Raising the bar on verification

While most often associated with its role as Australia’s primary securities exchange operator, ASX is itself a listed entity which has special regulatory obligations in relation to the licences it holds to operate certain markets.

In early 2023, ASX was working on the production of a complex regulatory report that would require the contribution of more than 40 individuals to fact check over 600 facts. Recognising the complexity and scale of the verification task, ASX chose to use Atticus as a software solution for document review and verification. This allowed all the various individuals to perform their specific verification tasks within a tight timeframe.

Andrew Jones, Acting Group Executive, Securities and Payments, explained that while ASX always upholds rigorous verification standards, this report involved a substantial number of stakeholders who required a new collaborative approach with a laser focus on verification.

“As a former corporate lawyer, verification meant using coloured highlighters on printed documents, circling and allocating facts. When the next draft arrived, everything done previously was discarded, and the process started anew. We needed a process that was faster and more automated,” recalled Andrew.

Enhanced confidence and efficiency

ASX’s senior management drew confidence from the way Atticus was used and a decision was taken to use it on an enterprise basis. The software instils confidence in individuals and streamlines complex approval and version control processes.

“People don’t enjoy verification and can feel anxious about the personal responsibility of signing off on statements. Atticus allows users to attach specific evidence to facts, significantly reducing anxiety throughout the process,” emphasised Andrew.

“Importantly, the software enables us to incorporate necessary levels of approvals. In our recent report, certain facts required approval from five individuals, which was easily managed using the platform. We also uploaded approximately 10 different document versions during the project, and Atticus efficiently retained verification notes and supporting documentation.”

Embracing the future with Atticus

With Atticus now integrated company-wide, the ASX corporate team is actively exploring alternative_­­­­ applications for the software across diverse document types involving multiple stakeholders.

Andrew highlighted a significant benefit, stating “Atticus provides an interactive audit trail. Clicking on a fact provides direct access to the approver and supporting evidence.

“This newfound capability instils confidence in our fact-checking process, enabling seamless collaboration and ensuring high verification standards within tight time frames.”