ASIC launches data strategy

ASIC has launched a new data strategy outlining how the commission will capture, share and use data to improve regulatory outcomes.

The regulator has outlined a series of initiatives that have been completed or will be put in place over the next three years covered by the strategy.

These include creating a chief data office, establishing a data science laboratory, and ensuring cyber resilience and privacy protection.

ASIC’s strategy also covers the development of frameworks and bodies aimed at improving data governance, including a new digital governance board, data governance council, data analyst network and data champion’s forum.

In addition, the policy covers the development and implementation of data exchange frameworks with other agencies, as well as educating staff on the value and potential uses of data.

“We use data for our surveillance, enforcement and licensing activities, to develop effective guidance and education, and to inform policy. Where required, we will expand our data holdings and enhance how we capture, share and use data, so that good-quality, well-governed data is available to us and our stakeholders for high-quality and timely decision making,” the policy states.

“Where possible, we will streamline our processes to make clear to our regulated population what data we need and why, and to ensure that we collect it in a proportionate and fair way.”

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

Image credit: ©stock.adobe.com/au/vege

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