Question 1

Will RegConnect validate and convert all my reporting forms?

Accepted Answer

Yes, RegConnect supports all reports, for all APRA regulated industries: Banking (ADI), Superannuation, General Insurance, Life Insurance, Private Health Insurance, Non-bank Lenders (RFC),

Question 2

What is involved in implementing RegConnect software?

Accepted Answer

RegConnect has been designed as a lightweight "ready to use" software that can be downloaded on the users desktop or laptop. Once downloaded, RegConnect is ready to use for validation of data as well as conversion of files into XML (APRA's preferred format) for upload on to APRA Connect.

Question 3

What type of validations are performed by RegConnect?

Accepted Answer

RegConnect performs all validations that are defined and published by APRA. These include mandatory validations that must be addressed prior to upload of data as well as confirmation validations that require entities to supply explanations as part of submission. RegConnect also ensures that data being submitted aligns to the XML standard. This involves checking format of data, ensuring data is as per drop down lists etc.

Question 4

What happens when APRA change their requirements?

Accepted Answer

RegConnect is always kept up-to-date with the latest version of the taxonomy released by APRA. Users can update to the latest version of taxonomy through the taxonomy import function (no IT involvement required).

Question 5

Is RegConnect Secure?

Accepted Answer

RegConnect is a desktop application. It sits within the organisation's secure environment. RegConnect is only used to process excel file inputs, validate the reports and create XML output files. It does not make any communications externally and does not store your data. RegConnect is already in use by banks, insurers and super funds for 5+ years. RegCentric maintains ISO27001:2022 certification.

Question 6

How does RegConnect manage the report allocations?

Accepted Answer

APRA allocates reporting requirements to the regulated entities. In D2A, this was done through a FormList, which was refreshed by entities each reporting period. In APRA Connect, entities can see the allocated reports (returns-forms) on the Returns page.

RegConnect supports obligations management, and entities can ingest the FormList xml or an obligation list via excel to manage the completeness of their reporting obligations.

Question 7

Does RegConnect support multiple reporting entities within the group?

Accepted Answer

Yes, RegConnect supports multi-entity reporting. During onboarding, we ensure all reporting entities and their relevant ABN's are registered in RegConnect. We support all reporting consolidation levels (e.g. Level 1, Level 2 etc).

Powered by

Frequently asked questions