One of the main challenges for regulators is how to stretch our resources to adequately cover our responsibilities. Compliance planning is an essential tool for meeting these challenges. Where are you going to put your regulatory efforts? How much capacity do you have? Where do you put your energy to minimise harm? How do you communicate your plan so duty […]
In a recent Penn Program on Regulation webinar, Benjamin van Rooij talks about his new book The Behavioral Code: The Hidden Ways the Law Makes us Better . . . or Worse. The Behavioral Code has been described as “Freakonomics for the law” – a great book and podcast if you haven’t heard of it – drawing on research Benjamin and […]
A voluntary framework What is the role of good regulatory practice provisions in trade agreements? Can they actually help reduce harm and protect communities? As the full implications of Brexit begin to roll out in the UK, I was intrigued to see a press release promoting the EU agreement that included a section titled. ‘Good Regulatory Practice and Regulatory Cooperation’. […]
The Nobel Prize winning economist Milton Friedman famously said that the business of business is business, and that business’s only social responsibility is to increase profits within the rules of the game. Those rules contribute to the science and art of economic regulation, addressing market failures or, alternatively, making markets work better. Economic regulation is effectively government-sponsored intervention in market […]
Culture is the currency of delivery The Royal Commission into Banking Misconduct revealed many instances of systematic corruption, from employees setting up fraudulent loans, to opening children’s accounts to meet targets for bonuses. Commissioner Hayne recommended that organisations assess their culture. Philosopher Amelie Rortywrote about corruption in a 1998 essay which started, ‘Nothing is more natural than sliding down the […]
How do we define red tape when talking about regulation? Have you ever heard of beige or grey tape? I spoke about these terms, as well as whether regulation is a burden or a benefit with Chris Webb, Executive Director Regulatory Practice and Strategy at the Environment Protection Authority (EPA), Victoria. Eliminating red tape How do regulators—that arm of […]