Learning from regulators: how to implement a regulatory system

Want to avoid common pitfalls when implementing regulatory technology in your organisation? Learn the key lessons from government agency peers who’ve successfully steered regulatory digital transformation.

In an evolving regulatory environment, government agencies need to get better at navigating change. With the help of the right regulatory system, agencies can become more flexible, responsive, agile – and deliver better outcomes for the public. However, the risk of a failed or derailed digital transformation project is holding many agencies back, with 50% of regulators identifying this risk as a major barrier*.

To help get your agency on the path of successful digital transformation, we’re sharing key tips and advice from Directors, CIOs and IT managers from government regulators who’ve been there before.

Choose low code no code configuration over customisation

Customisation is costly – and often, more costly than you might expect. There’s the cost of the initial implementation project but also the cost of ongoing upgrades implemented by your IT team and/or software vendor. Over time, customised software can become an increasing burden on your IT team, slow down output and drain the budget, leaving your agency no capacity for continuous improvement.

A flexible, configurable solution enables your agency to move fast, learn more, and deliver better high-quality outcomes sooner. Regulatory management software comes with standard regulatory workflows which are readily configured specifically to your requirements. A flexible configuration featuring a low-code and no-code approach empowers you to adapt as needed. Rather than customising software to create something new, you can choose already proven software that meets rigorous standards and is approved by your peers.

My advice would be an approach I’ve been implementing for 20 years – buy off the shelf. You’ll have a higher quality output and better outcomes by utilising systems that have already been built, instead of starting at the beginning.

Chief Information Officer

Make the move to the cloud

Government agencies need to evolve to meet the growing demand for digital services, with the public now expecting the same level of service delivered by the private sector. This has led to a growing appetite from government agencies to move away from complex, on-premise systems and embrace the cloud. With the support of a cloud-based regulatory system, regulatory agencies can provide simpler, faster and personalised service to the public and industry.

A growing desire to reap the benefits offered by cloud computing is leading to more governments pushing it to the top of their technology to-do lists

Head of ITC

Engage stakeholders early and often

Stakeholder management and engagement is essential to successful project delivery. If stakeholders don’t understand what is happening, why it’s happening, or how the new system works, project managers can struggle to get the information and buy-in they need. This raises the risk of getting requirements wrong and having to rework the project later.

The key to engaging stakeholders:

  • Communicate with all relevant stakeholders early and often.
  • Create a communication plan and design a project roadmap.
  • Spread your net wide to include management, users, business analysts, and solution developers.
  • Consider what is going in your stakeholder’s world and set realistic deadlines accordingly.
  • Ensure you have solid governance processes.

Define requirements and processes at the start

Business requirements need to be defined from the very start of the project for the best chance of success. Well-formed requirements help create clear parameters so you can design processes that deliver maximum impact with minimal distractions. And if you need help defining these requirements, you can work with a regulatory specialist that understands your unique challenges and can provide tried and tested advice.

I wish I understood more about what my direct colleagues were wanting to achieve at the start. It wasn’t a case of simply taking paper forms online - the whole process needed to change. We could have responded more quickly if we spent time upfront

Chief Information Officer

Embrace the process of change

Tackling large digital transformation projects can be daunting, but change is essential to growth. Focusing on the positive outcomes of your project can help you work through the resistance. For example, by making it easier for people to do their jobs, transformation projects can boost staff morale and retention. And for many agencies, this can spark a cultural change that helps them become a better regulator.

I was rather apprehensive in the beginning, because of the complexity of what we’re trying to achieve. But just because something seems hard doesn’t mean it won’t work out well in the end.

Director Information Management

Why regulatory technology is so important for government agencies

Regulatory technology (RegTech) can help government agencies better navigate, deliver, and enforce regulation. The right solution can help agencies can overcome some of the common challenges they face and can deliver better outcomes to the public and industry. By partnering with Objective, you also get advice and learning from our 25+ years of working with government regulators.

For more information about Objective RegWorks or to see a demo, get in touch with our team.

*Source - ’Scratching the surface – the Government Regulatory Technology Report 2022’, page 12.