ASIC eyes wider use of data and technology
ASIC will boost its skills in the use of behavioural sciences data and technology in a bid to deliver on its corporate plan.
On Wednesday, ASIC released its four-year corporate plan. The plan includes seven key strategic areas of focus for the regulator.
To help the corporate regulator deliver on this strategy, ASIC chair James Shipton said it was important to have the right people and right tools to do the job.
“We recognise the importance of strengthening our own capabilities so that we have the right people and the right tools to do our job,” Shipton said.
“To this end, we are building up ASIC’s capability in behavioural sciences, data and technology adding that ASIC will also be positioned as a “strategic and agile regulator”.
“We will adopt technologies to help us conduct our activities more efficiently. We will also collect new data, including complaints data, to enhance our regulatory work, prevent consumer harm and address unfair market practices,” Shipton said.
The regulator will also be using behaviours insights and data analytics to better understand and influence behaviours and outcomes.
ASIC’s ability to act as a strategic and agile regulator will be driven by “improving strategic planning, oversight and communication about what we are doing and why”.
Shipton added: “We will strengthen central support functions, adopt a common language and implement systems to better record and report what we do”.
ASIC recently ran a series of regtech events aimed at helping the corporate regulator source ideas and possible use cases for its compliance agenda in what is described as a “bold step” by its commissioner, Cathie Armour.