Strategic Industry Reference Group minutes 1 October 2019
Attendee list
| Chair | Sean Carmody |
|---|---|
| Members | APRA
Industry
|
| Guests |
|
| Apologies |
|
| Date | 1 October 2019 |
| Location | APRA office Sydney, and by videoconference, Adelaide, Brisbane and Melbourne |
Decisions made
N/A
Action list (new or carried forward)
| No. | Action | Who | By when |
|---|---|---|---|
Closed action items
| No. | Action | Who | By when |
|---|---|---|---|
| 150719.1 | APRA to advise on direction for scaling factor based on SIRG input | Daniel Hunt | 01/10/19 |
1 Meeting objectives and priorities
Sean Carmody welcomed members of the group and confirmed the meeting objectives.
Adoption of minutes and matters arising
The minutes of the July 2019 SIRG meeting were agreed.
Action 150719.1 - APRA advised on direction for scaling factor based on SIRG input.
2 Conflicts of interest
None declared.
3 New Data Collection Solution
What we’ve heard from entities (Jane Coad)
APRA recently invited entities to respond to an ad-hoc D2A form on current and intended future state submission practices. APRA shared a summary of the key insights with the SIRG, including:
- Use of manual submission for majority of forms is widespread across industries.
- Almost half of the respondents anticipate that they will be using file-based submission channels in the future.
- Almost half of the respondents largely anticipate that manual submission will continue to be used for majority of forms (75% +) in the future.
- One-quarter of respondents indicated an intention to submit via APIs if available at go-live.
The SIRG did not expect to see the widespread use of manual submission for a large number of forms in both current and future state and commented that some entities may not fully appreciate the anticipated changes to manual entry in the new solution.
APRA shared directional thinking for an approach to support entities in the transition from manual submission to more automated submission methods. The key pillars of the approach will likely be the provision of a guideline for preparing XML files for upload and connecting entities with RegTechs.
The SIRG advised that the XML guideline will become most useful once entities have access to the test environment and have the opportunity to practice file-based submission. The members suggested that APRA could connect entities with RegTechs by referring them to the relevant RegTech associations who are best placed to provide information on vendors.
Data migration approach (Daniel Hunt)
APRA shared a progress update on the data migration approach and highlighted that feedback received from the Technical Working Group (TWG) was a key input into the development of the approach.
The SIRG expressed a preference for accessing relevant historical data in the new solution.
APRA is finalising the data migration approach and intends to communicate the direction in the next external information release.
Forward view of information releases (Jane Coad)
APRA provided an overview of the key topics that are expected to be covered in upcoming information releases.
The SIRG suggested that APRA’s information releases could include an overview of the key complexities or changes that have influenced project direction, where appropriate. For example, a key change is that D2A will still be available to entities after the AUSkey decommission in March 2020.
Implementation approach (Daniel Hunt)
APRA discussed the implementation approach for the new Data Collection Solution. The SIRG represented their respective industries when providing commentary on preferences for the implementation approach.
4 The Future of Data Collections
PHI collection (Michael Murphy)
APRA discussed the Private Health Insurance Reform Data Collection currently out for consultation (more information can be found on the consultation page of the APRA website here). This collection is aligned with the design principles that are intended to inform the development of future collections for all industries. APRA views the consultation of the PHI collection as an opportunity to receive feedback on the proposed design.
APRA shared a summary of key principles that will inform the design of future collections:
- Collections should provide data rather than provide answers to specific questions
- Avoid collecting the same information multiple times
- Simplify the process for entities to provide required data
APRA intends that the proposed style of future collections should reduce the burden on entities.
The SIRG provided feedback on the proposed design of the collection. The SIRG suggested that consistency in the definitions used across regulators would further simply their reporting process.
5 Next steps
The date for the next SIRG meeting will be confirmed by email.