THE REGULATORY ENVIRONMENT IS RAPIDLY SHIFTING, WHICH IS CREATING A NUMBER OF UNIQUE CHALLENGES FOR REGULATORS
THE ECONOMIC IMPACT
Regulation forms the foundation of sound business practice. Capability gaps in the regulatory system have served to discourage investment as operators struggle to navigate complex, outdated regulatory processes, or have challenges seeking recourse in dispute resolution.
DEVELOPING WORKFORCE CAPABILITIES
Innovation within industry and regulatory practices continues to evolve rapidly, requiring the agile development of subject matter experts (SMEs) and public policy within specialist fields. Capacity building is complicated by SMEs leaving or retiring, exacerbating expertise gaps within regulatory agencies.
SHARING LEADING PRACTICES
No one is an expert in everything. Without formal mechanisms to codify, commercialize and share expertise, jurisdictions rely on informal relationships that are not scalable or sustainable. Supranational organizations may have a role to play, but without a clear mandate to act as a connector, this gap continues to exist.
SECURING SOCIAL LICENSE
Regulators of extractive industries are losing the war of public opinion. The ability of special interest groups to mobilize and implify their voices are disproportionately swaying perceptions. Regulators must come together on to address the real issues facing extractive industries and develop initiatives that elevate global regulatory practices.