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ASIC outlines plans to improve data use

The Australian Securities and Investments Commission (ASIC) has forecast “significant change” to the ways it handles data when pursuing regulatory activities.

It last week released its data strategy to 2020, outlining actions to improve capturing, sharing and use of data.

“The intelligence and insights we derive from analysing our data will give us a better understanding of the regulatory environment, so we can detect, understand, respond appropriately and ultimately contribute to the financial wellbeing of all Australians,” Chairman Greg Medcraft said.

The strategy sets out principles and proposed actions to better identify data needs, and strategies to manage information effectively and securely.

ASIC plans to share insights on industry trends and emerging issues from its analysis of data sets with its regulated community and consumers.

“We will achieve our vision by improving our data governance, enhancing data quality, expanding digitisation and ensuring our data is integrated, catalogued and accessible,” the strategy says.

“Data sharing will be improved within ASIC, while maintaining data security and privacy.”