Superannuation Data Transformation SDT Strategic Forum - 19 September 2023

APRA held the Superannuation Data Transformation (SDT) Strategic Forum on 19 September 2023. The purpose of this forum is to contribute to the understanding and resolution of strategic issues arising throughout the implementation of Super Data Transformation (SDT) project. The Forum was hosted by Bruce Young – Executive Director, Technology and Data – and was attended by 19 industry stakeholders (see Appendix A for the full list of attendees).

19 September SDTSF: Key discussion points

Since the last forum, APRA released the Review of data collections roadmap,  an updated SDT project roadmap and notes from the May SDTSF.

APRA provided an update on three key upcoming activities:

• APRA plans to consult on the confidentiality and publication of data for expenses, detailed asset class characteristics and additional data introduced under the Phase 1 minor amendments for RSE profile and structure in October 2023.
   
• APRA plans to consult on proposals for data collection under Phase 2 of SDT on the topics of Investments including indirect investment costs, RSE Licensee and RSE Profile, and RSE Licensee Financial Statements from late November 2023 to March 2024.
   
• APRA also noted that it intended to continue to expand the suite of superannuation data it published.  

APRA then discussed the communications on APRA’s data collections review:

• APRA has embarked on the first review of its data collections roadmap. This review will reconsider the pace, sequencing, and priorities of the roadmap, while also seeking to ensure APRA’s data and technology capabilities are aligned with its goals. APRA intends to provide further information on the outcome of the review in early 2024.
   
• APRA remains committed to this data change program, which will ultimately modernise requirements for industry and enrich data and insights for APRA, government, peer regulators, regulated entities and other stakeholders.
   
• APRA recognises that superannuation data transformation is well underway and is mindful of the impact on industry when reviewing the roadmap. An important consideration in setting priorities and timeframes to ensure that the roadmap timeframes are realistic and can be delivered by both APRA and industry without unreasonable industry burden.

APRA reiterated that feedback is welcome from industry on preferred approaches and will engage with the SDT Strategic Forum participants prior to the release of the updated data collections plan.

APRA also provided an update on APRA Connect:

• APRA experienced some delays with the June 2023 quarter submissions, this was due to the extremely high volume of resubmissions together with all quarter end reporting being due on the same date, leading to a significant load on the system.
   
• The March 2023 quarter feedback has been valuable, and APRA will be issuing another survey by mid-October.
   
• APRA is investigating whether it can introduce an API interface to enable entities to submit data to APRA Connect via an API.

Members provided feedback that the SDT Frequently Asked Questions are useful, but asked if APRA has plans to consolidate these in a user-friendly format. APRA advised that it considering options to simplify and consolidate reporting guidance and worked examples and welcomes user feedback.

Members requested an update on the revocations from Phase 1 of the SDT project. APRA confirmed that SRS 534.0 Derivatives will be revoked by the end of September 2023 and APRA intends to revoke SRS 530.0 Investments, SRS 533.0 Asset Allocation and SRS 702.0 Investment Performance by the end of 2023.

The next SDTSF will be held in early 2024.

Appendix A – SDT Strategic Forum attendees

APRA

Bruce Young, Executive Director, Technology and Data [Chair]

Carmen Beverly-Smith, Executive Director, Superannuation Division

Surabhi Jain, Chief Data Officer, Technology and Data

Adam Cagliarini, General Manager, Macro and Industry Insights

Emily Doubé, Senior Manager, Super Data Transformation

Michael Murphy, Senior Manager, Data Design and Governance

Geoff Stewart, Head of Investment Risk, Superannuation Division

Julia Horrocks, Manager, Super Data Transformation

WeeMing Ng, Principal Analyst, Super Data Transformation

ASIC

Kristina Zamora, Senior Manager, Superannuation

Susan Wieczkiewicz, Senior Manager, Superannuation

ABS

Fiona Cotsell, Director

Industry

Fiona Galbraith (delegate), ASFA ASP

David Haynes, AIST

Susan Loudon, Australian Super

Anoop Samuel, AMP

James Dekker, ART

Penny Rizgalla, Insignia

Paul Larsen, REG Centric

Nick Wildman (delegate), Uni Super  

Kylie Whicher, Hesta

Peter Nancarrow, Equisuper

Matthew McKenzie, NUJ Super

Stephen George, CSC

Kirsten Samuels, FSC

Kylie Hearn, ART

David Delaney, ASFA

Karl Grenet, Vanguard