ASIC invests in data analytics, digital investigation capabilities

ASIC invests in data analytics, digital investigation capabilities | Insurance Business

ASIC invests in data analytics, digital investigation capabilities
A corporate watchdog has extended its partnership with a Sydney-based software company in a bid to become a more data-driven, intelligence-led law enforcement agency.

Following a competitive tender process, the Australian Securities and Investments Commission (ASIC) has entered into a new deal with Nuix as part of its expanding analytics and e-discovery platforms. It will invest around $60 million on data analytics, IT systems, as well as its surveillance and enforcement capabilities.

“A critical part of detecting, understanding, and responding to issues is our ability to process large volumes of data and to extract intelligence from the diverse data sources now in use, including phones, tablets, corporate email servers, and the cloud,' said John Wallace, ASIC's chief data officer. “The investments we are making are enabling us to more effectively perform in-depth analysis of data, identify relationships between persons and entities, and create chronologies revealed by metadata.”

ASIC last made a deal with Nuix in 2012 for electronic investigation software that allowed the regulator to access Microsoft SharePoint databases and email archives. ASIC also uses the vendor's optical character-recognition capabilities for faxes and paper documents to improve turnaround times in its investigations, Open Gov reported.


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