ASX completes new resourcing review for CHESS
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The news: The Australian Securities Exchange (ASX) has completed a resourcing and capability review for its Clearing House Electronic Subregister System (CHESS) system, after the Reserve Bank of Australia and the Australian Securities and Investments Commission (ASIC) raised concerns over its management of operational risk in March.
The context: The review found there were "sufficient resources" to support the ongoing maintenance and day-to-day operation of CHESS, as well as build and change activities in accordance with ASX’s existing delivery plans.
However, it recognised that there is a growing workload on operational and technology teams to support increasing levels of demands following the settlement incident, including post-incident work and the related regulatory actions.
It also concluded that while the overall size of the CHESS technical support teams are sufficient for the business-as-usual operational demands of CHESS and build and change activities, the relevant teams are stretched in the event of a multi-day incident.
ASX said it has included the review's findings in a resourcing plan submitted to the RBA and ASIC today. The plan is a response to an RBA recommendation following the CHESS batch settlement incident on 20 December. The RBA recommended that ASX outline and communicate publicly its plan to strengthen resourcing and third-party support arrangements for CHESS.
In response, ASX has committed to a series of actions that will form part of its broader effort to reinforce its resourcing framework for the ongoing maintenance and support of CHESS.
The source: ASX media release
