Question 1

Will RegConnect validate and convert all my reporting forms?

Accepted Answer

Yes, RegConnect supports all reports, for all APRA regulated industries, in both D2A and APRA Connect.

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 a suitable format for automated upload on to Regulator's platform.

Question 3

What type of validations are performed by RegConnect?

Accepted Answer

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.

Question 4

What happens when regulators change their requirements?

Accepted Answer

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).

Question 5

What is types of taxonomy does RegConnect support?

Accepted Answer

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/   APRA's taxonomies are defined through XBRL and XML.

Question 6

What is D2A and APRA Connect?

Accepted Answer

D2A (Direct to APRA) is APRA's current data collection solution. D2A is a desktop client application, meaning that each reporting entity needs to install the D2A solution on it's employees' desktop or laptop in order to be able to submit data to APRA.   APRA Connect is APRA's new web-based data collection solution. APRA has selected a data collection solution from Irish-based vendor Vizor after tendering and the platform is currently being customised to support APRA's specific requirements. Entities will be able to use APRA Connect from any work station with internet access.

Question 7

When is APRA Connect being introduced by APRA?

Accepted Answer

APRA Connect is going live in September 2021, with a progressive roll-out across industries. For more information and to keep up to date with revised timeline, please visit : https://www.apra.gov.au/implementing-apra-connect

Question 8

What is changing with APRA Connect?

Accepted Answer

Various aspects of the regulatory reporting process changes with the roll-out of APRA Connect. Here are some of the key changes:   a) New taxonomies: APRA will only collect new reporting requirements via APRA Connect. APRA will release new reporting standards with new reporting taxonomies for APRA Connect.    b) APRA Connect accepts a range of file formats. APRA defines which file types it accepts for each return submission individually. For most returns, APRA accepts XML and XLS uploads.    c) When loading XLS or XML files to APRA Connect, these are auto-submitted if they pass the validation rules. (Re-submission required to make any changes after).   d) Copy-paste of information is only supported one cell at a time (no bulk copy-paste) 
As such, APRA is encouraging the industry to improve their submission process by automating their APRA reporting submission through RegTech solutions.

Question 9

Who is impacted by APRA Connect rollout?

Accepted Answer

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.    All industries that are regulated by APRA are impacted:  - Authorised Deposit taking Institutions (ADI)  - Registered Financial Corporations (RFC)  - General Insurance (GI)  - Private Health Insurance (PHI)  - Life Insurance (LI)  - Superannuation Funds Management (SFM)   APRA is rolling out the platform in a gradual way, with only new reporting requirements being introduced on APRA Connect. Please refer to APRA's website for the latest updates from APRA regarding the roll-out planning or contact us to discuss your specific circumstances.

Question 10

Does RegConnect work for both D2A and APRA Connect?

Accepted Answer

Yes.   RegConnect works for D2A and APRA Connect.   APRA is encouraging entities to transition to a more streamlined and automated upload process and to this end, APRA is working with the RegTech industry to support entities through this transition. RegConnect works with APRA taxonomy and consists of a generic engine that can codify any standardised taxonomy hence ensuring RegConnect is also compatible with APRA Connect when released.    Since APRA has announced that both D2A and APRA Connect will co-exist for a while to ensure smooth transition, it will be critical for entities to ensure their automation solution works for both platforms.

Question 11

When will D2A disappear?

Accepted Answer

APRA has indicated that only new reporting requirements will be introduced in APRA Connect while the existing reporting processes will remain on D2A. Entities need to prepare themselves to submit data to APRA on both APRA Connect and D2A for the foreseeable future.

Question 12

Accepted Answer

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