AUTOMATE YOUR REGULATORY REPORTING SUBMISSIONS
Frictionless Connectivity to your Regulator
RegConnect automates the regulatory reporting submission process for financial institutions. RegConnect works for any regulatory submission for any regulated industry that supports XBRL taxonomy. RegConnect supports automated pre-validation of data and full automation of report submissions, resulting in improved data quality and a more efficient and robust process.
REGCONNECT WORKS FOR ALL APRA REPORTING SUBMISSION IN AUSTRALIA
*All returns that are authorised to be used via RegConnect as per license agreement.
"With RegConnect, our submission process to APRA is drastically simplified. We no longer depend on a manual process and we have better controls. Plus, the solution fits the budget of a small regional bank."
Head of Finance - Regional Bank in Australia
HOW IT WORKS
Use your existing process to prepare and populate the regulatory reporting forms, whether built in-house or through vendor solutions.
RegConnect includes reporting form templates that are aligned to regulators' reporting standards and that are kept up to date.
Use RegConnect to automatically validate your data in the forms against the pre-defined rules defined by regulator. RegConnect supports validation of both mandatory rules as well as confirmation rules.
Use RegConnect to convert your populated forms into a format acceptable for automated upload into the regulator's submission platform. RegConnect automates all your reporting obligations with the regulator that are defined as per XBRL taxonomy.
The regulatory reporting submission process is manual, error-prone and effort-intensive. Common pain areas associated with the current process are:
Manual entry of data into regulator's submission platform is time-consuming and carries operational risks
Validation issues are encountered too late in the process - often after returns were reviewed and signed-off; leading to inefficiencies and re-work.
Copy paste or re-keying leads to incorrect submissions
The increasing volume, frequency and granularity of data is further straining the submission processes.
RegConnect automates the regulatory reporting submission process for financial institutions. RegConnect works for any regulatory submission for any regulated industry that supports XBRL taxonomy. RegConnect supports automated pre-validation of data and full automation of report submissions. RegConnect has been carefully designed considering the human processes involved in regulatory reporting hence the product is designed to seamlessly blend in with existing business processes for preparing regulatory reports/forms.
RegConnect has been developed on microservices architecture. All of its features are developed using API model. RegConnect consists of a generic taxonomy engine that is able to import any regulator's taxonomy defined using XBRL standard. This allows for RegConnect to work on any regulation and any regulated industry.
RegConnect Software automates the APRA Returns Submission Process on D2A or APRA Connect (replacement platform for D2A) platforms. The software seamlessly integrates with existing returns preparation process. RegConnect produces files that contain the returns data in a format that is acceptable by D2A or APRA Connect. These files are then uploaded onto D2A or APRA Connect for submission of returns. Below is an illustrative diagram of how RegConnect fits into the APRA Returns submission process.
Supports all APRA Returns
Any industry APRA Regulates
Seamlessly integrates with your current process
No IT setup required
Compatible with APRA Connect
Always up to date with APRA changes
Built and Supported in Australia