[Author: Javier Gutierrez]
In recent months, the ASIC’s corporate plan outlining the ASIC’s priorities for the next four years and its plan of action for the year ahead, was released.
The Australian Securities and Investments Commission (ASIC) is the entity in charge of regulating registered companies, financial markets, providers of financial services and credit services in Australia. Its main goal is to promote fair and efficient financial markets and support well informed participation of investors and other financial consumers. In their recently released ASIC’s corporate plan, they identified four external priorities:
Product Design and Distribution
Minimize risk to consumers of financial and credit products, caused by poor product design, distribution and marketing, especially by driving compliance with new requirements.
Sustainable Finance
Proactive supervision and enforcement of governance, transparency and disclosure standards in relation to sustainable finance.
Retirement Decision Making
Protect consumers as they make decisions for retirement, particularly paying close attention to: superannuation products, managed investments, financial advice and others.
Technology
The impact of technology in financial services, cyber risk and operational resilience practices, digitally enabled misconduct and scams.
The ASIC’s Priorities & Key GRC Use Cases
Based on the current GRC landscape, it is spot on that ASIC’s priorities shine the spotlight on these last four GRC use cases. Although today’s business environment is constantly changing, it is safe to say that the importance of these topics will only grow in the upcoming years.
Listen to what GRC industry experts have to say in regards to these, and other, RegTech hot topics in our podcast: The RegTech Report Podcast. This season, we’ve covered topics like cybersecurity trends, the intersection between third-party and cyber risk management, ESG, the FTX scandal and so much more.
Additionally, the ASIC’s corporate plan makes a huge emphasis on technology as they aim to become: “…a leading digitally enabled and data-informed regulator”.
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