ASIC has released their data strategy for 2017-2020, with a purpose of describing their vision for data, objectives and approach in improving how ASIC can “capture, share and use” data. Currently, ASIC uses data for surveillance, enforcement and licensing activities, to develop effective guidance and education, and to inform policy. 

As part of the “capture, share and use” data strategy, ASIC determines beforehand what their data needs are. This is aimed at ensuring better use is made of data already held, minimising impact on external stakeholders, and leading to better understanding and responses to misconduct.  Key objectives of ASIC’s data strategy are to:

  • develop a complete understanding of the economic environment and track its evolution;
  • identify high-risk trends around regulated industries;
  • detect, understand and respond to behaviour which may lead to poor outcomes for consumers and markets;
  • prioritise resources towards higher-risk issues;
  • make better and timely decisions through better access to, and use of, data;
  • respond swiftly to concerns from government and the public;
  • provide evidence to support policy change; and
  • secure data to ensure ASIC meets commitments to industry and other stakeholders.

The data strategy is part of the “One ASIC” approach aimed at connecting people, process and technology and culture.  Other key data initiatives include the creation of a Chief Data Office, establishing a data and information governance framework, establishing a data science lab, data governance forums and implementing data exchange frameworks with other agencies.  Significantly, from a technology standpoint, the data strategy has identified the potential for ASIC to explore options using regulatory nodes and distributed ledger technology in the establishing and maintaining a register of data exchanges.  Whether this is achieved in coming years remains to be seen.