Unlocking regulation: Data is the key

Across Australia and New Zealand, there are some great examples of government using data to achieve better regulatory outcomes making it easier and less costly for people and businesses to comply. In the second instalment of our regulators survey, Objective will uncover some of these examples and reveal the benefits and barriers to the effective use of data.

We often hear that regulatory agencies have limited visibility of what is happening with their peers and in other jurisdictions. The survey and report aims to demystify regulators use of data and identify trends, benefits being realised and share opportunities for improvement.

Survey open now

To offer insight into what’s really happening in the ANZ regulatory space, we’ve launched our survey asking ‘How are regulators using data to improve outcomes?’. This unique survey asks government regulators about how they’re making use of data, the benefits they are seeing, and any barriers they face.

Simon Corden, Public Policy Consultant, considers that: 

"Almost all regulators are aspiring to be more risk-based to make better use of data, but this can be very challenging. The survey should provide a great overview of the outcomes people are achieving, the challenges they’re confronting, and the actions they’re taking to address those challenges".

Almost all regulators are aspiring to be more risk-based to make better use of data, but this can be very challenging. The survey should provide a great overview of the outcomes people are achieving, the challenges they’re confronting, and the actions they’re taking to address those challenges.

Simon Corden

Public Policy Consultant

Simon adds that this is consistent with a Productivity Commission* report which suggests that 'there are four key areas where RegTech solutions may be particularly beneficial:

  • where regulatory environments are particularly complex to navigate and monitor
  • where there is scope to improve risk-based regulatory approaches, thereby targeting the compliance burden and regulator efforts
  • where technology can enable better monitoring, including overcoming constraints related to physical presence
  • where technology can safely unlock more uses of data for regulatory compliance (p4, 2020)’.

Get involved

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

“The survey will provide a uniquely rich depiction of the changing landscape of how government regulators are using data. The theme of this year’s survey has been very well received amongst those in the regulatory community who are excited to receive insights into how technology can enable regulators to achieve better outcomes, particularly with its use of data.”

The survey will provide a uniquely rich depiction of the changing landscape of how government regulators are using data. The theme of this year’s survey has been very well received amongst those in the regulatory community who are excited to receive insights into how technology can enable regulators to achieve better outcomes, particularly with its use of data.

Ben Hobby

Global VP Objective RegTech

The findings of the survey will be shared widely with those in the industry. Anyone who completes the survey will be invited to a dedicated webinar event to discuss the findings with industry experts.

*Productivity Commission 2020, Regulatory Technology, Information Paper