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November 16, 2017
APRA-EFS Facelift: Design principles for future-proofing
Data flow architecture for reporting solutions typically involves acquiring data from multiple core systems and covering subject areas such as CASA, Loans, Treasury, and Cards, to name a few. Once this collation is complete, data processing as per the business requirements and prescriptive reporting kicks in.
However, the way data flow architecture is designed, dictates some of the vital aspects of financial institution’s reporting landscape. Adopting a forward-thinking approach can significantly affect cost, efforts and effectiveness of the bank’s reporting ecosystem.
A pattern 2 approach trumps over a pattern 1 across various aspects of reporting, be it maintaining data integrity, easier change management, project implementation efforts, ease of customization for future changes, and scalability. With the upcoming APRA-EFS reporting modernization, a cookie cutter approach will prove to be sub optimal in nature.
A hybrid approach using an optimal blend of pattern 1 and pattern 2 is recommended to effectively and efficiently navigate APRA EFS adoption and will go a long way in ensuring that the financial institute is future proof towards non-negotiable regulatory updates.