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APRA announces revised implementation approach for APRA Connect

Thursday 12 March 2020

The Australian Prudential Regulation Authority (APRA) has released a revised implementation timeline for its new data collection solution.

The new solution, to be known as APRA Connect, will ultimately replace Direct to APRA (D2A) as APRA’s data collection tool. APRA Connect will provide a modern, efficient and flexible solution to improve data collections and support evolving regulatory needs. It underpins APRA’s broader data modernisation program, and is designed to ensure APRA keeps pace with advances in data, analytics and technology.

APRA’s revised implementation approach for APRA Connect 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 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 D2A and APRA Connect in the medium term.

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.

APRA is confident that its revised implementation approach will reduce the effort and impact on reporting entities and facilitate a lower risk transition to the new solution.

More information about APRA Connect can be found at Getting ready for APRA Connect.

Data collection

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The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding $6.5 trillion in assets for Australian depositors, policyholders and superannuation fund members.