Deloitte Research Releases Regulator of Tomorrow Report
The regulator of tomorrow can transform today to adapt to the rapidly-changing environment
WASHINGTON, June 23, 2015 /PRNewswire/ -- Today, Deloitte's GovLab released a report titled, "The regulator of tomorrow: Rulemaking and enforcement in an era of exponential change." The report examines the challenges that regulators face in a rapidly-changing world, mainly driven by technology advancements, shifts in consumer habits and the new sharing economy. The study also focuses on the opportunities this changing landscape provides to regulators – both in the way they make rules and the way they enforce them.
The report found at a high level, regulators are facing the following five trends:
- Technological change is occurring at an exponential pace
- The emergence of new business models is evident by the rise of the sharing economy
- Shrinking barriers to entry for suppliers and buyers is making it easier for aspiring entrepreneurs to bring new goods and services to market while, in parallel, previously niche products become accessible to a mass market
- The "ignore until large" phenomenon, where regulators and startups avoid engaging with each other until startups get large enough to show up on a regulator's radar, is evident and "large" can happen quickly
- There is a rise of business ecosystems, which means dynamic and co-evolving communities of diverse actors can create and capture new value through both collaboration and competition
"This report examines the complex challenges faced by regulators today and provides practical ideas to help them achieve their goals in these rapidly changing times," said Brett Haan, a principal at Deloitte Consulting LLP. "Regulators are working hard to strike the balance between protecting citizens and fair markets – with the need to avoid impeding innovation."
By aligning technology, strategies and process, and talent, regulators have the opportunity to shape the regulator of tomorrow. They can harness the very trends that have caused disruption and use them as a means to modernize regulatory practices and increase efficiency.
About Deloitte GovLab
GovLab strives to create extraordinary connections between future trends and the federal government. As Deloitte Consulting LLP's flagship federal think tank and innovation center, GovLab develops a unique understanding of an increasingly complex and dynamic world. Each year, GovLab invests in a select group of high-performing, forward thinking consultants and senior consultants to apply new lenses on federal challenges. GovLab fellows hope to improve and redefine federal government services, products, and processes through rigorous research that produces groundbreaking insights.
As used in this document, "Deloitte" means Deloitte LLP and its subsidiaries. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting.
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SOURCE Deloitte
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