Question 1

What is D2A and APRA Connect?

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 2

When is APRA Connect being introduced by APRA?

Answer

In APRA's latest implementation update (December 2020), APRA projected to go 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 3

What is changing with APRA Connect?

Answer

The new APRA submission solution is web-based and will therefor only support "copy-paste" of information one cell at a time. As such, APRA is encouraging the industry to improve their submission process by automating their APRA reporting submission through automated solutions that support XBRL/XML. For more information, refer to the below webinar by APRA : https://register.gotowebinar.com/register/4869102981423714315

Question 4

Who is impacted by APRA Connect rollout?

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. Once the new APRA reporting solution is fully implemented, all entities will submit data to APRA via APRA Connect, with D2A remaining in use for an extended transitional period. 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)

Question 5

Does RegConnect work for both D2A and APRA Connect?

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 is aligned to XBRL standards - 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 6

What is XBRL?

Answer

XBRL or 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/

Question 7

How does RegConnect work for any reporting form?

Answer

RegConnect consists of a standardised taxonomy engine which stores and processes regulator's XBRL based taxonomies. For a given Regulation, RegConnect comes with a set of reporting templates that have been mapped to the Regulator's XBRL taxonomies allowing RegConnect to seamlessly convert populated reporting forms for straight through upload into Regulator's submission platform.

Question 8

What is involved in implementing RegConnect software?

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 9

What type of validations are performed by RegConnect?

Answer

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

Question 10

What happens when regulators change their requirements?

Answer

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

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