Reflecting on AASB17 First APRA Connect Submission - What Insurance Data Transformation (IDT) could mean for your team

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On 7 February 2024, RegCentric hosted an industry webinar bringing together insurance professionals to reflect on the first APRA submissions incorporating the AASB17 changes. With these submissions now completed, the session provided the opportunity to share observations and learnings across the industry. Many highlighted that this may not be the ideal time to redirect project teams away from the current regulatory agenda – particularly with Insurance Data Transformation (IDT) firmly in focus.

During the session, we presented insights from what RegCentric observed in the December submissions and discussed the challenges and opportunities ahead.

We also revisited the 12 October 2023 joint discussion papers released by APRA and ASIC, outlining proposed enhancements to general and life insurance data collections. These initiatives are aimed at building a more granular data collection framework through the IDT project.

As with all APRA ‘enhancements’, the detail can feel overwhelming. In the webinar, our team unpacked what this project could mean for the industry, drawing on our extensive experience with similar regulatory initiatives in both the ADI and Superannuation sectors.

Who attended?

This session, held on 7 February 2024, was designed for those involved in:

• Key decision-making on regulatory reporting reforms (CFO, CRO, Reporting, Business Operations, Data Governance)

• Regulatory Reporting teams

• Process governance, risk, and controls

• Professionals interested in how other industries have managed APRA transformation activities

Webinar Agenda

In the session, we covered:

• Review and learnings from the first AASB17 submissions

• General Insurance Data Transformation – key points

• Life Insurance Data Transformation – key points

• Timelines to date and what’s expected ahead

• Key considerations in managing the change

• Best practice suggested project timeline and approach

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