IT capacity and funding impacting Regulatory Technology adoption

Ever wonder why some regulatory agencies embrace technology, while others struggle to overcome the barriers to adoption?

Regulators have a good awareness of the benefits that technology can deliver. And across Australia and New Zealand, there are some great examples of innovative regulators using technology to achieve better regulatory outcomes and make it easier and less costly for people and businesses to comply. However, the barriers to adoption are slowing progress for many.

A recent survey conducted by Objective Corporation revealed Australian and New Zealand regulators’ use of technology is just scratching the surface. The industry-first Government Regulatory Technology Survey was launched in response to there being no industry-scale view of the adoption of technology within government regulators. Until now.

Most regulators are keen to make greater use of digital technology and are aware of the benefits. They’re embracing more sophisticated risk-based, intelligence-led approaches which is dependent on effective IT systems to collect, collate and analyse information. Other regulators are experiencing technical IT capacity and funding barriers that are holding them back from embracing regulatory technology that is readily available in the market.

Many regulators have deployed these technologies, but most are less mature, even in terms of core foundational systems. The survey tells us the barriers are most frequently around ensuring the technical IT capacity to buy and implement, securing funding and unease about the risks of IT projects.

Simon Corden

Public Policy Consultant

Joined by leading regulators and industry experts, Objective Corporation will be hosting a free online forum to unpack the survey findings in more detail.

Discussion topics:

  • Examine key trends shaping benefits and barriers to adoption of regulatory technology
  • Hear from agencies who have successfully implemented regulatory technology
  • Get the latest insights on the maturity of regulatory technology adoption across Australia and New Zealand
  • Join a panel of regulatory experts to explore the latest insights on regulatory technology

Objective Global VP for RegTech, Ben Hobby, encourages all government regulators to get involved.

The forum will provide a uniquely rich depiction of the changing regulatory landscape for government technology adoption and lay a benchmark for how this is advancing. The insights have been very well received amongst members of the regulatory community, who are excited to receive insights into how RegTech is evolving for Government.

Ben Hobby

Objective Global VP for RegTech