Regulatory Reporting and Disclosure for APRA and ASIC

Building smart reporting solutions for complex regulatory requirements.

Project Statement

The introduction of new reporting requirements, such as the adoption of IFRS and EFS for APRA and breach reporting under ASIC, posed significant challenges. Meeting these evolving regulatory requirements demanded access to accurate, high-quality data. The organization needed a streamlined approach to ensure timely, compliant submissions that met the latest standards.

Problem Solution

We developed a taxonomy to map the client’s existing data environment to the new regulatory requirements, ensuring that all necessary data was captured and appropriately structured. A consolidated data store was created, integrating customer, product, and transaction data at a granular level. Reconciliation differences between various data sources were addressed through innovative methods, ensuring consistency across the reporting process. The sourcing, preparation, aggregation, and review of the data was largely automated and streamlined, significantly improving efficiency. Governance was implemented through end-to-end visibility, with clear roles and responsibilities for review and sign-off, including the appointment of a dedicated report owner to oversee the process.

Value Delivered

The solution delivered several key benefits:

- Regulatory Compliance: The solution ensured compliance with new reporting requirements within the expected time frames, meeting the obligations for APRA and ASIC without delays or issues.
- Cost Savings: The efficient implementation of the regulatory requirements resulted in significant cost savings for the organisation, as the automated process reduced manual effort and errors.
- Strengthened Regulator Relationships: The timely and accurate delivery of required reports helped strengthen the relationship with regulators, such as APRA and ASIC, demonstrating the organisation’s commitment to compliance.
- Operational Efficiency: The automation of data sourcing, preparation, and review led to a streamlined process, reducing time spent on manual tasks and improving overall reporting efficiency.

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