APRA EFS Modernisation – Overview of the changes proposed

APRA EFS modernisation comprises of two broad reporting standards, ARS 701.0 focusses on new classifications, granular data and new forms while ARS 702.0 focusses on data quality and assurance requirements
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In addition to the data quality thresholds proposed to be imposed, APRA also requires assurance requirements from reporting entities that their audits should ensure existence of systems and processes to ensure EFS

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The proposed changes will require significant efforts from reporting entities to re-align their people, process and technology infrastructures to comply with the new reporting landscape. Reporting entities will have to take a pro-active approach to address the new reporting regime

To better understand these reporting changes, we will be releasing a series of whitepapers and newsletters. The next whitepaper will lay out detailed analysis on APRA’s viewpoint to impose the changes, impact of changes to reporting entities and steps reporting entities need to take to ensure compliance with the proposed changes.

 
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