ASIC is Australia's integrated corporate, markets, financial services and consumer credit regulator.
ASIC is an independent Australian Government body. We are set up under and administer the Australian Securities and Investments Commission Act 2001 (ASIC Act), and we carry out most of our work under the Corporations Act.
ASIC’s Artificial intelligence (AI) transparency statement is issued further to the Australian Government’s Policy for the responsible use of AI in government (the policy). The policy provides mandatory requirements for accountable officials of government departments and agencies, and their transparency statements. This page provides details of ASIC’s implementation of those requirements.
ASIC is Australia’s integrated corporate, financial services, consumer credit and markets regulator. ASIC’s work helps maintain the integrity of Australia’s financial system and protects consumers from harm. We do this by undertaking a range of regulatory activities that will be improved by developing and deploying AI systems.
ASIC is committed to safe, responsible, and transparent use of AI and will comply with applicable laws and regulation.
ASIC has an extensive remit, and AI can make us more effective and efficient. Given the rapid adoption of AI in financial services, our ability to regulate the use of AI in this sector will also be enhanced by gaining expertise in and experience with AI.
ASIC has adopted the definition of AI used in the policy. This definition is broad and potentially includes technologies and systems not commonly considered as AI. We manage AI systems by taking a risk-based approach. For example, we scrutinise more closely and apply tighter controls to AI systems that present the most risk.
As a law-enforcement agency, there may be occasions when we do not disclose the use of AI in connection with surveillance and enforcement activity, and this transparency statement should be read subject to that qualification.
The following tables describe how ASIC is currently using AI, as prescribed by the Digital Transformation Agency:
The table below demonstrates AI usage and patterns at ASIC.
Usage pattern
Description
Analytics for insights
Identifies patterns, produces insights, and extracts information within structured and unstructured data
Workplace productivity
Automates routine tasks and helps manage workflows
Decision making and administrative action
Supports decision making by guiding, assessing, or by making a recommendation to a human decision maker
Image processing
Identifies patterns and objects within images (such as nudity) to prevent exposure of ASIC staff to inappropriate material
The table below demonstrates ASIC domains where AI is used at ASIC.
Domain
Description
Compliance and fraud detection
Supports identification and summarisation of patterns and anomalies in data to detect fraudulent activities and risk
Corporate and enabling
Supports corporate functions by automating processes, optimising resource allocation, and improving operational efficiency
Law enforcement, intelligence, and security
Supports enforcement and intelligence activities by analysing data from various sources, and by aiding in intelligence gathering
Service delivery
Enhances efficiency of internal services
ASIC does not use AI in any manner that allows direct interaction with the public or significantly impacts the public, without human oversight or involvement.
ASIC currently has governance structures in place and is developing others. We are also building workforce capability. For example:
We are participating in whole-of-government initiatives to develop an AI assurance framework comprising AI controls, measurement and assessment, monitoring and reporting, roles and responsibilities.
AI board
An AI board oversees the design, development, deployment and use of AI by ASIC.
Foundational technologies
We are investigating and adopting fit-for purpose technology to support the use of AI. This has involved:
regular monitoring and evaluation of performance,
adoption of robust security measures and access control, including monitoring for abnormal security activities, and
implementation of explainable AI methods to ensure the AI systems are interpretable, explainable and understandable.
People capabilities
We are implementing role-based training programs for AI. We have also developed a series of organisation-wide AI training sessions to address our immediate needs. Data literacy is also a core capability within ASIC’s learning and development syllabus.
For our regulatory and enforcement activities, ASIC uses well-understood systems that have clear and proven benefits. Our risk-based approach is aligned to the Australian Government AI Assurance Framework.
AI systems developed by our data analytics teams and procured from external partners are used within ASIC. These are described under the usage patterns and domains section of this statement. ASIC’s data and AI governance practices include privacy, ethics, and security assessments. In all cases of AI use, human review or oversight is involved before any action is taken.
ASIC’s Senior Executive Leader, Data, Analytics and AI is the accountable official under the policy.
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28 February 2025
Publication of first AI transparency statement
This transparency statement was created on 28 February 2025. It will be updated to reflect significant changes in our approach to AI, and at least every twelve months.
If you have questions or seek more information about this AI transparency statement please submit an online enquiry.
