Technology is transforming almost every aspect of the world and has impacted the way companies and governments do business. This fundamental shift in the way businesses operate and engage with the world has been called “Disruption.” Innovation is driving change at an incredible rate, and change is happening faster now than at any time in history. In this Age of Disruption, entire industries are completely rethinking the way they operate.
Success in the Age of Disruption is a matter of adaptability and accepting that just because something has always been done a certain way doesn’t necessarily mean there are no better ways to do it. In the 21st Century, success for businesses has meant embracing the Platform Economy. The main driver of the Platform Economy is the recognition that all points of view and all potential participants have some potential value to the enterprise. The model brings together people, resources, ideas and technology to collaborate on a new enterprise model or improve an old one.
The regulatory environment we currently find ourselves in is having limited success in the Platform Economy: trying to adapt existing regulations to new businesses that don’t fit within the traditional confines of a given industry or sector has been difficult in some cases, and impossible in others.
The global energy industry is particularly susceptible to the forces of the Platform Economy. Growing populations want their energy needs to be met by less carbon-intensive sources. The timeframe for capitalizing on extractive energy opportunities is shrinking, as renewable energy from sources like wind, solar and tidal are becoming increasingly reliable. Being nimble with regulatory oversight as a global energy transition moves forward will give countries a competitive advantage if they are entering or increasing their presence in the global energy market.
In every country in the world, regulators are facing the same challenges brought upon by the Age of Disruption and the Platform Economy. The global regulatory community has a responsibility to shape its own evolution and is well positioned to do so. Lacking in the regulatory world has been a comprehensive platform from which to launch a global collaboration among regulators. ICORE is our platform.
The International Centre of Regulatory Excellence is bringing together a wide array of regulators from different countries, different industries, different backgrounds and different experiences. With inspiration from the Platform Economy, ICORE’s collaborative model and open discussion platform will seek to address the significant challenges of regulating in the 21st Century.
Formulate a Framework of Regulatory Excellence that will be the pathway to success in the Age of Disruption.
In the past, regulators have tended to isolate themselves to maintain the appearance of neutrality and being apolitical. This isolation has also extended to fellow regulators.
ICORE provides the global regulatory community with a safe, politically neutral and collaborative environment to engage in a dialogue to learn, share ideas, and co-create solutions to complex problems.
Our vision is grand but achievable: establish an international regulatory culture that allows for continual improvement in the quality and performance of regulation within the context of explicit goals that reflect a new economic and social order.
"The excellent regulator cannot stay in one place, content to have mastered solving the problems of the past. The world changes, its problems change, its economies change, and its social concerns change. Excellence as a regulator requires forward momentum, not static achievement."Cary Coglianese | Director, Penn Program on Regulation, and the Edward B. Shils Professor of Law and Professor of Political Science, University of Pennsylvania