REGULATORY IMPACT ANALYSIS
Public Survey & Stakeholders Consultation
Introducing a new regulation or changes will have an impact on the public and industry stakeholders. Public surveys are important to ensure that policies introduced by a government continue to receive support from the people. Changes to trade policies and regulations may change an entire industry cost structure and delivery process, hence affecting their competitiveness. Therefore well-designed surveys, consultation and engagement processes are important to ensure regulatory risks are properly mitigated even before they are being debated in parliament.
Regulatory Risk Profiling & Assessment
Before embarking on a full-blown regulatory project, a government regulator may be interested to measure the existing gap between the current set of regulations against regulatory objectives. Regulatory objectives are subject to technological advances, social trends, political shifts or bilateral relations. They are also exposed to risks unique to the ministry or agency. These can affect public confidence and the reputation of leaders. SCRP has a special program to help regulators gauge risks in this area.
Socioeconomic & Environmen-tal Cost & Benefit Analysis
Establishing socioeconomic and environmental factors and outcomes from regulatory changes can be challenging. The number of people affected, incremental costs per capita, costs of biodiversity loss, % contribution to GDP, the spill-over impact in dollars, and increase in the standard of living are just some of the measurements that government administrators struggle with. SCRP can assist by assigning teams of data scientists and economists to measure these parameters. Better statistics help develop better regulations.
Regulatory Framework Development
The world is undergoing a socio-economic transformation. IR4.0, sharing economy and social technologies are causing 'pacing problems'. This is a phenomenon where technology has advanced much faster than regulations can keep up with. New business models like distributed ledgers, artificial intelligence and decentralised autonomous organizations are changing business models so radically that they render existing regulations obsolete. SCRP can assist in developing risk-based regulatory frameworks to ensure these emerging risks are not overlooked.
Regulatory Innovation, Regtech & Sandbox
Innovative market developments need to be matched with innovative regulatory approaches. After regulatory risks have been profiled and assessed, solutions are needed to address them. SCRP can assist in building innovation offices, regulatory sandboxes and regulatory technologies (regtech) to help regulators develop better regulatory mechanisms. SCRP has experience in these areas and has helped various government ministries and agencies in implementing them.