Australia's RegTech Opportunities (in a digital-first world)
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Data61 presentation by Alezeia Brown and Guido Governatori at the inaugural #AccelerateRegTech event in Sydney 3-4 May) by the Australian RegTech Association.
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Australia's RegTech Opportunities (in a digital-first world)
- 1. www.data61.csiro.au Australia’s RegTech Opportunities In a digital-first world Alezeia Brown & Guido Governatori| Product and Lead Researcher, Data61 May 2018
- 2. We live in exponential times
- 3. Regulation space is still linear … 3 | … and hurry up and wait
- 4. Policy to Industry Translation Gap 4 | Future Regulated State Translation Gap Uncertainty Current State * This model is inspired by the fabulous work of Rachel Botsman featured in her book “Who can you trust – how technology brought us together and why it might drive us apart”.
- 5. 5 | Interim Measures Future Regulated State Translation Gaps Uncertainty has increased Current State
- 7. 7 | Consumers Value Exchange Policy makers Legislators Regulators Regulated firms/persons Producers
- 8. 8 | Consumers Value Exchange 3rd Parties Policy makers Legislators Regulators Regulated firms/persons Lawyers, tech firms, vendors, consultants Producers
- 9. #1. Co-designed Legislation Policy development Legislative development Operational design 9 | This would give us: • Outcome driven legislation, • Which can be implemented, • Because the who and what is impacted is clearly understood, • And enable digital first distribution
- 10. #2. Legislation as Code 10 | Human Understandable Machine Understandable •Goal •Intent •Eligibility •Mandates •Calculations
- 11. #1. Co-designed Legislation … works 11 |
- 12. #2. Legislation as Code … works 12 |
- 13. 13 |
- 14. 14 |
- 15. 15 |
- 16. 16 |
- 17. Co-designed Legislation as Code 17 | Increased speed from policy to compliance Untangle the sources with clear & common baseline of machine understandable rules 3rd parties and consumers of leg can still add value on top of the core rules, but faster and with broader applicability Overall cost to the industry could be reduced as who, what and how policy affects can be clearly understood
- 19. Opportunity for this room 19 | Co-design and build systems to reduce the translation gap, which can: ✓ Enable industry to comply easily and more cost effectively ✓ Enable legislators to roll out change quicker ✓ Grow and nurture a regtech industry capable of servicing global needs