ASIC launches 2017-20 data strategy | National Insurance Brokers Association of Australia

ASIC launches 2017-20 data strategy

September 20, 2017

The Australian Securities and Investments Commission (ASIC) has launched its data strategy for 2017-20. The strategy, which outlines how ASIC will capture, share and use data, and transition into a more data-driven and intelligence-led organisation.

In launching the strategy, ASIC Chairman Greg Medcraft said that good quality, well-governed data was a key foundation for good regulatory decision making.

‘Our data strategy outlines how ASIC will improve the way we capture, share and use data. The intelligence and insights we derive from analysing our data will give us a better understanding of the regulatory environment, so that we can detect, understand, respond appropriately and ultimately, contribute to the financial well-being of all Australians.’

ASIC’s data strategy outlines a number of data initiatives that have been completed or will be put in place over the next three years, including:

creating a Chief Data Office
establishing a number of frameworks and bodies aimed at strengthening data governance
ensuring cyber resilience and privacy protection
establishing a data science laboratory, and
engaging nationally and internationally to improve data management and analytics capabilities.

The strategy is part of the ‘One ASIC’ approach, which is aimed at utilising data to connect the dots to achieve better regulatory outcomes through people, processes, technology and culture and governance.

The data strategy is a high-level, principles-based document that describes how ASIC plans to be more data-driven and intelligence-led in the future and states, “Understanding the regulatory environment, how the regulated community behaves, and the outcomes for consumers and markets is key to performing our role.”

“We monitor behaviour and outcomes by examining data relating to registration and licensing, regulated entity reporting and regulatory activities. We also review related data obtained from partner regulators and other third parties.”