A speech by John Price, Commissioner, Australian Securities and Investments Commission
Delivered at the Risk Management Association (RMA), Chief Risk Officers Conference
12 September 2017
Introduction
Thank you for inviting me along to your conference today to talk about Challenge and Change.
I’m sure you will all agree with me that the world is changing dramatically – and at a very rapid rate.
In the case of the financial sector, it is evolving very rapidly due to a number of factors.
Firstly, technological advancements. There’s been much discussion of late about the application of artificial intelligence, machine learning and distributed ledger. As some of you may also be aware, the Government is currently looking at how open banking might operate here in Australia.
Secondly, structural and demographic change. The growth in the ageing population in Australia and overseas is expected to continue to drive changes in consumption, investment needs, asset allocation and housing requirements, just to name a few.
Last, but not least, globalisation. Internationally, the outcomes of recent elections and referendums, coupled by current international events, have increased economic and political uncertainty. These may pose challenges for global trade and capital flows.
In spite of all these factors however, I think the most important thing for all of us here today is …… how we manage and adapt to the challenges and changes we’re presented with now and in the future.
How we – collectively – manage and adapt to Challenge and Change will be crucial to maintaining investor and consumer trust and confidence and market integrity.
Turning now to the structure of today’s presentation...
Today I would like to talk to about:
- ASIC’s vision
- ASIC’s strategy for achieving our vision
- the long-term challenges and risks to achieving ASIC’s vision, and
- some of the key projects ASIC is undertaking in 2017–18 and beyond to address our long-term challenges and key risks.