APRA-EFS

Provides a Standard Business Reporting (SBR) taxonomy enabled platform to manage and report economic and financial statistics

Overview


Device Frame
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?

Solution

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.

Device Frame

APRA EFS Taxonomy/XBRL Solution

Provides an end to end regulatory reporting solution as well as the data loading, aggregation and reporting functionality needed to comply with the requirements of APRA .

AxiomSL’s APRA EFS Taxonomy/XBRL Solution

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APRA Economic and Financial Statistics (EFS)

Benefits

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

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