Navigating APRA's 2024-25 Plan

Introduction

APRA's 2024-25 Corporate Plan introduces significant regulatory changes designed to enhance the stability and transparency of Australia’s financial system. These changes present challenges for superannuation trustees, particularly in compliance, data transparency, and operational resilience.

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Key Changes Impacting Superannuation

Transition to APRA Connect

APRA is transitioning all data collections from D2A to APRA Connect, with the decommissioning of D2A components expected by December 2027. APRA will engage in Q2 FY2024-25 on the migration approach, emphasizing the need for secure, cloud-based platforms that provide enhanced data analytics capabilities.

Enhanced Transparency and Supervision

APRA’s commitment to increased transparency will be driven by a supervision-led, risk-based approach to prudential regulation. This will involve more detailed analysis of reported data, requiring entities to strengthen their reporting and governance frameworks.

Increased Reliance on Digital Technologies

The industry’s growing reliance on digital technologies is a focal point for APRA, particularly concerning cyber resilience and data security. Trustees must ensure that their digital infrastructure is robust enough to meet these heightened expectations.

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Challenges for the Industry

Compliance and Data Transparency

The shift to APRA Connect and the focus on enhanced analytics require trustees to upgrade their data reporting and governance processes.

Operational and Cyber Resilience

As digital technologies become more integral, entities must bolster their cyber defenses and operational continuity plans.

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Conclusion

APRA’s 2024-25 Corporate Plan sets a new standard for transparency, data analytics, and digital resilience in the superannuation industry.

Nuj’s tailored solutions empower your organisation to not only meet these challenges but to excel in a rapidly evolving regulatory landscape.

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How Nuj Can Support Your Organisation

Seamless Transition

Nuj supports the transition from D2A to APRA Connect, enabling digital report creation and enhanced compliance capabilities with APRA’s new analytics-focused approach. Minimising the impact to your operations with change management support.

Advanced Analytics and Reporting

Our platform’s advanced analytics capabilities align with APRA’s push for greater transparency, allowing you to review cross correlated data and generate and review detailed, accurate reports that meet regulatory standards.

Digital Solutions

Nuj offers robust digital infrastructure solutions to ensure your organisation meets APRA’s expectations for effective digital integration, keeping your data secure and operations smooth.

Read the full APRA Corporate Plan 2024-25 here.