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The Australian Prudential Regulation Authority (APRA) has approached the IT market for information to update its knowledge management system (KMS).
The financial regulator has launched a request for information (RFI) in order to potentially modernise its existing knowledge management system through future procurements.
APRA currently regulates 2,900 institutions and collects data from approximately 2,000 non-regulated entities.
This data is collected by a system created by an international consortium formed of Dimension Data and Ireland-based Vizor Software in 2018.
To help manage this, the regulator is seeking a KMS that can host its prudential framework, a number of mathematical formulas and graphs that are spread across 350 individual PDFs.
The regulator is seeking an interactive system for filtering, searching and linking paragraphs within the whole prudential framework.
"The digital KMS should be easy to search, easy to update, [and] well designed...with a fast response time," the RFI document stated.
"The digital KMS should be more than just a system for storing and retrieving [documents]. APRA is also looking for information on the different features and functions that different digital KMSs can provide to achieve this goal."
By approaching the IT community, APRA is seeking to understand the different products and solutions available with the aim of building a "user-centric" model.
In particular, APRA's KMS requires large storage capacity, various ways to sub-categorise information, search function, visual aids, bot assistance and SEO optimisation within the platform, among others.
The platform must also integrate with Microsoft and other platforms.
"In the longer term, APRA welcomes industry experts and stakeholders to explore together the potential for suptech and regtech solutions, such developing machine-readable regulation to facilitate compliance systems," the RFI said.
Partners have until 30 April to lodge a response.
