Millennium International Limited
Policy Compliance for the 2020s decade
Regulation 2.0
Modern Regulation has been referred to as the "fourth branch" of government and it has more than a century of history of alternating sine waves between regulation and deregulation. While the very first efforts at modern regulation in 1887 aimed at price capping railroad passenger fees, by the 1970s regulatory practice covered many industries including health, financial and telecommunications.
The 1980s was a period of deregulation in many industries from what was considered excessive regulation constraining businesses. The past decade is seen as a period where smart regulation - guided by expertise - plays a key role in ensuring a market place that offers protection to citizens and to the environment as well as democratisation of access.
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The question is then, what is the ideal balance?
Regulation 2.0 means Good Governance
Following the economic crisis at the end of the 2010s, the OECD published in 2012 its recommendation of the Council on Regulatory Policy and Governance setting the stage for what is now referred to as Regulatory Policy 2.0. Its main findings are: (1) Global crises and complex policy problems force governments to consider better regulation (2) There is opportunity for an agile framework for better regulation (3) Technological innovation requires an "adapt and learn" approach, (4) Emergent technologies warrant a paradigm shift in policy making, (5) Better use and adaptation of regulatory management tools are essential, (6) Institutions can benefit from behavioural insights, (7) Regulatory delivery must harness opportunity guided from technology towards compliance, and (9) Government needs to rebuild trust in regulation by inclusion of stakeholders and the public, thus paving the road to improved good governance.
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