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Australian Securities and Investments Commission releases 2017-20 Data Strategy

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.

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SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.