Australia’s Authorized Deposit-taking Institutions (ADIs) and Registered Financial Companies (RFCs) must consolidate their data from current infrastructure into the Australian Prudential Regulation Authority’s (APRA) taxonomy data concepts that feed 21 Economic and Financial Statistics (EFS) reporting forms.
To incorporate large quantities of additional datapoints and meet APRA’s quality benchmarks under Reporting Practice Guide (RPG) 702, firms must improve their data governance and management processes overall to substantiate with high confidence that the reported data is within data accuracy requirements.
AxiomSL’s APRA EFS solution on ControllerView provides an end-to-end regulatory reporting solution that embraces APRA’s taxonomy.
The Standard Business Reporting (SBR) taxonomy-enabled platform maps complex business-rules into reusable taxonomy data concepts that are used across APRA EFS reports.
Embeds a robust governance and controls framework (audit trail, data masking, four-eyes checks, report signoffs, etc.) across all processes facilitating audit substantiation
Upholds data integrity across multiple versions and compares reports across submission periods to enable successful audit defense and analytic insight
Enables users to gain quick holistic views of all critical operating processes via concise dashboards
Provides simplified out-of-the-box taxonomy mappings into multi-format reports (XBRL, PDF, XLSX, etc.) enabling clients to focus on reporting results
Maintains dynamic data lineage from data loading and enrichment to EFS reporting to satisfy regulatory data quality and governance requirements
Delivers transparency on the building blocks of the taxonomy and taxonomy data concepts to ensure compliance
By: Jessica Qiu, Vice President, Client Engagement and Su Jean Song, Product Manager, AxiomSL Australia...
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