New reporting requirements being introduced by the Australian Prudential Regulation Authority (APRA) include prudential standards and those resulting from MySuper and SuperStream reforms. APRA will demand regular reporting by super funds on more than 4000 data items, up from the current 800. APRA intends to release final reporting standards this month, giving the industry just weeks to implement the first tranche of requirements and ensure compliance. Any breach of the requirements could result in a strict liability offence being applied to super funds.
Adam Ratner, Sales Director Australia and New Zealand, DST, said Anova can assist superannuation funds to meet these requirements in a timely manner, allowing them to focus on their core business of investment and member management rather than worrying about IT capabilities.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
"APRA’s reporting changes will place a huge operational and technological burden on super funds. The level of detail required by APRA is, in many cases, greater than funds themselves now collect.
"The industry is grappling with how and who will solve the data management challenge in meeting these requirements. While there will not be a consistent operational model for each and every super fund and their administrators, we are committed to helping the industry solve this challenge with Anova. The impending deadline for the first tranche of reporting on July 1, 2013 start date is the first hurdle and then there will be a need to phase in additional reporting as announced by APRA.
"These new reporting requirements are raising the bar to bring superannuation funds in line with other entities APRA regulates. For the first time, it will be necessary to combine large quantities of investment data with member-specific details. Anova is one of the few products that can easily help do this in a timely and accurate manner. With 7 out of 10 investment accounting transactions already flowing through DST’s HiPortfolio fund accounting system and the ability for Anova to plug into this easily, part of the challenge is already solved." Mr Ratner said.
"Anova can help super funds scale data and update data collection as required and simplify responses to the regulatory challenge. By consolidating data into a single database, consistent and accurate reporting is enabled from a single source. This can give tremendous advantage to super funds since it will help them to manage data themselves and also help meet their members and regulators increasing demands for transparent and timely investment information."
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData"Anova can validate, enrich and store the data, as well as report data as required by APRA and is flexible enough to cope with further regulatory changes," Mr Ratner said.
APRA expects that this new data collection will be of significant benefit to all industry stakeholders by providing greater transparency of investments and costs in superannuation and by providing information relevant to the Stronger Super reforms.
Anova is an award winning solution that delivers post-trade data management, analytics and multiple reporting channels to help financial institutions make informed investment decisions, demonstrate portfolio performance to their clients and helps meet industry needs for transparency as demanded by regulators and investors.
