In a world where regulators aim to be data-driven, our research reveals that in reality: harnessing the power of data to enhance regulatory outcomes remains a challenge for many.
Insights gathered from interviews with 30 regulators and experts, combined with 63 survey responses, revealed that data-driven regulation is on the rise. However, it’s crucial to acknowledge that this journey is still in its early stages, with challenges and opportunities ahead.
Objective transformed their research findings into the Government Regulatory Data Report that will be unveiled at their upcoming webinar on 26th September 2023 | 12pm-1pm AEST, with a panel discussion including Tracey Lloyd of NZ Inland Revenue, Kerry Leaver of SA Education Standards Board and Stephen Jackson of Queensland Rail.
Instigating cultural change is imperative
The transition to data-driven regulation is not simply about adopting new technology; it’s about instigating a cultural change within regulatory agencies. To undertake this transformation successfully, leadership must take the reins and ensure that data becomes an integral part of regulatory practices. It’s evident from our research that data is increasingly utilised for targeting regulatory efforts, particularly in the fieldwork aspect. What’s striking is the importance of engaging and supporting frontline staff in this endeavour. The insights and experiences of these individuals are invaluable when developing tools and processes to harness data effectively.
A shift away from the ‘big bang’ approach
Objective’s research suggests that a gradual method to building data capability is more effective than a sudden, ‘big-bang’ approach. Demonstrating how data enhances strategic, operational, and tactical decision-making can serve as compelling evidence for investing in more capability and better tools. Many regulators already possess data analytics capabilities and employ regulatory intelligence professionals, but often these two streams work in isolation. Combining their complementary skills can be a powerful catalyst for data-driven success.
Sharing challenges & success stories
Throughout Objective’s interviews and survey responses, they encountered stories of challenges faced by regulators on their path to becoming more data-driven. However, they also found numerous success stories and significant outcomes achieved along the way. It is their hope that this report will prove to be a valuable resource in supporting your progress on this transformative journey.
At their upcoming webinar they’ll be unpacking the findings and sharing challenges and successes with regulatory experts and industry leaders. They’ll be discussing the scale and scope of data being used to help improve regulation across Australia and New Zealand.
By attending, you’ll also get early access to the newly released Government Regulatory Data Report.
“There is a clear shift towards more data-driven regulatory practice in Australia and New Zealand right now. Regulators are recognising the significant opportunity of harnessing data, as well as identifying the risk of falling behind. ANZ regulators are delivering positive community outcomes as a direct result of being clever with data, and that’s fantastic to see.”
Simon Corden
Public Policy Consultant
