Knowing how best to regulate behaviour in a rapidly changing and technology-driven environment is the big challenge for regulators today. We have seen a move away from a focus purely on the reduction of red tape, towards efficient and effective regulation that delivers better outcomes. A number of regulatory designs enable this trend, whether it be co-design, risk-based or outcomes-based approaches. Stakeholder engagement remains a strong foothold for effective regulation, even more so in an approach which centres on outcomes and public value.
Crafting the right regulatory response
Whether regulators use a prescriptive and reactive approach or a more modern proactive and preventive approach, scenarios are relevant for both approaches and the skill is of course crafting the right regulatory response to the problem identified.
All this needs to be delivered in a world that is moving so fast. Disruption and convergence create unique challenges, particularly when regulating businesses that cross multiple sectors.
Key questions need to be answered in order for regulators to keep up with the high pace of change impacting communities, businesses, markets and technologies.
- Is sector-specific regulation relevant in today’s world?
- How do we manage the tension between market innovation and customer protection?
- As regulators, how can we be more agile, flexible and responsive?
The Innovating for Better Regulatory Outcomes forum on 25-26 July in Canberra will address these questions and will flesh out solutions. A high level speaker panel drawn from different sectors and levels of government will tackle these big questions and leave you with new ideas and approaches to enhance the outcomes of your regulatory projects.