Today, ASX Limited released a Special Report, along with an external Audit Report, on its Portfolio, Program and Project Management Frameworks (PPPM Reports). The PPPM Reports are relevant to ASX’s delivery, implementation and governance of the recently announced CHESS replacement solution design.
ASX has now published all three of the special reports and accompanying audit reports it was required to provide to ASIC under notice. ASIC will now consider all of the reports to determine if further regulatory action is required.
ASIC Chair Joe Longo said, `The reports highlight some areas in which ASX’s portfolio, program and project management capabilities are well developed, and other areas where improvement is required. We welcome ASX’s commitment to the development of a program management framework.’
‘Replacing CHESS is a complex and technical program of work for ASX and industry. We expect the appointed solution integrator will be key to augmenting ASX’s project delivery capabilities, providing ASX additional capacity to manage technology delivery.’
‘ASIC will closely monitor what regulatory actions may be needed to ensure that ASX’s project delivery meets the highest standards required in the replacement of this critical national infrastructure,’ Mr Longo added.
ASIC and the Reserve Bank of Australia (RBA) (the Regulators) are closely monitoring the delivery of the CHESS replacement by ASX Clear and ASX Settlement to ensure the facilities adhere to the Regulators’ expectations and comply with their clearing and settlement facility licence obligations.
