The Australian Prudential Regulation Authority (APRA) has selected an international consortium to deliver the new Data Collection Solution that will be used across the financial sector to meet data reporting requirements.
Following a rigorous and extensive evaluation process, APRA selected a software system developed by Irish company Vizor Software to replace its existing data reporting system, Direct to APRA (D2A). Australia’s Dimension Data was selected to deliver the new solution, which will be used by more than 4,500 financial sector entities to meet their regulatory reporting requirements to APRA.
The companies’ joint tender was chosen from among a field of domestic and international companies and consortia that responded to last August’s Request for Tender, seeking an off-the-shelf, minimally customised solution to become APRA’s new data collection system.
The new Data Collection Solution will replace the D2A system, which was released in 2001 and has become increasingly challenging for both industry and APRA to use and maintain. In its place, Vizor will provide a modern, efficient, web-based system, improving APRA’s core data collection capabilities. Vizor Software has a proven track record, having provided the platforms that are used by a number of APRA’s international peers for regulatory data submissions.
APRA’s Executive General Manager for Risk and Data Analytics, Sean Carmody, said the partnership between Vizor Software and Dimension Data best met APRA’s need for a modern, efficient and user-friendly data collection system that would adapt as technology evolved.
“APRA is very pleased with the outcome of the tender process. We are confident this partnership will deliver a robust solution that will allow financial companies to report data to APRA more quickly, efficiently and accurately,” Mr Carmody said.
“Reliable data is critical for monitoring the institutions APRA supervises, and to allow APRA and other agencies to protect the Australian community by ensuring the stability of the financial system.”
The new Data Collection Solution is due to come online in March 2020, following further engagement with industry involving testing and training on the new system. APRA will shortly release an initial implementation plan outlining more details of its roll-out plan.
Replacing D2A with the new Data Collection Solution is part of APRA’s broader data modernisation program, designed to ensure the regulator keeps pace with advancements in data, analytics and technology.
More details on the new Data Collection Solution are available on APRA’s website at: https://www.apra.gov.au/apra-replacing-d2a