Australia's corporate regulator will create a dedicated team focused on data analytics, led by a chief data officer, to address deficiencies within its IT infrastructure and information management.
ASIC was handed $61 million by the government in April to improve its data analytics and underlying IT systems as part of a wider reform package.
The funding was issued in response to a capability review [pdf] which found the agency's data analytics, information management and technology platforms were lacking.
The review revealed commission staff found it hard to locate information given differing data collection and recording processes across ASIC; limited digitisation of data; multiple siloed databases; heavy reliance on legacy infrastructure; and a lack of skilled data specialists. Funding restraints and legislative requirements also compounded the problem.
It noted total IT investment across ASIC had fallen around 12 percent in the past three years, with most of the agency's IT spend focused on keeping the lights on.
Already underway is the 'OneASIC FAST2' infrastructure overhaul, which will see a single repository of regulatory information established, and digital portals introduced to allow other organisations to better interact with ASIC.
It is simultaneously bringing trade reporting data into its market analysis intelligence (MAI) system, and building an "enhanced investigative analytics" (EIA) system.
ASIC has now revealed these efforts will be led by a newly-created specialist data analytics team run by a chief data officer. It also plans to establish a data governance council.
It will recruit staff with "expertise in data management, analytics and applying new technology-based regulatory techniques and tools" to the new team.
It also plans to man its data management overhaul with staff from other federal agencies, outlining an intention to create an inter-agency group so it can share resources and methods.
The agency said improving its data analytics posture would allow it to better identify patterns and relationships, connections across different matters, and better monitor businesses with a higher risk of non-compliance.
It noted, however, that transformation would not be achieved quickly.
"We will build our capabilities in data management and analytics across our regulatory work over time," ASIC said in its recently released corporate plan [pdf].