Strategic Industry Reference Group minutes - Friday 12 March 2021
Attendee List
Chair | Doug Jenkins, GM, APRA |
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Members: | APRA:
Industry:
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Guests: |
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Apologies |
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Date: | 12 March 2021 |
Location: | Via Microsoft Teams - Sydney, Adelaide, Brisbane and Melbourne |
Action List (New or Carried Forward)
No. | Action | Who | By When |
120321.1 | APRA will publish draft artefacts to APRA website to support readiness activities | Daniel Hunt | end March |
120321.2 | APRA to provide update on data collection roadmap for each industry at June SIRG | Michael Murphy | June |
190220.1 | APRA consider what legislative support is required to take account of system outages that affect entity reporting obligations and review communications with entities in the event of a system outage. 12/3/21 – Carry. No further updates. | Alison Bliss | TBA dependent on FSCODA review |
Closed Action Items
No. | Action | Who | By When |
241120.1 | Organise further industry engagement sessions to continue discussions regarding ARS 220. Discussions should include preferences for increasing consultation time at the expense of time to implement. 12/3/21 – held ARS 220 engagement sessions with ABA and COBA. Discussed timelines and received good feedback. | Michael Murphy | Closed 12/3/21 |
241120.2 | APRA to work with industry groups to develop a data collection roadmap for each industry. 12/3/21 – APRA have appointed a Project Manager. Future roadmap a high priority but no definitive timings but will be in next -4 months. This action closed but new action to provide an update at June SIRG. | Michael Murphy | Closed 12/3/21 |
1. Welcome, minutes & actions (Doug Jenkins)
Doug Jenkins welcomed members of the group.
- Farewell and thank you to Stewart Old, JP Morgan. A replacement for is being sought through AFMA.
- Noted Katherine Keenan would be future member for ABS.
Minutes of the 24 Nov 2020 meeting were accepted.
Action items 241120.1 and 241120.2 were closed.
2. Conflicts of interest (Doug Jenkins)
None declared.
3. Industry Feedback (Daniel Hunt, Members)
Daniel Hunt gave an update on the announcement in December 2020 to resume the APRA Connect Project with a go live date of September 2021 and opened the floor for feedback.
Key points shared:
- Queries received by APRA indicate some confusion about change in approach which has been addressed by direct communications. eg some ADIs have not understood the pivot to superannuation has lessened the impact on their own reporting
- Super industry noted the primary focus is preparing for SDT collections in APRA Connect and the pilot is welcome as a risk mitigation strategy. Timelines are challenging and there is a cost for teams being stood up without artefacts available for development. APRA noted that there is an industry webinar in SDT with more information coming soon
- PHI desire more information about the regulatory reporting that goes live in June and the longer term roadmap
An update was provided on feedback gained in a Technical Working focus group on taxonomy artefacts.
Key points
- Artefacts include: data dictionary, validations and derivations, reporting standards, reporting taxonomy, XSD (used to validate files) and excel templates where applicable.
- Timelines are tight and artefacts needed as soon as possible
- Technical specifications that are 80% complete are sufficient to start the build
Rebecca Lush also noted that industry are keen to review and provide feedback to APRA on the artefacts.
APRA are taking feedback on board and expediting the publication of artefacts to assist entities in preparing data for submission to APRA Connect.
Action 120321.1 APRA will publish draft artefacts to APRA website to support readiness activities (Daniel Hunt)
4. Future Data Collections (Michael Murphy)
Michael Murphy refreshed data priorities presented at last SIRG noting:
- In last stages of putting final EFS into D2A in September noting all future and new collections will go into APRA Connect
- Noted industry is supportive of direction but concerned around the speed to deliver
- HRF 605 will go live in September APRA Connect release (with a Sept quarter end in October). Other changes for PHI will form part of the AASB accounting changes and capital reforms
- Design is underway for collections for the insurance industry that will be shared as part of AASB 17
5. Pilot preparations (Daniel Hunt)
Daniel Hunt gave an overview of the Pilot scope, purpose and timeline including scope and nominations, security credentials in the test environment and supporting artefacts.
The pilot will include around 10 entities initially and conducted from late April to May. Entities will be able to familiarise their teams with APRA Connect functionality and well as data submission for a limited number of superannuation returns. Entities will be supported by briefings, demos, guidance on functionality, relevant technical artefacts and will be invited to provide feedback through Q&A sessions and surveys.
Noted process for security certification is still progressing.
6. Other Business
There was no other business
The date for the next SIRG meeting will be confirmed by email.