Regulatory recharge

Regulators must make strategic choices to deliver on their responsibilities effectively. They are not just policy-takers, but also policy-shapers and makers. At times, strategic decision-making can be especially challenging for regulators, given issues such as ambiguous policy scope, competing goals, rapid change in regulated sectors, and resource constraints. Regulators can tackle these issues and create the conditions for success by fostering a culture of strategic thinking; consistently demonstrating competence and transparency; meaningfully engaging regulated entities, interest organizations, and Indigenous groups; and fully leveraging data and technology. Such approaches help regulators plan better, allocate resources more efficiently, improve compliance rates, and achieve the public policy goals that are their very reason for their existence. In a rapidly-changing world, strategic choice making isn’t merely an option for regulators – it’s an imperative.