APRA to review data collection roadmap

It has also announced key data hires

APRA to review data collection roadmap

Insurance News

By Roxanne Libatique

The Australian Prudential Regulation Authority (APRA) is set to conduct the first annual review of its data collection roadmap and has made two key appointments.

Released in March 2022, the roadmap outlines APRA's five-year plan for transforming its approach to collecting financial industry data from APRA-regulated entities.

“As work on the program has progressed over the past year, we have identified several challenges presented by new technologies and associated with implementing a complex program of granular new data collections,” APRA said in a letter.

Boosting data collection capabilities

APRA confirmed that it established a technology and data division to bolster its data collection capabilities.

As part of establishing a new division, APRA made the following appointments:

  • Surabhi Jain took the role of chief data officer, responsible for leading data strategy and governance; and
  • Andy Robertson took the role of program director, responsible for executing all projects in the data transformation agenda. 

“We have gained valuable insights from implementing recent data collections such as the Superannuation Data Transformation, AASB17/PHI Capital, and the updated authorised deposit-taking institution (ADI) capital framework,” APRA said. “We have also taken on board feedback from industry through roundtables and the Comprehensive Credit Collection pilot exercise.”

First annual review

For the first annual review of the data collection roadmap, APRA will reconsider the roadmap's pace, sequencing and priorities.

“As APRA undertakes the review, the timing surrounding some industry and cross- industry data collections will change,” APRA said. “In determining our priorities, we have considered market developments, global regulatory changes, and lessons learnt since launching the roadmap last year.”

APRA will provide further information on the outcome of the review in early 2024. It has sought industry feedback on the directions for data collection and collection roadmaps. Submissions should be emailed to [email protected].

Last month, APRA released a new prudential standard to help insurance companies, superannuation trustees, and banks improve their operational risk management.

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