ASIC Cutting red tape and making it easier to do business Rosanne Bell, Acting Senior Executive...
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ASIC Cutting red tape and making it easier to do business
Rosanne Bell, Acting Senior Executive Leader Real EconomyAustralian Securities & Investments Commission
Australian Charities and Not-for-Profits Commission (ACNC) Implementation Taskforce Roundtable
3 November 2011
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‘Cutting red tape and making it easier to do business’
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How is ASIC making it easier to do business?
• Leveraging the changing regulatory and technology landscape
• Guided by our overarching Registry Transformation Vision
• Upgrading our technology fleet• Progressive wins and examples of initiatives
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International benchmarking
Easiest – Ease of starting a business
1 New Zealand (1 day, 1 procedure)2 Australia (2 days, 2 procedures)
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ASIC priorities
• confident and informed investors and financial consumers
• fair and efficient financial markets • efficient registration and licensing
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EMBARKING ON A REGISTRY TRANSFORMATION JOURNEY
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GUIDED BY OUR OVERARCHING REGISTRY TRANSFORMATION VISION
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• Customer centric• Simple• Adds value to the economy• Online• High performing
Registry Transformation Vision
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For example:
Simple• Customers can meet multiple needs
in a single interaction with ASIC– Tell us once, inform many registers
• Customers come to ASIC to do business, not fill in forms
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Simple• Our Open Registry has rules that are
transparent to customers and staff alike
• Processes are standardised and integrated across registers
• Get connected or referred to other agencies
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1 ASIC processes should be customer centric 2 There should be a continuous focus on cutting red
tape and reducing the cost of compliance for the customer
3 In every stakeholder interaction, we should aim to make compliance simple
4 We should have rules that are transparent to customers and staff alike, and are consistently applied across Registry processes
5 Staff should be able to see what customers see
Future Operating Principles
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Future Operating Principles6 Customers and staff should be able to log into a
single system to complete a transaction
7 All Registry processes should be able to be completed end-to-end, using the internet
8 Processes should be continually improved and standardised across registers
9 Our processes and systems should achieve data integrity
10 Our processes and systems should eliminate duplication of information
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Future Operating Principles11 Registers should be easy to create and change
12 Staff should be enabled to manage a stakeholder interaction through to resolution
13 Information should be reliable, easy to access and highly valued by our stakeholders and the general public
14 Performance metrics should ensure that what we do is customer centric, simple, online, high performing and adding value to the economy
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Target Operating Model
2013 Registry Vision & Future Operating Principles
Delivery of outstanding and cost effective Registry services to Real Economy stakeholders
People
Services
Functions
Technology & Applications
Transformed Registry
TARGET OPERATING MODEL
2013 Registry Vision & Future Operating Principles
Delivery of outstanding and cost effective Registry services to Real Economy stakeholders
People
ServicesServices
Functions
Technology & Applications
Technology & Applications
Transformed Registry
Transformed Registry
TARGET OPERATING MODEL
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PROGRESSIVE WINS AND EXAMPLES OF INITIATIVES
•STANDARD BUSINESS REPORTING•BUSINESS NAMES•ASIC CONNECT
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Standard Business Reporting
• Whole of Government approach• Implemented 1 July 2010• Financial accounts• AUSkey authentication• $800m saving to business per year once fully
implemented
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Business Names Registration
• Nationally consistent approach • Joint ABN and business name registration• Online registration and renewals• Clear names determination rules• $320 million saving for business
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Business Names Registration – Social Media
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Business Names Registration – main features
• Online service• Transitional provisions & Grandfathering• Must have an ABN• Near identical names test• Renewal of registration on payment of fee• More information via free online search• 1 and 3 year registration/renewals options
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ASIC Connect
• Free & paid searches of ASIC registers - $80M saving over 5 years for business
• Company registration• Business name registration• Maintain your details• 100% Online - 24/7
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ASIC Connect
• All transactions via ASIC connect by 2012/13
• Company registration via website
• Common authentication, lodge once use many, etc.
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Sample screen – future state
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Tips
• Develop a clear vision, future operating principles and business models
• Be customer centric - challenge internal , old fashioned, and legalistic thinking
• Take a ‘risk based’ approach • Test everything with externals and be open to
feedback• Borrow from others
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‘Cutting red tape and making it easier to do business’
Satisfied customers tell 3 friends but angry customers tell 3,000