Richer data for deeper insights: APRA proposes data collection roadmap
The Australian Prudential Regulation Authority (APRA) has released a discussion paper for consultation, setting out a five-year roadmap for transforming its approach to collecting financial industry data. “APRA intends to collect deeper, broader data sets that are able to be used in many different ways – including to explore issues beyond the horizon,” says the regulator. More granular data will allow APRA to answer new questions as they emerge.
This move to richer, more flexible data collections will be enabled by APRA’s transition to its new data collection system, APRA Connect. The paper outlines roadmaps for each industry sector regulated by APRA – superannuation (i.e., pensions), insurance and banking – as well as one for cross-industry reporting. Reflecting work already underway on data collection, the expected regulatory policy agendas, and each industry’s capacity to accommodate change, these provide dates for new collections in APRA Connect and cut-offs for moving away from D2A.
APRA has also launched the second phase of its Superannuation Data Transformation project, focussing on the depth of data collected, and aiming to contribute to transparency and oversight. It plans to deliver more comprehensive data on retirement outcomes for superannuation members; the performance and efficiency of the industry; and governance, risk management practices, fund operations and industry risks. At the same time, APRA will identify and discontinue redundant data collections.