Technical Working Group Minutes 30 September 2019
Attendee list
| Chair | Daniel Hunt |
|---|---|
| Members | APRA
Industry
|
| Guests |
|
| Apologies |
|
| Date | 30 September 2019 |
| Location | APRA Office Sydney, and by video conference, Melbourne, Brisbane and Adelaide |
Decisions made
N/A
Action list (new or carried forward)
| No. | Action | who | By when |
|---|---|---|---|
| 310119.1 | APRA to provide ‘Key messages’ for TWG members to share DCS updates with their industry | Daniel Hunt | 15/02/19 (and then ongoing) |
Closed action items
| No. | Action | Who | By when |
|---|---|---|---|
| 120719. 1 | APRA to advise on direction for scaling factor based on TWG input | Daniel Hunt | As soon as practicable |
| 260819. 1 | APRA to circulate the link to the recording of the Implementation Plan Webinar for Reporting Entities | Daniel Hunt | 06/09/19 |
| 260819. 2 | APRA to provide general, industry-wide information regarding data quality instances | Daniel Hunt | 06/09/19 |
| 260619. 1 | APRA to advise which user in an entity is contacted during the query process | Daniel Hunt | 30/09/19 |
1 Meeting objectives and priorities
Daniel Hunt welcomed members of the group and confirmed the meeting objectives.
Adoption of minutes and matters arising (Daniel Hunt)
The minutes of the July 2019 TWG meeting were agreed.
Action 310119. 1 - APRA confirmed that key messages following each TWG meeting will be provided.
Action 260819. 1 - APRA to circulate the link to the recording of the Implementation Plan Webinar for Reporting Entities.
Action 260819. 2 - APRA to provide general, industry-wide information regarding data quality instances.
Action 260619. 1 - APRA to advise which user in an entity is contacted during the query process.
2 New Data Collection Solution
What we’ve heard from entities (Natalia Aziz & Matt Berry)
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 TWG, 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 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.
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 TWG advised that the XML guideline would be useful for entities who are new to preparing files in this format. The TWG suggested that APRA could consider providing similar collateral to support entities in their transition to other submission channels (including API and XBRL) in the future. The members agreed that APRA could play a role in raising entity awareness of RegTech providers and suggested that tailored communications would be more effective than generic messaging.
Data migration approach (Greg Matsin)
APRA shared a progress update on the data migration approach. Feedback received from TWG members as representatives of the industry provided valuable input into the development of the proposed approach.
APRA is finalising the approach and intends to communicate the direction in the next external information release.
Data query process (Daniel Hunt)
APRA is currently exploring ways to improve the query process in the new solution. APRA currently distributes queries to entities via email and the TWG provided insight into the internal processes followed to respond to these queries. The members highlighted that multiple stakeholders are often involved in responding to queries and this correspondence is largely conducted via email.
The TWG responded positively to APRA’s directional thinking on the proposed query process in the new solution. The TWG expressed a preference to extract the query from the solution to enable engagement with multiple internal stakeholders via email.
APRA will consider this feedback when finalising the data query process in the new solution, and will communicate this once confirmed.
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 TWG advised that, as a principle, it is best to communicate directional thinking with the caveat that the direction may change, than to hold off on communicating until the approach has been finalised. The TWG also indicated a preference for APRA to set an expectation for when the industry can expect finalised information on key topics.
APRA intends to distribute the next information release on the new Data Collection Solution shortly.
Implementation approach (Daniel Hunt)
APRA discussed the implementation approach for the new Data Collection Solution. The TWG represented their respective industries when providing commentary on preferences for the implementation approach.
3 DCS Project Next Steps (Daniel Hunt)
The date for the next TWG meeting will be confirmed by email.