The Coming Digitization of the Regulatory Environment
What can governments learn about digitizing regulations?
The World Bank reported that a record number of 314 regulatory reforms were made over the past year and that China and India were among the top 10 reformers. Both countries have used digital techniques to streamline and enhance regulatory processes, target risks and reduce compliance burden.
- The digitization of regulatory approaches has removed barriers to economic growth and focuses efforts on violators rather than placing equal burdens on all companies.
- A strategic plan for digitization is required to understand how licensing and enforcement interactions occur and how analytics and multi-source data can be used to identify risky companies.
- Leadership and teamwork across regulation owners can drive focus, provide funding and bureaucratic cover for implementation.
- Use technology to simplify and reduce filing burdens while fostering regulatory compliance, improve analytics algorithms and remove bias in decision making.
Source: NextGov. Full article can be found here.
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