Within the ADI industry, Phase 1 of the Economic and Financial Statistics (EFS) appears to have been delivered successfully by most entities (some notable exceptions).
What will be telling is the success rates of entities in delivering to the new requirements as APRA starts to analyse the data and monitor the submissions over subsequent periods of time.
Phase 2, delivered for August, will no doubt have provided greater challenges for industry as they scrambled to create new data points out of legacy systems that are not always so accommodating of change.
What is important to note for not just ADI’s, but all industry verticals are that the release of the EFS forms by APRA demonstrate a distinct move by APRA towards a Standard
Business Reporting (SBR) aligned model of reporting. This can be seen with the concepts of the taxonomy being realigned to subject matter areas, simplifying the process of tagging to the taxonomy.
CoreBIS, being built on SBR, utilises innovative design principles to allow CoreBIS users to tag their business data to the taxonomy via a series of drop-down boxes.
Furthermore, users can also tag groups of data at a more senior level in a hierarchy, facilitating the speed for which data can be tagged.
This not only simplifies the process of tagging but permits users to make changes as their business data and regulatory rules change, without the need for external consultants.