Frequently asked questions
What is D2A and APRA Connect?
When is APRA Connect being introduced by APRA?
What is changing with APRA Connect?
As such, APRA is encouraging the industry to improve their submission process by automating their APRA reporting submission through RegTech solutions.
Who is impacted by APRA Connect rollout?
More than 4,500 reporting entities currently submit data to APRA. Data collected by APRA under the Financial Sector (Collection of Data) Act 2001 is used for prudential supervision, statistical publications and shared with partner agencies such as RBA, ABS and ATO.
Does RegConnect work for both D2A and APRA Connect?
When will D2A disappear?
APRA has indicated that only new reporting requirements will be introduced in APRA Connect while the existing reporting processes will remain on D2A.
What is types of taxonomy does RegConnect support?
RegConnect supports all regulatory taxonomies. Taxonomies are mostly defined using XBRL standards. eXtensible Business Reporting Language is a software standard that was developed to improve the way in which financial data is communicated, making it easier to compile and share this data. Notably, eXtensible Business Reporting Language is an implementation of XML (extensible markup language), which is a specification that is used for organising and defining data online. Many Regulators around the world have started adopting this standard for exchange of financial data between Regulators and the Industry. RegConnect is compliant with this standard. For more information : https://www.xbrl.org/
Will RegConnect validate and convert all my reporting forms?
Yes, RegConnect supports all reports, for all APRA regulated industries, in both D2A and APRA Connect.
What is involved in implementing RegConnect software?
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 a suitable format for automated upload on to Regulator's platform.
What type of validations are performed by RegConnect?
RegConnect performs all validations that are defined and published by the Regulator. These include mandatory validations that must be addressed prior to upload of data as well as confirmation validations that require entities to supply explanations to the Regulator as part of submission. RegConnect also ensures that data being submitted alignes to XML/XBRL standard (where Regulator accepts XML/XBRL files). This involves checking format of data, ensuring data is as per drop down lists etc.
What happens when regulators change their requirements?
RegConnect is always kept up-to-date with the latest version of the taxonomy released by regulators. Users can update to the latest version of taxonomy through the taxonomy import function (no IT involvement required).