APRA EFS Modernisation : An overhaul of Australian financial services industry’s regulatory reporting landscape
- APRA released its EFS form reviews for public consultation,earlier this year. The reviews represent major changes in the existing reporting forms
The changes are driven by what APRA has cited as “significant gaps between current reporting practices” and “evolving regulatory and risk environment”. Changes are also driven by data quality issues which have been a major source of concern in the current reporting landscape
There are two broad categories of changes proposes :
The proposed changes are poised to greatly affect reporting entities across entire value chain of reporting landscape. Reporting entities will have to realign their people, process and technology ecosystems to a significant extent in order to comply with the new reporting regime.
To better understand the reporting changes, existing gaps, detailed analysis of changes, impact to reporting entities and solutions to address the challenges, watch out for our series of white papers. In the next release, we will lay out the current reporting trends in Australia, parallels of the proposed reporting regime with regulatory reporting environment in other geographies and analysis of changes.