The Senate Select Committee called for submissions on the Financial Technology and Regulatory Technology Issues Paper.
Key points from our submission, lodged on 19 December 2019 include:
- We suggest the committee considers how organisations are best supported to train and retrain their workforce and how to support individuals in lifelong learning. Consideration will also need to be given to ensuring adequate adaptable skills are taught in tertiary education and the training sectors as a workforce that is built on these skills will assist in a range of current and emerging industries as well as the regulation of them.
- In order for regulators to carry out their roles, adequate funding and resources will be needed to enable acquisition of new skills and capabilities and the support of harnessing new and emerging technologies for generating efficiencies and reducing cost.
- We recommend that the committee carries out further research to understand the issues surrounding community concerns in relation to privacy and cybersecurity that may arise when Financial Technology (FinTech) and Regulation Technology (RegTech) further advance and integrate with other platforms.
- Our Comprehensive Plan on Audit and Risk outlines 15 concrete recommendations that we believe will underpin greater confidence, quality, and relevance of auditing as a fundamental part of the RegTech and FinTech environment into the future.