APRA lifts the lid on its new data collection solution

The Australian Prudential Regulation Authority (APRA) has released further information on APRA Connect, a new data collection solution for reporting entities to log information and regulatory data with APRA.

Beginning on September 13, APRA will require entities to submit in the APRA Connect production environment. It expects entities to:

• plan and allocate resources to facilitate the transition to APRA Connect;
• ensure users have myGovID and are authorised in RAM for each entity they are reporting for, i.e. each ABN;
• nominate a first user to access the test environment via the D2A form: RRA : APRA Connect test nomination;
• review the guidance provided by APRA to build knowledge (to be published before the external test goes live);
• access taxonomy artefacts to assist in data preparation; and
• read the supporting material to build knowledge of the test environment.

APRA will launch a test environment on June 17, which will be a permanent feature to help entities become familiar with the interface and functionality of APRA Connect and to trial submission of entity information and data.

Entities can prepare for the test environment by educating themselves on changes resulting from APRA Connect, and any potential impacts to entity submission processes. They also need to commence planning ahead of the transition, and initiate the process of authorising users with myGovID and RAM to act on behalf of their business.

From June 17, the regulator expects entities to:

• log into the test environment using myGovID authentication;
• assign and manage user roles and permissions;
• become familiar with the functionality of APRA Connect;
• leverage guidance materials to assist users;
• practice data preparation and submission; and
• contact APRA Service Desk for any technical issues at @[email protected]. For urgent issues, call +61 2 9210 3400 between 9am and 5pm AEST weekdays.

APRA stated that each organisation will be responsible for managing their APRA Connect users and assigning roles in line with their governance processes.

“Each ABN must have at least one person assigned to the regulatory reporting administrator role, which is the only role with permissions to manage user access,” APRA said. “Each ABN is required to nominate a regulatory reporting administrator via the D2A form: RRA : APRA Connect test nomination.”

APRA administrators will assist entities by assigning the initial regulatory reporting administrator with their permissions upon their first interaction with APRA Connect. It will also require a regulatory reporting administrator nomination for each ABN to enable entities to access the external test environment in June.