September 20, 2017
The Australian Securities and Investments Commission’s (ASIC) data strategy for 2017-2020 includes plans to create a department dedicated to managing and analysing data.
The regulator aims to establish a “Chief Data Office” and a data science laboratory, while it also intends to set up a number of “frameworks and bodies” aimed at strengthening data governance.
ASIC chairman Greg Medcraft said “good quality” and “well governed” data is a prerequisite to making good regulatory decisions.
“Our data strategy outlines how ASIC will improve the way we capture, share and use data,” Medcraft said.
Meanwhile, the regulator says it also plans to ensure cyber resilience and privacy protection, as it transforms itself into a “more data-driven” and “intelligence-led” organisation.
As new regulations – including the Common Reporting Standard (CRS) and MiFID II – come into play, regulators and private banks need to have robust information and data management processes in place.
“One common theme we have noticed among private banks and retail banks is that they are facing a data problem, from managing data to capturing additional data.” Abraham Teo, head of APAC regulatory policy at AxiomSL, told Asia Private Banker recently.
“Some problems stem from extracting data from various systems at private banks, such as transaction monitoring systems, where the same customer may be on two different systems with two different reference numbers,” Teo said.
This article was originally published by Asian Private Banker.