For many people, the idea of ‘regulation’ suggests investigations and prosecutions, or the ‘law enforcement’ approach to regulation. While the enforcement end is undoubtedly necessary, it is more helpful to start with the overarching objective of regulation: changing the behaviour of the regulated community. That broad task needs a larger and more diverse tool kit beyond investigations and prosecutions, including:

  • effective communication,
  • licensing and audits,
  • understanding the regulated sector,
  • data and intelligence to drive and focus compliance effort,
  • understanding incentives, and
  • ultimately, being an effective enforcer when rules are broken.
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