the test environment, when it is available. We will provide more information about these topics in future updates.

Approximately 400 entities and 40 software vendors joined us for webinars earlier this month, representing a good spread across industries, especially Authorised Deposit Institutions, General Insurance and Private Health Insurance. Responses to two polls during the sessions indicated:

• A majority of entities (69%) and software vendors (53%) are just beginning their journey. This is expected given we are currently in the Mobilisation Phase.
• One-quarter (26%) of entities have also identified a project team or key contact and almost a third (28%) of software vendors have engaged with their clients.
• Most entities (64%) and software vendors (90%) anticipated a moderate or low level of change. For entities, participants that were most likely to anticipate a significant or high level of change were from the Super (58% of respondents) and ADI (46% of respondents) sectors.

We will continue to work with industry bodies and established external advisory groups to understand industry preferences and perspectives on the implementation and transition to the new solution.

Your questions answered

Thank you to all those who attended the recent webinars and took the opportunity to ask questions.  During the webinars we answered as many of these as possible, many relating to three key areas:

1. Getting set up for myGovID
2. Engaging with RegTechs and software vendors to support submission 
3. Changes to submission – questions particularly focused on clarifying submission channels and user roles in the new solution

You can view a recording or transcript of the webinars.
 
We have also updated the Frequently Asked Questions on our website.

Actions entities can complete now

• For those who use the D2A system, complete the ad hoc D2A form on data submission practices. This is located in D2A, under the “DCS Survey Return” (extended to 20 September)
• Encourage your colleagues to subscribe for these updates
• Obtain a myGovID for individuals who will require access to the new solution
• Confirm your Principal Users internally. APRA will be reaching out to entities closer to the release of the test environment to collect this information.

Thank you for your continued interest in our new Data Collection Solution. Please continue to provide any feedback via this email.
 
Yours sincerely,
Daniel Hunt
Business Lead, Data Collection Solution