APRA aims to complete the transition of APRA Connect, its new data collection system, by 2027 to fully decommission the Direct to APRA (D2A) data collection tool.
In its response paper, APRA confirmed that it had engaged with the financial industry through roundtables and received written submissions, including a commitment to:
“The proposed shift to more granular collections will enable APRA and all other stakeholders to benefit from deeper insights while ultimately reducing the burden for the industry. Our data collection roadmap is ambitious and will require significant investment from the industry to achieve this transformation over the next five years,” said APRA Deputy Chair Helen Rowell.
Early this year, APRA released a discussion paper to set out its changing approach to data collection, the rationale for these changes, and an outline of the implementation roadmap for each industry, specifically life insurance, general insurance, private health insurance, superannuation, and banking.