The Reserve Financial institution of Australia has laid out intentions to make its expertise companies extra resilient, and to make higher use of the info it holds, in its newest company plan.
The central financial institution launched its newest strategic plan on Wednesday, saying “a part of its strategic focus areas will probably be to strengthen the resilience of expertise companies” and “harness the facility of knowledge”. [pdf]
The report notes that sustaining “key system resilience” is a strategic focus space because the RBA “seeks to keep away from system downtime brought on by unplanned occasions”
“This will probably be achieved by minimising safety vulnerabilities to guard in opposition to cyber-attacks, enhancing compliance and consciousness of safety threats and controls, enhancing the steadiness of Financial institution methods, and lowering the complexity of the Financial institution’s expertise setting,” the report states.
The RBA intends to “hold expertise methods patched for safety vulnerabilities”, “enhance automation of core expertise supply processes”, to spend money on expertise expertise and undertake cloud companies “the place applicable”.
The financial institution additionally highlighted “the maturity of knowledge governance and information administration” as keys to creating higher use of that information.
It additionally talked about a refresh to its strategic platforms and instruments for storing and analysing information will happen alongside migrating information from legacy methods “and consolidate strategic platforms with trendy instruments”.
“Further main modifications might be in prospect if new types of digital cash, resembling CBDC and stablecoins, are adopted.
“Over the interval of this company plan, we’ll work with individuals within the funds system on coverage points referring to each legacy and rising fee strategies”.
The added the RBA will work with the treasury to use funds system regulatory reforms, proceed to “realise the potential of the NPP” alongside worldwide fee transparency, and help money utilization whereas the cheques system winds down.
It additionally acknowledged it intends to conduct “analysis with exterior companions on use circumstances for CBDC [central bank digital currencies] and evaluating the case for issuing CBDC.”
Some analysis is already underneath manner, with RBA partnering with the Digital Finance Cooperative Analysis Centre (DFCRC) earlier this August.
The DFCRC officially launched this week, with the Minister for Monetary Companies and Assistant Treasurer Stephen Jones calling it “a pivotal level in the best way commerce is carried out”.