The Australian Securities and Investments Commission (ASIC) has unveiled a new strategy that highlights how the regulator will capture, share and use data to detect high risk trends in regulated industries and improve governmence.
The strategy involves setting up a chief data office, a data science laboratory, data and information governance framework, and governance forums.
The regulator will also set up a repository that consolidates the data captured, a new search tool to offer staff access to the data in the repository, an integrated customer relationship management system to replace its legacy workflow systems, and a new online portal.
ASIC also aims to create data exchange frameworks with other government agencies, and ensure that its captures information in a streamlined manner.
At the same time, it wants to educate its staff on the value of data and equip them with advanced data management and analytics tools.
“Our data strategy is part of ‘One ASIC’ which is about ‘connecting the dots’ to achieve better regulatory outcomes. It is about working together and sharing data seamlessly using common language, systems and processes. Our data strategy is a high-level, principles-based document that describes how we plan to be more data-driven and intelligence-led in the future. We will review our progress and publish an update annually,” ASIC said in a statement.