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The regulator’s new toolkit
Technologies and tactics for tomorrow’s regulator
Regulating complex environments needn’t be cumbersome or expensive. New technologies and methods can help regulators operate efficiently and effectively, reducing compliance costs and improving the business experience.
You can hardly blame regulators for feeling overwhelmed these days. Technological advances are forcing them to reexamine the basic principles of their work. New technologies keep emerging and evolving, disrupting traditional business models and posing fundamental challenges for regulatory agencies striving to protect consumers while allowing for innovation.
But help is on the way. Digital-age business models often use a combination of technology and business tools to create wholly new ways of delivering products and services.
In the report, we discuss three areas in which regulators can use the same tools and technologies to achieve significant gains:
- Increasing internal efficiency
- Improving regulatory effectiveness and outcomes
- Reducing the business compliance burden
As technology continues to advance, regulators will face growing challenges in developing and enforcing rules aimed at protecting citizens and ensuring fair markets. By using business and technology tools, they can transform their work processes and encourage innovation.