ASIC to upgrade finance ERP with TechOne

The Australian Securities and Investments Commission (ASIC) is to begin rolling out TechnologyOne as its new finance platform, with implementation scheduled for the next financial year.

The move forms part of a broader enterprise resource planning (ERP) overhaul, aimed at modernising its internal systems.

TechnologyOne was awarded a $7.2 million contract last year to host and implement its software-as-a-service (SaaS) platform, with the deal running through to May 2027.

“Upgrading our ERP system will allow us to provide better support to our staff and is part of a whole-of-ASIC priority to strengthen our capabilities to become a leading, digitally enabled regulator,” an ASIC spokesman said in a statement.

The Australian software-as-a-service provider’s platform will sit alongside ASIC’s other ERP applications, Expense8 and Granular Time Reporting, which the regulator said will “continue to be maintained” separately.

ASIC is now seeking to hire an ERP manager of financial systems to oversee the project and also to develop and implement a finance system roadmap.

The corporate regulator was one of several federal agencies to participate in a program to set up a common SAP system known as GovERP, having handed at least $4.7 million to deliver components of the new platform [pdf]

GovERP, however, was scaled back in 2023 and scrapped entirely the following year, with its functional capabilities deemed unfit for reuse.

ASIC declined to reveal more details about the ERP program when asked by iTnews.

In its annual report 2023-2024 [pdf], the regulator referenced work on the human resources (HR) stream of the program.

“Focal points this year were planning for a new payroll and other core HR functions, as well as the mapping and design of HR processes across the employee life cycle, to provide better support to our people,” the report said.

A request on BuyICT, however, revealed that ASIC is now in the process of conducting a benefits realisation project for the HR components.