media release (22-233MR)

ASIC statement on publication of FRAA report


ASIC welcomes the release of the Financial Regulator Assessment Authority’s (FRAA) report, Effectiveness and Capability Review of the Australian Securities and Investments Commission (ASIC).

The FRAA’s review looked at strategic prioritisation, planning and decision-making, surveillance and licensing, as well as ASIC’s use of data and technology in these areas.

The review acknowledged ASIC’s crucial contribution to Australia’s financial system and found that ASIC is effective and capable in the areas reviewed. The FRAA made four recommendations around enhancing ASIC’s use of data and technology, strengthening its engagement with stakeholders, enhancing its ability to measure effectiveness and capability, and continuing to broaden its mix of skill sets.

ASIC Chair Joe Longo said, ‘We need to keep pace in an environment of accelerated change in order to be a confident and ambitious regulator. I welcome the FRAA’s recommendations which align closely with my priorities for ASIC.’

As the report acknowledges, ASIC has several initiatives underway that align to the FRAA’s recommendations. ASIC’s initiatives include:

  • Implementing multi-year data and digital strategies that focus on uplifting ASIC’s technology systems and data capabilities to increase efficiency and effectiveness, support innovation and improve user experience for stakeholders. This will commence with the upgrade of ASIC’s licencing systems to speed up processing of licence applications. ASIC will continue to engage with Government on its data and digital strategies.
  • Implementing a multi-year people strategy to help deliver ASIC’s organisational priorities. This includes defining ASIC’s workforce strategy to identify future demands and build a future fit workforce that is equipped with a broad skill set, including skills to harness the benefits of ASIC’s technology and data commitments.
  • Implementing regulatory efficiency initiatives to make changes to the way ASIC administers the law and to make it easier for stakeholders to interact with ASIC. One initiative will look at ways ASIC can enhance and leverage engagement with stakeholders clearly and consistently. This initiative will also involve a case study focused on how ASIC engages with licensing applicants and their advisers.
  • Taking steps to enhance how ASIC measures and reports on its effectiveness and capability. For example, ASIC is measuring the outcomes of surveillance regulatory interventions using an impact assessment methodology, and further work is underway to pilot efficiency measures for ongoing regulatory work. ASIC will continue to monitor these approaches and refine them over the following years. ASIC will also work with the FRAA on the development of indicators and metrics of effectiveness and capability.

‘Our 2022-26 Corporate Plan provides more information about some of these initiatives and our ambitions over the coming years. In line with the FRAA’s findings, this year, we have highlighted our key projects and initiatives to provide further clarity on what we are focused on.

‘We will continue to implement the FRAA’s findings in our future work. We will always be committed to ongoing improvement of our effectiveness and capability to become an even stronger regulator, trusted by the community and always looking ahead’, added Chair Longo.


The FRAA is an independent statutory body tasked with assessing and reporting on the effectiveness and capability of ASIC and the Australian Prudential Regulation Authority (APRA).

The FRAA’s statutory mandate requires it to assess and report on the effectiveness and capability of ASIC and APRA on a biennial basis, commencing on 1 July 2021.

Read the full report: Effectiveness and Capability Review of the Australian Securities and Investments Commission (ASIC).

Media enquiries: Contact ASIC Media Unit