Regulatory systems are increasingly struggling to cope with the nature and speed of technological change. In this report we show how, through changes in practice, regulators and governments can become more anticipatory in their approach to disruptive emerging technologies and innovation.
Adopting these principles may require regulators to develop, or further develop, new kinds of capabilities. They do not imply more or less regulation or require that regulators dial risk up or down in the areas they regulate – rather, they aim to empower regulators to better manage evolving risks and take advantage of emerging opportunities.
In our age of disruption – technological, political, social – is demanding the renewal and reimagination of institutions of all kinds, and the regulatory system is no exception. Navigating this transition will be challenging but for countries such as the UK, with its strong track record of regulatory innovation, it also presents many opportunities and now is the time to seize them