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ASIC's transformation journey into becoming a data driven regulator

Data does not distinguish! Be it a regulator or regulated entity – both sides of the table are facing their own data challenges and opportunities. And therefore, the Australian Securities and Investments Commission (ASIC), has developed its own data strategy to transform itself into a data-led regulator.

Although its data strategy has been announced nearly 18 months ago, it has recently received renewed focus off the back of the outcome of the Royal Commision and IMF's Financial System Stability Assessment (FSAP) highlighting that the data collection and analysis capabilities of our regulators are not up to scratch with their global peers.

Recently, ASIC also turned its focus towards piloting a (transaction level) recurring data collection program with volunteering financial institutions (FIs). The program acts as a precursor to ASIC’s plans of collecting mortgage as well as managed funds data from the industry players on a periodic basis. The program will help ASIC expand its regulatory oversight from (mere) reports submissions to collection & analysis of transaction level data.

With the flurry of data coming ASIC’s way, it makes sense for the regulator to level-up its data expertise. And hence, in its data strategy circular, ASIC outlined its intended ways & means to capture, share & use data to achieve better regulatory outcomes in the financial industry.

Below is a snapshot demonstrating a series of initiatives being undertaken by ASIC to overhaul its data management and analytics capabilities.

One ASIC - Data Strategy

The Corporate Regulator’s principle-based data strategy, referred to as ‘Data Strategy 2017–20’ forms an integral part of its overall regulatory transformation program ‘One ASIC’.

The strategic program largely comprises key activities aimed at improving ASIC’s data collection, management and governance processes while also focusing on cutting red tape to make interaction with ASIC faster and easier.

ONE ASIC – Regulatory Transformation Program

‘One ASIC’ primarily focuses on connecting the dots within three key areas: