Digital disruption and data: An ASIC update
A speech by Greg Medcraft, Chairman, Australian Securities and Investments Commission at the FINSIA Regulator Panel (Sydney, Australia), 8 September 2017
Last week, we released ASIC’s Corporate Plan for 2017–18 to 2020–21. I encourage you all to read it.
The corporate plan outlines ASIC’s vision, which is to allow markets to fund the economy, and, in turn, economic growth. In doing so, we contribute to the financial wellbeing of all Australians.
We do this by:
- promoting investor and consumer trust and confidence
- ensuring fair and efficient markets
- providing efficient registration services.
The corporate plan also outlines our long-term challenges and the key risks that warrant attention in 2017–18.
You will see that digital disruption and cyber resilience in financial services and markets is one of our long-term challenges.
We have also identified digital disruption and inadequate risk management of technological change as some of the immediate risks we need to look at.
Today, I would like to talk about two issues related to these risks:
- the issue of accountability when businesses use technology and algorithms to provide products and services
- how regulators need to embrace data, technology and machine learning to improve regulatory outcomes – and how ASIC is doing just that.