Technology is changing the world where we live and work with incredible speed.
Innovation and disruption, however, while welcomed by many, is not without unique hazards, especially for regulators who increasingly find themselves at risk of falling hopelessly off pace or derelict with their responsibilities.
That conundrum is the topic of a new Deloitte report on the future of regulation. “The Regulator’s New Toolkit: Technologies and Tactics for Tomorrow’s Regulator” focuses on how regulators can leverage new technologies and business tools to increase their efficiency and effectiveness while reducing business compliance costs in the process.
Regulators find themselves allocating increasing amounts of staff time and funding to understanding the business dynamics and regulatory implications of new markets and industries, the report says. At the same time, they face a host of traditional challenges: identifying “bad actors,” monitoring compliance, and speeding up regulatory processes to better serve and protect the public.