Australian Securities and Investments Commission (ASIC) has announced its policy frame work for data strategy for 2017-20.
The said plan outlines how ASIC will capture, share and use data to make high quality, well-informed, timely decisions.
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.
Plan of action as unveiled runs through steps that has been taken or will be initiated over the period of next three years are as follows:
- Formation of 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.
Adds Medcraft, “Our data strategy outlines how ASIC will improve the way we capture, share and use data. 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”