The Australian Prudential Regulation Authority (APRA) has chosen a data exchange platform from Ireland’s Vizor to replace its existing Direct to APRA (D2A) system.
Dimension Data will roll out the new data collection system, which APRA said will be used by more than 4500 financial sector entities to fulfil their regulatory reporting requirements.
Vizor and Dimension Data lodged a joint response to a request for tender issued by the banking regulator in August.
D2A was originally rolled out in 2001 and according to APRA has “become increasingly challenging” for both industry and the regulator to use and maintain. Replacing D2A is part of a broader data transformation program at the regulator
“This multi-year, multi-stream program will fundamentally change all aspects of our data management,” APRA said in a February 2018 briefing document.
“The program will improve the quality of data, improve the efficiency of report production, enable us to provide better, faster, deeper insights, and deliver greater transparency to financial analysts, policy makers, and the general public.”
The new web-based system is intended to be adaptable to future needs, reduce maintenance and support costs, and be easier to use.
Vizor says its clients include the Bank of England Prudential Regulation Authority, the Saudi Arabian Monetary Authority, Autoriti Monetari Brunei Darussalam, the Cayman Islands Tax Information Authority,Kenya’s Insurance Regulatory Authority, and the Pensions and Insurance Authority of Zambia.
“We are confident this partnership will deliver a robust solution that will allow financial companies to report data to APRA more quickly, efficiently and accurately,” said APRA’s executive general manager for risk and data analytics, Sean Carmody.
“Reliable data is critical for monitoring the institutions APRA supervises, and to allow APRA and other agencies to protect the Australian community by ensuring the stability of the financial system.”
APRA is preparing to release an initial implementation plan, which is expected to offer more detail of industry testing and training plans ahead of the new system coming online in March next year.