Email: Update on APRA’s new data collection solution APRA Connect implementation approach & timeline - March 2020
(Note: This update has also been sent as DCS Subscriber Update #15).
We are pleased to provide you with an update about the revised implementation approach and timelines for APRA’s new data collection solution – which will be called APRA Connect.
As you may be aware, in late 2019, APRA partnered with industry bodies to engage with entities to seek feedback on alternative implementation approaches for APRA’s new data collection solution.
APRA Connect will provide a modern, efficient and flexible solution which will serve APRA and the industry for years to come. The revised implementation approach has been developed taking into account recent industry feedback, as well as upcoming changes to data collections and consideration of longer term regulatory needs. APRA is confident that the implementation approach will reduce the effort and impact on reporting entities and facilitate a lower risk transition to the new solution.
Key changes to the implementation approach and timeline
- APRA Connect is scheduled to go live at the end of September 2020, with a progressive cutover of financial data reporting to the new solution. Entities will be required to use both Direct to APRA (D2A) and APRA Connect in the medium term.
- A test environment is planned to be available from the end of June 2020 for entities to familiarise themselves with APRA Connect.
- All entities are expected to commence reporting entity information on APRA Connect from September 2020 while the timing of financial data reporting will vary for each industry.
APRA notes that the developing outbreak of COVID-19 is creating considerable uncertainty and disruption across the Australian financial markets and economy. APRA therefore may need to revise these timelines in response to further developments to recognise the industry’s competing priorities.
More information is now available on the new APRA Connect web pages, including what the revised implementation approach means for each industry. This information replaces the Implementation Plan issued in 2019 and will continue to be updated as more information is released.
How to prepare for APRA Connect
Entities should consider what the introduction of APRA Connect and the revised implementation approach means for them and any project teams already established to support their transition to APRA Connect.
Read more about:
- How APRA Connect is different from D2A, including the scope of information collected and processes which may be different between the two systems
- How to prepare for APRA Connect and what this means for each industry
- APRA Connect test environment which is being released at the end of June 2020 for entities to become familiar with the new solution and trial submission of financial data before they need to submit on APRA Connect
Entities that currently lodge Form 701 for intermediated insurance business in writing will also need to prepare for APRA Connect.
APRA will be holding webinars in March to provide an overview of the revised implementation approach. Register here
Reminder: D2A update required for myGovID
Entities that currently use D2A should ensure that they have completed the myGovID update to ensure continued access to D2A after 27 March, when AUSkey will be retired. More information
New email address
Please also note our new email address for the APRA Connect project: firstname.lastname@example.org.
Business Lead, Data Collection Solution