In its most recent corporate strategy, the Reserve Bank of Australia outlined goals for improving the resilience of its technological services and making better use of the data it already has.
In its most recent strategy plan, the central bank stated that it would “harness the power of data” and “strengthen the resilience of technological services” as two of its strategic emphasis areas. [pdf]
In order to “prevent system downtime induced by unanticipated incidents,” the RBA “seeks to maintain important system resilience,” according to the study.
According to the report, “this will be accomplished by minimising security vulnerabilities to protect against cyber-attacks, improving compliance and awareness of security threats and controls, improving the stability of Bank systems, and reducing the complexity of the Bank’s technology environment.”
The RBA plans to invest in technical skills, “improve automation of core technology delivery processes,” “keep technology systems patched for security vulnerabilities,” and “implement cloud services when suitable.”
To make better use of the data, the bank also emphasised “the maturity of data governance and data management.”
The RBA will collaborate with the Treasury to implement regulatory changes to the payments system, continue to “realise the promise of the NPP” and international payment transparency, and promote the use of cash as the cheque system is phased out.
Furthermore, it declared that it planned to “conduct research with external partners on use cases for CBDC [central bank digital currency] and evaluate the rationale for issuing CBDC.”
The RBA and the Digital Finance Cooperative Study Centre (DFCRC) partnered earlier this August to begin some research.
The Minister for Financial Services and Assistant Treasurer Stephen Jones referred to the DFCRC’s official inauguration this week as “a key point in the way trade is conducted.”