ASIC regtech initiative series 2019-20

Additional FY2019–20 regtech initiatives

ASIC developed additional regtech initiatives for FY2019–20 with the nature and scale of these initiatives designed in light of the evolving situation surrounding the novel coronavirus (COVID-19).

ASIC’s Regtech Initiatives 2019-20 report covers observations and findings from the regtech initiatives we conducted throughout the year.  The report outlines that regtech is particularly useful for identifying and, in some cases, assessing indicators of concerning conduct or activities by financial businesses.

The design of these initiatives has been informed by previous regtech projects undertaken during FY2018–19. ASIC’s FY2019-20 regtech initiatives include:

  • Remote services and supervision webinar (14 July 2020)
    This webinar was a discussion forum between industry, regulators and guests highlighting regtech’s potential to support the provision and supervision of financial services whilst many staff work remotely.
    The panel included representatives from financial firms and professional service providers.
    Key takeaways included the awareness and acknowledgement that people are at the heart of organisations: customers, employees, investors.
    Rapid mobilisation and flexibility of firms to move to new working environments highlighted adaptation skills while investment in technology was pivotal for successful transitions. View the recording.
  • Responsible lending demonstration webinar (20 August 2020)
    A free, public problem-solving event with a curated synthetic data set in which selected regtech providers demonstrated how AI/ML can be used to support a firm’s compliance with responsible lending obligations. The regtech solutions were showcased at a public webinar and was followed by an industry panel discussion. View the recording.
  • Financial promotions monitoring tool trial
    A suptech trial leveraging previous regtech projects to support ASIC to detect and identify risk indicators of misconduct with financial promotions targeting and/or exploiting vulnerable consumers, particularly during COVID-19.
  • NLP prospectus review
    A first phase application of natural language processing to review prospectus information. ASIC will leverage previous regtech projects and publicly communicate its experience.
  • Voice analytics phase two project
    A suptech trial leveraging previous regtech projects to build ASIC's voice analytics capability, supporting ASIC with enhanced supervision and enforcement investigation.
  • NLP data flow automation and document scoring
    Proof-of-concept projects seeking productivity improvements for our internal business teams through automation of data flows and prioritisation of advanced decision-making.
  • Licensing TAG tool phase two
    Continuing from phase one, the Technology Assisted Guidance Tool is now undergoing testing in an internal environment.

Deferred planned FY2019–20 initiatives

ASIC has deferred the planned FY2019–20 initiatives on the following topics due to the impacts of COVID-19:

  • Digital record-keeping of financial services
    A landscape report to look at current and potential future practices for financial services providers’ digital record keeping.
  • Digital financial reporting of public companies
    A public event to promote the benefits of the adoption of structured financial reporting by presenting case studies of organisations that have successful adopted the technology for their statutory financial reporting.
  • Non-financial risk tools/applications for the use by boards and executives
    A public problem-solving event with selected Regtech providers along with panel discussion on the potential for Regtech to assist boards and senior executives in identifying and overseeing non-financial risk.

For more information email regtech@asic.gov.au.

Innovation Hub Logo Bw

Subscribe for updates

IhsubscribeSubscribe to receive news alerts on a wide range of Innovation Hub activities including news, events, publications, announcements, and more.

Subscribe now

News

Ihnews

Applications Close for Business Research and Innovation Initiative - Regulatory Technology Round

17 June 2021

The Australian Government is providing up to $10 million in grant funding to Australian startups and SMEs to help bring their big ideas to market. Applications for the Business Research and Innovation Initiative have now closed.

Find out more

ASIC joins the Business Research and Innovation Initiative - Regulatory Technology Round

15 April 2021

ASIC’s BRII challenge seeks to establish an innovative technology solution to analyse market announcements (and other corporate disclosures) by listed companies and entities to help identify and assess poor market disclosure. More information can be found in the challenge fact sheet.

Find out more


Archive

Events

Ihnews

Financial Innovation: Regulator meet-up

1 September 2021

ASIC's regulator meet-ups bring together representatives from national bodies to outline their latest initiatives and news with financial innovation and technology. More information.

Register

13th ASIC regtech liaison forum, recording now available

27 August 2021

ASIC's 13th Regtech Liaison Forum's agenda focused on the opportunities and challenges faced by regtechs to help meet design and distribution obligations (DDOs) commencing 5 October. More information.

Watch here


Archive

Last updated: 30/03/2021 09:22