Australian Securities and Investments Commission releases 2017-20 Data Strategy
Above image taken from ASIC’s Data Strategy 2017–20 document
The Australian Securities and Investments Commission has released its data strategy for 2017-20. The strategy, which outlines how ASIC will capture, share and use data, is intended to transition ASIC into a more data-driven and intelligence-led organisation. The strategy is a high-level, principles-based document and it supports ASIC’s alignment with whole-of-government initiatives, including the Public Data Policy and the Digital Continuity 2020 Policy.
ASIC's data strategy outlines a number of data initiatives that have been completed or will be put in place over the next three years, including the creation of a Chief Data Office, establishment of frameworks and bodies aimed at strengthening data governance, ensuring cyber resilience and privacy protection, establishing a data science laboratory, and engaging nationally and internationally to improve data management and analytics capabilities.
Central to the data strategy is the ‘capture, share and use’ approach, as seen in the figure above.
Before capturing, sharing or using data, data needs are determined to ensure that the data needed is captured and better use is made of already held data, minimising the impact on external stakeholders and enabling better detection, understanding and response to misconduct or the risk of misconduct.
This is supported by adopting sound management practices for:
- data quality, including accessibility, accuracy and timeliness;
- master data;
- data architecture, including data models and storage;
- metadata, including taxonomy and common language;
- data asset and data exchange catalogues;
- data integration between systems;
- business intelligence and analytics; and
- data retention and disposal
The strategy identifies ‘Target state principles’ across data needs, capturing data, sharing data, using data, managing data, data governance, national and international liaisons, cybersecurity, confidentiality and privacy, people and culture, technology and supporting tools and reporting progress. Action areas are outlined for each target principle.
ASIC Chairman Greg Medcraft said that good quality, well-governed data was a key foundation for good regulatory decision making. He said, “Our data strategy outlines how ASIC will improve the way we capture, share and use data. The intelligence and insights we derive from analysing 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.”
The strategy is part of the 'One ASIC' approach, which is aimed at utilising data to connect the dots to achieve better regulatory outcomes through people, processes, technology and culture and governance. It comprises activities such as: 1) establishing a repository that brings together the regulatory data we capture and create, and a new search tool to enable staff to easily access the data in the repository, providing a consolidated view of entities we regulate; 2) implementing a single integrated customer relationship management system that will replace many of legacy workflow systems; 3) using a common language that supports consistent recording, reporting and analysis across the regulatory business; and 4) developing a new online portal to support improved stakeholder interaction and better collection of digital data.