Australian Securities and Investments Commission (ASIC), in its recently drafted policy frame work for data strategy for 2017-20, aims to bring high quality standards to help well-informed, timely decision-making.
Describing the data strategy as the need of hour, ASIC Chairman, Greg Medcraft said that good quality, well-governed data was a key foundation for good regulatory decision making.
The 3-year plan of action addresses the following areas to create the effective changes:
- Formation of a Chief Data Office
- Founding of bodies and frameworks that will ensure strong data governance.
- Guaranteeing cyber-security and protection of privacy.
- Hiring national and international talent to improve data management and analytic capabilities.
The strategy is a part of ‘One ASIC’ that aims to achieve connection and cohesiveness by utilizing data to meet the goal of better regulatory decisions for both people and government.
Greg Medcraft said that they will use data for surveillance enforcement and licensing activities to develop effective guidance, education and to make informed policy decisions.
“The intelligence and insights we derive from analyzing 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.”, said Medcraft making a final point on the subject.