ASIC’s regtech initiatives
There is an opportunity for stakeholders to influence the development and use of regulatory technology (regtech) to respond to conduct concerns in the financial services industry - including through supervisory technology (suptech) at ASIC.
The possibilities of artificial intelligence and machine learning in a regulatory context are being discussed by many financial services organisations. In some cases, these technologies are being planned and implemented. As such, it is fundamental for ASIC to understand how we can promote the adoption of such technologies to deliver better outcomes for consumers of financial services.
ASIC has received Government funding to further its work in regtech and is designing regtech initiative projects to promote the development and utility of regtech solutions by financial services organisations to deliver and improve regulatory compliance and outcomes for consumers, positioning Australia as a leader in regtech.
ASIC acknowledges the current unusual COVID-19 pandemic environment. However, the dataset provided to demonstrators does not take into account the impact of COVID-19 and solutions that are tailored specifically to the pandemic are outside the scope of the event.
Potential technology options
Building on a foundation of digitisation, automation, data science/AI and user interfaces, methodologies and technologies can include:
- text analysis (rule-based algorithms, NLP)
- ML / AI / statistics
- automation systems
- workflow systems.
Showcase innovative technology:
- with your own product
- build your own application
- deliver presentations/ideas/proofs of concept.