APRA adopts a new data collection solution

The Australian Prudential Regulation Authority (APRA) has selected a software system developed by Irish company Vizor Software to replace its existing data reporting system, Direct to APRA (D2A), following a rigorous and extensive evaluation process.

The new data collection solution, to be delivered by Australia’s Dimension Data, will be used by more than 4,500 financial sector entities to meet their regulatory reporting requirements to APRA, starting March 2020.

The international consortium was selected following last August’s request for tender, seeking an off-the-shelf, minimally customised solution to become APRA’s new data collection system.

“APRA is very pleased with the outcome of the tender process,” said Sean Carmody, APRA’s executive general manager for risk and data analytics. “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. 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.”

The new solution will come online following further testing and training on the new system, with APRA soon to release an initial implementation plan outlining more details of its roll-out plan.