Provides a Standard Business Reporting (SBR) taxonomy enabled platform to manage and report economic and financial statistics
A DEMANDING EFS REQUIREMENT
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.
TAXONOMY CONFORMANCE
- All ADIs and RFCs are now required to submit reports conforming to APRA’s taxonomy in XBRL format
- Firms must streamline their data management processes to obtain efficient benefits of utilizing the taxonomy
ADDITIONAL CHALLENGES
- More than 2,500 new data points across EFS forms require updates to front-office systems and customer forms
- Need to ensure privacy protection of sensitive granular individual customer account information
- Manual processes currently employed are not sustainable and costly
- Frequent ongoing regulator updates
- Tight implementation timelines
Questions to Consider
- Can we accurately identify the granular information APRA requires (e.g., residency, instrument purpose, product category) against our large volume of data including customer accounts?
- How do we know that we are correctly interpreting and incorporating the regulator’s frequent updates to requirements?
- Are we properly and accurately comparing our reportable data points to earlier versions and submissions?
- Can we track the regulator’s required cross validations across multiple forms?
- Are we able to trace our reportable data points back to underlying records?
APRA Economic and Financial Statistics (EFS)
ROBUST END-TO-END SOLUTION
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.
CAPABILITIES
- Tracks D2A validation statuses within and across forms in the EFS collection
- Provides data archiving, versioning, and transparency with configurable taxonomies
- Metadata-driven, the solution delivers full dynamic data-lineage from data loading to report submission
- Easily integrates raw data from disparate sources
- Enables users to drill down, visualize, and quantify what has been reported against APRA’s taxonomy data concepts
- Handles multi-tier computations for classifications to populate the taxonomy concepts
- Adapts APRA’s taxonomy into XBRL compatible submission files, while maintaining the report view for ease of users
STRATEGIC POSITIONING
- AxiomSL is closely monitoring developments regarding the expected phasing out of the D2A portal and will update all APRA-related solutions accordingly to enable submissions into a new portal mechanism.
- AxiomSL fully supports validations and XBRL submissions for other APRA reporting mandates.
- Implementing APRA EFS positions firms to adopt AxiomSL’s solutions for other APRA reporting mandates on a single platform.
- Four of the five largest ADIs currently report APRA EFS utilizing AxiomSL’s solution on ControllerView.
APRA EFS
Taxonomy/XBRL Solution
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