The Australian Prudential Regulation Authority (APRA) is set to modernise its data stack and governance architecture, underpinned by a new platform built with Databricks on Azure.
The project appears to have kicked off in July last year with assets including data transformation and quality frameworks created in preparation, but the actual deployment of Databricks looks set to gain pace this year.
It’s not clear if the prudential regulator has purchased Databricks on Azure yet. APRA declined to confirm that the procurement had taken place when contacted by iTnews for comment. Furthermore, iTnews was unable to locate a contract notice for the purchase on the Federal Government’s main online procurement platform.
The scant information on the modernisation project that is available suggests that APRA has already built some data pipelines and use cases for Databricks. However, it seems that much of that work is still underway.
The work, at least initially, is occurring under what APRA is calling ‘Program GUIDE’. APRA’s spokesperson also declined to reveal its objectives, and its allocated budget and current status.
Databricks on Azure appears set to become the regulator’s new enterprise data platform, tracking metrics and unlocking insights that can support the authority’s key business decisions.
APRA also needs to ensure that reference work that is needed develop new data models for its collection activity is completed.
APRA’s last major data modernisation program of work, over five years ago, saw it transform the way it collected data from the financial entities it regulates.
This culminated in the replacement of the authority’s Direct to APRA (D2A) data collection tool with what is known as “APRA Connect”.
At the time, APRA said the project underpinned a “broader data enabled capability uplift and [was] designed to ensure APRA keeps pace with advances in data, analytics and technology.”
The major change in the data analytics space since that time is the rise of enterprise AI, and Databricks on Azure could provide a way for the authority to harness the technology by applying it to its vast data holdings.