THE GLOBAL REGULATORY LANDSCAPE IS SHIFTING RAPIDLY.
Regulators around the world are facing unprecedented change. Operating in a world characterized by macroeconomic uncertainty, conflicting policy objectives, changing societal expectations, and eroding public confidence, the global regulatory community requires a collective approach that fosters excellence, encourages innovation, and champions collaboration.
Regulators perform an essential function in society and yet there remains little consensus on a common set of standards for regulatory performance and training. It is challenging for regulatory institutions to objectively and credibly evaluate performance or identify areas for improvement that hold public legitimacy.
No single regulator has all of the answers on how to work towards a common set of standards; however it only takes one to trigger the movement towards regulatory excellence. What ICORE has come to learn from the Alberta Energy Regulator’s experience in the development of the Regulatory Excellence principles is that the core attributes of regulatory excellence are: empathic engagement, utmost integrity, and stellar competence.
As the international community commits to redefining a sustainable energy future in a carbon-constrained world, regulators of extractive industries are primed to play a critical role in this journey. The level of vision, innovation, collaboration, and expertise required to meet such a goal will require regulators to elevate their talent and capabilities, and take actions to secure any opportunities that exist.
HOW IT ALL STARTED
Regulators across the world must utilize current partnerships, as well as seek new relationships. The concept of advancing cooperative, global, regulatory dialogue through continuous engagement, trust and relationship building with others, we define as regulatory diplomacy. The commitment to generate a global energy regulatory dialogue has been the foundational platform to launch ICORE.
We know that regulators must embody the principles of regulatory excellence if they are going to address the global challenges of the twenty-first century and improve the well-being of society. Embodying these principles help regulators build their capabilities, strengthen their resiliency, and improve their performance. It is vital that leaders be well-positioned to carry out their mandates and create exceptionally positive impacts for the wider community.
ICORE’s vision is to become the global centre of regulatory excellence for learning, innovation and collaboration in extractive industries. ICORE will be unique in the world by creating an innovation hub to design tailored training programs to enhance technical skills and competencies, and establish global benchmarks for regulatory excellence to objectively assess performance.
Built by regulators, for the benefit of regulators, ICORE’s goal is to provide a collaborative environment for regulators to collectively aspire to build resilient and credible institutions that instill public trust and confidence.
By being a part of ICORE, regulators around the world will play a vital role in shaping the collective expertise of practitioners, develop the skills of leaders, improve the capabilities of operations, and develop cross-jurisdictional solutions. Doing so will increase the potential to become high-performing, resilient, and credible – delivering valuable socioeconomic and environmental outcomes.