Regtech Liaison Forum - Meeting 02
ASIC hosted our second Regtech Liaison Forum on 5 March 2018 from our Sydney office. Sites in Melbourne, Perth, Brisbane, Canberra and Adelaide were connected via video conference.
There was an inital presentation on the role of The Regtech Association and the International Regtech Association led by Julian Fenwick.
- How regtech entities can collaborate on ideas
- The reduction of barriers for regtech engagement by addressing the challenges of service integration
- The provision of guidance on current issues
- Regtech investment in Australia
- The maximisation of coordination between regulators and the regtech industry
- How regulations can be more standardised at an international level.
APRA – A New Data Collection
Daniel Hunt presented on the changes being proposed for the replacement of their electronic data reporting systems and APRA’s intention to work with industry in implementing these changes.
- The collection of data and the quality of data to collect
- The electronic systems for collection of or access to data (including the present D2A system).
AUSTRAC – Collaboration
Meredith Ozeri presented on the ASEAN Hackathon hosted by AUSTRAC and AUSTRAC's engagement opportunities for regtechs.
- Collaborating with the regtech sector to design a smarter regulation program to handle issues such as money laundering and to better understand the impact of emerging technologies including where opportunities exist for regtech to assist
- Promoting innovation of data collection solutions and analysis to flag or identify any suspicious activity
- Converting regulatory instruments (such as regulation guides, legislative instruments, information sheets, etc.) into computer readable formats to assist in providing guidance.
ASIC Natural Language Processing trials
Mark Adams presented on ASIC's plans to conduct some Natural Language Processing (NLP) trials with use cases to understand and encourage the applicability of NLP in resolving regulatory problems.
A tender was issued for the provision of pilots of NLP technologies including approaches to common supervisory scenarios encountered by ASIC with a view to providing NLP technologies solutions for these.
- Possible engagement opportunities to deal with compliance issues through the use of regtech solutions
- Sandbox solutions to test regtech services
- The use of recurrent data and its applicability in understanding market sectors better.