Regtech Monitoring Financial Promotions: Demo and Symposium - Event Pack - 2 August 2019 Sydney - ASIC
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Regtech Monitoring Financial Promotions: Demo and Symposium – Event Pack 2 August 2019 Sydney
Problem Statement and Outcomes
Problem Statement: Provide regtech solutions to monitor, identify and analyse the promotional material relating to banking, credit, and insurance. Monitoring Indicators: • Regulatory compliance • Risk metrics ASIC Regtech Monitoring Financial Promotions: Demo and Symposium 2 August 2019
Key Components
Identify and extract key informative features including (but not limited to):
• Categorisation of the type of financial promotion, such as:
– Traditional (billboard, web banner, television, radio, print etc.)
– Non-traditional (podcasts, social media, forums, YouTube)
• The financial product (or products) associated with the promotion
• Entities referenced in the promotion (e.g. ACN companies, Australian
Credit Licensees)
ASIC Regtech Monitoring Financial Promotions: Demo and Symposium 2 August 2019
Key Components cont.
Potential indicators of risk or unclear content including (but not limited to):
• High-risk words in the promotion such as: ‘lowest’, ‘cheapest’, ‘best’, ‘largest’, ‘instant’, ‘free’,
‘guaranteed’
• Inconsistent or unclear information in the promotional material such as:
– Small or illegible text
– Disclaimers inconsistent with headline claim
– Interest rates being quoted in a non-annualised format
• Specific requirements for financial promotions relating to credit products, including where detailed
in relevant legislation and regulatory guidance such as:
– National Consumer Credit Protection Act 2009 and National Credit Code;
– Australian Securities and Investments Commission Act 2001; and
– ASIC Regulatory Guides, including Regulatory Guide 234 Advertising financial products and
services (including credit): Good practice guidance.
ASIC Regtech Monitoring Financial Promotions: Demo and Symposium 2 August 2019
Target Outcomes
Through this event and ASIC’s other regtech initiatives, ASIC’s target outcomes
are to:
• Demonstrate how technology can be used • Increase awareness and understanding
to help in determining the clarity and level of amongst industry of the current capability,
compliance of financial promotions material and future potential, of regtech tools in their
based on a sample of advertising in different application to financial promotions and
formats provided by ASIC, as well as a wider advertising.
sample of promotional materials which could
• Identify options for next steps by ASIC and
include social media, forums, podcasts and
stakeholders to continue to promote the use
others.
of regtech to monitoring and analysing
• Identify opportunities and challenges of using financial promotions.
regtech to identify, monitor and analyse
financial promotions and thereby deduce
outcomes for consumers.
ASIC Regtech Monitoring Financial Promotions: Demo and Symposium 2 August 2019
The Data
Dataset ASIC has provided approximately 180 examples of promotional material relating to banking, credit and insurance to demonstrators. Demonstrators are expected to use the ASIC dataset, as a minimum, and public information such as ASIC regulatory guides. Demonstrators are encouraged to use other relevant data (e.g. third party, public or own data), financial product knowledge or information. ASIC Regtech Monitoring Financial Promotions: Demo and Symposium 2 August 2019
The Event
ASIC Regtech Monitoring Financial Promotions:
Demonstration and Symposium – Overview Agenda
9.30am – Registration and Morning Tea
Friday 2 August 2019 10.00am to 10.30am – Welcome and Introductory Addresses
9.30am – 3.30pm Morning Session 10.30am to 12.00pm
Level 17 PwC Reception • Demonstrations (10-12 mins each)
then follow the ASIC • Show us your solutions
wayfinders
12.00pm – Lunch and Networking
PwC Australia
One International Tower Afternoon Session: 1.00pm to 3.00pm
Watermans Quay • Panel discussion
Barangaroo NSW
• Wrap up
3.00pm - 3.30pm – Network over light refreshments
ASIC Regtech Monitoring Financial Promotions: Demo and Symposium 2 August 2019Welcome
Mr Craig Madden
(Elder)
Craig Madden is a proud Gadigal/Bundjulang man who was born and raised
in the inner city suburbs of Redfern and Alexandria were he still resides today.
Mr. Madden’s very personal experience of Aboriginal history comes from his
rich childhood spent listening to Yarns from his family and around the local
community, running through creeks in Baryulgil with his Brother, Sisters &
Cousins throughout his holidays, playing football for the Redfern All Blacks and
Alexandria Rovers football teams and his education in Aboriginal Studies at
the University of South Australia.
Mr. Madden has actively worked within the Aboriginal community for the past
25 years as an Aboriginal Employment Consultant for Australia Post and as
Aboriginal Welfare and Community Liaison Officer for Corrective Services
New South Wales where he is still currently employed.
Mr. Madden is a current Member of the Metropolitan Local Aboriginal Land
Council, a member of the Redfern Aboriginal Housing Company, a member
of Babana Aboriginal Men’s Group Redfern and a former Director and
current member of the Aboriginal Medical Service Redfern.
ASIC Regtech Monitoring Financial Promotions: Demo and Symposium 2 August 2019Welcome
Commissioner Cathie Armour
ASIC
Cathie Armour first began as a Commissioner on 3 June 2013.
Cathie has been reappointed for a further 5 years to June 2022.
Before joining ASIC, Cathie held legal counsel leadership roles in
international financial institutions. Most recently, she was
General Counsel for Macquarie Capital and an Executive
Director of Macquarie Group. She has also held senior
compliance and operational risk positions at Macquarie Capital
and at JP Morgan in Australia.
Cathie began her career in private legal practice and was a
lawyer at law firms in Sydney and in New York.
Cathie is a member of Chief Executive Women and a Graduate
of the Australian Institute of Company Directors.
ASIC Regtech Monitoring Financial Promotions: Demo and Symposium 2 August 2019Event Moderator
Tim Gough
Senior Executive Leader, Credit, Retail Banking and Payments
ASIC
Tim leads ASIC’s Credit, Retail Banking and Payments team. The
team oversees supervision of retail banking, consumer and small
business credit, mortgage brokers and other credit
intermediaries, and electronic payments. This includes
responsibility for the regulation of responsible lending and ASIC’s
work to monitor and review consumer outcomes from financial
services. Tim originally joined ASIC in 2005 and held roles in
ASIC's Deposit-takers, credit and insurers team. He started his
career in the community sector as a solicitor with the Consumer
Credit Legal Service (Victoria) and then as Principal Solicitor of
the Consumer Law Centre of the ACT. Most recently, Tim was
the Deputy Ombudsman at the Credit and Investments
Ombudsman from April 2016 to August 2018.
ASIC Regtech Monitoring Financial Promotions: Demo and Symposium 2 August 2019Problem Introduction
Christian Groves
Senior Manager, Credit, Retail Banking and Payments
ASIC
Christian is a Senior Manager in the Credit, Retail Banking and
Payments team which has responsibility for the oversight of retail
banks, credit unions, non-bank credit providers, lessors,
mortgage brokers, and non-cash payment facility
providers. Christian has been at ASIC for 9 years also working as
a Senior Lawyer in the Financial Services Enforcement team.
Prior to joining ASIC Christian worked as a lawyer in the
commercial litigation, consumer credit and crime areas.
Christian holds a Bachelor of Commerce and Bachelor of Laws.
ASIC Regtech Monitoring Financial Promotions: Demo and Symposium 2 August 2019Demonstration: 5 Identified Demonstrators Each demonstration 10-12 minutes Brief Q&A for each demonstration ASIC Regtech Monitoring Financial Promotions: Demo and Symposium 2 August 2019
Problem Solvers Cognitive View is a transformative RegTech that analyses customer communication data to identify conduct related issues and automating risk & compliance processes. Bad customer experience, mis-selling, non-conformance to regulatory guidelines are big challenges for many organisations as they lose customers, are fined by regulators and incur reputational risk. Cognitive View helps regulated entities in meeting their obligations, understanding of customer experience at various stages of the customer journey. It also prevents a potential breach at various stages of the product lifecycle including financial advertising and promotions to reduce conduct related risk. ASIC Regtech Monitoring Financial Promotions: Demo and Symposium 2 August 2019
Problem Solvers Law of the Jungle is an enterprise cloud solution that helps marketers clear compliance issues, using AI and advanced technologies to deliver answers, break down complexity and reduce time-consuming back and forth with Legal and Compliance functions. The company, formed in 1999, was a first mover in commercialising a technology-based rules engine for use by non-lawyers. Our marketing compliance solution has been judged ‘Best RegTech solution’ (General Compliance category) from a global field by UK expert panel RegTech Forum. The solution is targeted to financial services and other key sectors. ASIC Regtech Monitoring Financial Promotions: Demo and Symposium 2 August 2019
Problem Solvers Red Marker’s cloud-based SaaS platform automatically analyses digital content for probabilistic compliance risk using artificial intelligence, machine learning and natural language processing. Our platform also provides a simple, user-friendly workflow solution to manage these risks and streamline the compliance process. Red Marker has established a partnership with Allens law firm, allowing Legal, Risk and Compliance professionals to benefit from the best of both AI and legal expertise simultaneously. ASIC Regtech Monitoring Financial Promotions: Demo and Symposium 2 August 2019
Problem Solvers The Sintelix text intelligence solution thrives on unstructured data. Sintelix is a leading text analytics solution used by law enforcement, defence and intelligence customers worldwide. Sintelix offers unparalleled information extraction capabilities including entity and relationship extraction at high accuracy from text in many languages. Sintelix combines vast amounts of structured and unstructured data from multiple sources to create entity networks. Data can then be analysed with easy to use visualisation tools including lists, tables, maps, link charts and timelines. Sintelix excels in analytical power, accuracy, speed and scalability. Sintelix delivers significant time and cost savings while also creating new possibilities. ASIC Regtech Monitoring Financial Promotions: Demo and Symposium 2 August 2019
Problem Solvers Visteo is a Sydney based software development & product advisory firm, building fintech, regulatory & business solutions for customers in Australia and abroad since 2007. Our core management team has extensive domain experience of over 40 human years in financial services, specifically in running regulated functions and building analytical solutions for capital markets & investments. We are team of 75+ engineers, designers and solution architects with extensive experience in cloud technologies, enterprise analytics and open source, based out of Australia and India. ASIC Regtech Monitoring Financial Promotions: Demo and Symposium 2 August 2019
Commentator Observations and Recap of
Demonstrations
1.00pm to 1.25pm Synopsis
Zoe Willis, KPMG • What opportunities for enhanced consumer outcomes
were demonstrated?
Gleb Shinkarsky, Promontory
• What are some of the potential barriers or challenges in
using regtech to produce better consumer outcomes?
• What themes (if any) were demonstrated in the use of
technology?
ASIC Regtech Monitoring Financial Promotions: Demo and Symposium 2 August 2019Commentator
Zoe Willis
Lead Partner for Regtech, emerging technology and data
KPMG Australia
Zoe is a Data Partner with over 20 years of experience leading
the data space.
Zoe is the lead partner for Regtech, emerging technology and
data in KPMG.
Her experience has crossed the Risk, Audit and Management
consulting functions, and often brings new insights across
engagement types to ensure that leading data techniques,
technology and management are applied ensuring the best
outcomes. Hey key industry focus are Financial Services,
Government and Health.
ASIC Regtech Monitoring Financial Promotions: Demo and Symposium 2 August 2019Commentator
Gleb Shinkarsky
Senior Principal
Promontory Australasia, an IBM Company
Gleb is a Senior Principal with over 10 years of consulting
experience focusing on data and analytics. Working
predominantly in the risk and compliance space, Gleb leads
strategy, advisory and assurance engagements in the financial
services sector. In his role at Promontory, Gleb also works closely
with IBM on a number of RegTech initiatives. These have
included the application of leading technologies to help in the
prevention and detection of conduct related matters, as well as
other compliance and supervision related innovations.
ASIC Regtech Monitoring Financial Promotions: Demo and Symposium 2 August 2019Panel Discussion: Regtech – Experience and Potential
Facilitator: Synopsis
Mark Adams, ASIC • What are the challenges for compliance in financial
1.30pm to 2.45pm promotions?
• Is there scope for technology solutions currently or in the
Panel: future?
• Mark Staples, Data61 • Where is the development at?
• David Cummins, PwC • What is your experience?
• Jasper Poos, CBA
• Nigel Bond, Westpac
• Larissa Shafir, Citibank
• Deborah Young, The RegTech Association
ASIC Regtech Monitoring Financial Promotions: Demo and Symposium 2 August 2019Discussion Panel – Facilitator
Mark Adams
Senior Executive Leader, Strategic Intelligence and Co-
Ordinator Innovation Hub
ASIC
Mark leads the team responsible for driving ASIC's data science
agenda as well as leading ASIC’s economic and risk analysis
unit. Mark also leads ASIC's Innovation Hub and regtech
initiatives. Mark has held a range of senior executive positions at
ASIC including lead of ASIC's competition in equity markets
project and the Exchange Market Operators, Regulatory Policy
and International teams. Between 2012 to 2014, Mark held
secondments as Principal Adviser, Financial System Inquiry
Secretariat and Director, Strategy, Research and Risk, Ontario
Securities Commission. Prior to joining ASIC, Mark worked in the
corporate and superannuation areas of a national law firm.
ASIC Regtech Monitoring Financial Promotions: Demo and Symposium 2 August 2019Discussion Panel
Dr Mark Staples
Senior Principal Researcher, Software Systems
DATA61 | CSIRO
Mark Staples is a Senior Principal Researcher at CSIRO’s Data61,
where he leads the regtech program and a number of
blockchain initiatives. He has previously held software and
systems engineering management roles in industries including
industrial control, electronic payments, and medical devices.
He has degrees in computer science and cognitive science
from the University of Queensland, and a PhD in computer
science from the University of Cambridge.
ASIC Regtech Monitoring Financial Promotions: Demo and Symposium 2 August 2019Discussion Panel
Nigel Bond
General Counsel, Consumer, Business & Wealth
Westpac
Nigel Bond is the General Counsel, Consumer, Business & Wealth
at Westpac covering a number of areas including BT, Retail &
Business Banking. Before Joining Westpac in 2014, Nigel spent
8½ years with The Royal Bank of Scotland in both London and
Sydney. While with RBS he occupied a number of roles including
Asia Pacific General Counsel and Head of Legal Australia,
before that he worked for both Clifford Chance and Freehills.
Nigel has a Bachelor’s of Science (Neurobiology/Psychology)
and Law (Hrs) from the Australian National University.
ASIC Regtech Monitoring Financial Promotions: Demo and Symposium 2 August 2019Discussion Panel
David Cummins
Partner
PwC
David is a PwC Partner in their Technology Advisory business. He
has over 20 years experience in advising on all matters related
to technology strategy, operating models and implementation
roadmaps. He consults primarily with PwC’s Financial Services
clients across the Big 4 as well as challenger brands. Most
recently David has been active in assisting our FS clients
navigate the regulatory process from a licensing perspective as
well as opportunities for digital transformation using customer
experience and data/analytics platforms.
ASIC Regtech Monitoring Financial Promotions: Demo and Symposium 2 August 2019Discussion Panel
Jasper Poos
Head of Governance and Assurance, Institutional Banking and
Markets
CBA
Jasper has a strong international track record building operational risk
and compliance teams in emerging and innovative environments. For
the last 4 years Jasper has been working with CBA Institutional Banking
and Global Markets setting up a central function that looks after
operational risk and compliance frameworks, training, policy and
assurance. He also drives innovation in risk working with the CBA
innovation labs and Emerging Tech team across the globe.
Before joining CBA Jasper worked with ING for 9 years. Before relocating
Jasper was Global Head of Compliance for ING’s innovator and online
disruptor ING Direct, looking after teams in the US, Canada, Japan,
Australia, Spain, Italy, Germany, France, Austria. He also spent a few
years leading compliance for ING Bank in the Netherlands and being
their ambassador to the Dutch innovation platform.
ASIC Regtech Monitoring Financial Promotions: Demo and Symposium 2 August 2019Discussion Panel
Deborah Young
Chief Executive
The RegTech Association
Deborah Young is the founding CEO of the RegTech Association, a
community of more than 120 organisations who collaborate, educate
and have ground-breaking conversations. The eco-system comprises
regulators, regulated entities, professional services, government and
technology firms. The RTA was established in 2017 as a non-profit with
a mission to accelerate the adoption of RegTech and to sustain APAC
as a global centre for RegTech excellence. Deborah has more than 20
years experience in financial services advocacy and engagement
across technology, venture capital, private equity, financial
markets, insurance and superannuation. She is passionate about
building a community that accelerates deployment of technology that
drives productivity and superior customer outcomes. Deborah is a 2019
finalist for Women in Finance, CEO of the Year and has an Executive
MBA (Global) from UTS Business School.
ASIC Regtech Monitoring Financial Promotions: Demo and Symposium 2 August 2019Discussion Panel
Larissa Shafir
Director, Head of Consumer Bank Independent Compliance Risk
Management
Citibank (Australia)
Larissa Shafir has over 25 years’ experience in the financial services
sector gained across a variety of legal roles in private practise, in-house
and at ASIC, and compliance and risk roles in Wealth Management and
Consumer Banking organisations. Earlier this year, Larissa joined
Citigroup as Head of Compliance for Citigroup’s Consumer Bank in
Australia. Prior to that, Larissa worked at CBA for over 10 years including
as General Manager Compliance, Retail Banking and Head of Legal,
Retail Banking. Larissa has a deep interest in regulation of the financial
services industry and is passionate about finding practical and
commercial solutions for managing compliance and regulatory risk.
ASIC Regtech Monitoring Financial Promotions: Demo and Symposium 2 August 2019Attendees
King & Wood Crestone Wealth
BT IOOF illion SeaFund Refinitiv Dwyer Harris Gilbert + Tobin Apt Wealth Partners
Mallesons Management
Knights Promontory
ANZ KPMG MyFENG Suncorp Agent Cogo exSell Group Dequity Partners Cirrus Technologies
Capital Group (an IBM Company)
Norton Globalee
CBA Mozo Pepper SuperEd Concentrix GRC Solutions KYC Intelligence Certainty Compliance
Rose Fulbright Investment Services
Pengana People's Choice
IFS Tyro QSuper Westpac G2 Company Advice RegTech N2N Link Pty Ltd Continuing Education
Capital Group Credit Union
Bank of Aberdeen Standard
MLC Volt Sargon AMP Bank Link Group Macquarie Bank Allen & Overy LLP Gen Advisory Pty Ltd
Communications Investments
Argus Teachers Mutual Virgin Money Financial Education
NAB Youi Allianz Deloitte Simple KYC Piper Alderman
Information Bank Australia Professionals
Akshay Mathur AI Innovations &
NSX Jaide Dentons Rabobank YTML Group Adviser Ratings Black Arrow Group University of Sydney
Pty. Ltd. Technologies Pty Ltd
Assured Commonwealth Mark Nolan & Financial Planning
OFX Allens Hollard RoyalPay Barnett Law UNSW Business School
Support Bank Associates Association of Australia
Pinnacle Investment
Searl Street
TAL Aussie Icebloq Sitecore Evans Dixon AustralianSuper PetSure Australia Willis Towers Watson Management Group
Consulting
Limited
Chubb Encore Advisory Centrepoint Australian Building and
AFMA BrickX Paragem 86400 Ltd IPF Digital Theta Asset Group
Insurance Group Alliance Ltd Construction Commission
Aeriography IFM Investors Bendigo and
GRCI HN Law Regtech AusPayNet Sam Funnell FIIG Securities
Pty Ltd Pty Ltd Adelaide Bank
ASIC Regtech Monitoring Financial Promotions: Demo and Symposium 2 August 2019Event Vibe The Symposium event is designed to be an open ideation where innovators can openly discuss new technologies to better monitor the promotions area. Engage in the spirit of the event with a collegial respect. • Intellectual Property – Any intellectual property (IP) cannot be protected by ASIC and participation expectations are to respect others’ contribution. • Livestream – The event will be available on YouTube at https://youtu.be/9PK3iUjuxY4. • Social Media – Participants are welcome to contribute supporting communications via social media #ASICregtech19. ASIC Regtech Monitoring Financial Promotions: Demo and Symposium 2 August 2019
Where to now?
Financial Advice Files Symposium Voice Analytics & Voice-to-Text
Trial and Symposium
Thursday 22 August, Sydney
Findings to be shared in Sept/Oct
Demonstrator Submissions due 11 August
Observer interest open until 8 August
Subscribe to the Mail List to receive exclusive news
including updates on future trials
ASIC Regtech Monitoring Financial Promotions: Demo and Symposium 2 August 2019Regtech.Initiatives@asic.gov.au
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