ASIC has released updated evidence metrics to report against six common key performance indicators (KPIs) in the Australian Government’s Regulator Performance Framework (Framework).
Following ASIC’s first self-assessment against the Framework in 2015–16, they identified some ways to improve our metrics as it had become apparent that some of their metrics had become outdated as business processes changed over time.
These changes include:
- grouping related KPIs together, to tell a coherent performance story
- making sure the metric is only listed once and placed under the most relevant KPI
- changing some metrics that were excessively specific, so they remain relevant as ASIC’s processes change.
The updated metrics follow consultation with industry in June 2017.
Background
In 2014, as part of its deregulation (regulation reform) agenda, the Australian Government developed the Framework that was aimed at encouraging regulators to look at how they operate and the burden they create when administering regulation.