The Australian Prudential Regulation Authority (APRA) will soon abandon manual processes used to determine its risk and manage compliance requirements in favour of a system delivered from the cloud.
In a request for proposal (RFP) issued on Tuesday, APRA said it would roll out a software-as-a-service system to manage its enterprise risks and compliance obligations.
The APRA overseas banks, credit unions, building societies, insurance companies, and most members of the superannuation sector.
Currently, complete risk and compliance reporting using Microsoft Excel and the new SaaS system will reduce the manual steps involved in creating and tracking risk management and compliance activities with APRA, tender documents said.
“APRA is looking to automate the management of its risk and compliance frameworks, for example, risk scenarios and compliance obligations, starting from the identification and classification through to capturing, monitoring, treating risks and obligations, and reporting,” the tender documents said.
The cloud system will be used by more than 100 risk and obligation owners and delegates with oversight provided by risk and compliance management teams.