ob体育 welcomes the release of the Financial Regulator Assessment Authority鈥檚 (FRAA) report, Effectiveness and Capability Review of the Australian Securities and Investments Commission (ob体育).
The FRAA鈥檚 review looked at strategic prioritisation, planning and decision-making, surveillance and licensing, as well as ob体育鈥檚 use of data and technology in these areas.
The review acknowledged ob体育鈥檚 crucial contribution to Australia鈥檚 financial system and found that ob体育 is effective and capable in the areas reviewed. The FRAA made four recommendations around enhancing ob体育鈥檚 use of data and technology, strengthening its engagement with stakeholders, enhancing its ability to measure effectiveness and capability, and continuing to broaden its mix of skill sets.
ob体育 Chair Joe Longo said, 鈥榃e need to keep pace in an environment of accelerated change in order to be a confident and ambitious regulator. I welcome the FRAA鈥檚 recommendations which align closely with my priorities for ob体育.鈥�
As the report acknowledges, ob体育 has several initiatives underway that align to the FRAA鈥檚 recommendations. ob体育鈥檚 initiatives include:
- Implementing multi-year data and digital strategies that focus on uplifting ob体育鈥檚 technology systems and data capabilities to increase efficiency and effectiveness, support innovation and improve user experience for stakeholders. This will commence with the upgrade of ob体育鈥檚 licencing systems to speed up processing of licence applications. ob体育 will continue to engage with Government on its data and digital strategies.
- Implementing a multi-year people strategy to help deliver ob体育鈥檚 organisational priorities. This includes defining ob体育鈥檚 workforce strategy to identify future demands and build a future fit workforce that is equipped with a broad skill set, including skills to harness the benefits of ob体育鈥檚 technology and data commitments.
- Implementing regulatory efficiency initiatives to make changes to the way ob体育 administers the law and to make it easier for stakeholders to interact with ob体育. One initiative will look at ways ob体育 can enhance and leverage engagement with stakeholders clearly and consistently. This initiative will also involve a case study focused on how ob体育 engages with licensing applicants and their advisers.
- Taking steps to enhance how ob体育 measures and reports on its effectiveness and capability. For example, ob体育 is measuring the outcomes of surveillance regulatory interventions using an impact assessment methodology, and further work is underway to pilot efficiency measures for ongoing regulatory work. ob体育 will continue to monitor these approaches and refine them over the following years. ob体育 will also work with the FRAA on the development of indicators and metrics of effectiveness and capability.
鈥极耻谤 2022-26 Corporate Plan provides more information about some of these initiatives and our ambitions over the coming years. In line with the FRAA鈥檚 findings, this year, we have highlighted our key projects and initiatives to provide further clarity on what we are focused on.
鈥榃e will continue to implement the FRAA鈥檚 findings in our future work. We will always be committed to ongoing improvement of our effectiveness and capability to become an even stronger regulator, trusted by the community and always looking ahead鈥�, added Chair Longo.
Background
The FRAA is an independent statutory body tasked with assessing and reporting on the effectiveness and capability of ob体育 and the Australian Prudential Regulation Authority (APRA).
The FRAA鈥檚 statutory mandate requires it to assess and report on the effectiveness and capability of ob体育 and APRA on a biennial basis, commencing on 1 July 2021.
Read the full report: .