lift its game
I think we found that ASIC's not quite fit for today and it wasn't fit for the future. There were some areas where ASIC does punch above its weight: market surveillance. And there are some areas where ASIC did need to lift its game: data analysis and enforcement.
what's the" lift its game" mean? thank you

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Answer

Lift its game = improve its performance (in the areas mentioned.) Simple.

Answer

It means they need to improve those areas.

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Lift it's game
I have 2 ways of explaining this

1) Lift = carry
game = competition

Imagine if competition was an object you had to carry on your hand and people said that you "needed" to carry it...implying that it's not easy to do or that it's a heavy load

2) Lift it's game = Level up
when you play a game and you level up, the game becomes harder requiring better skills to pass it.