While the definition of regulatory excellence itself will continuously be challenged and updated, our duty as regulators is to transform alongside this definition. To do this. regulators across the world must utilize current partnerships, as well as seek new relationships through regulatory diplomacy. This is defined as:
"A guiding method of conduct – built on the principles of trust, continuous improvement, and knowledge sharing – that facilitates cooperative and collaborative relationships between a regulatory agency and various stakeholders to produce positive outcomes. This is essential to the journey of achieving regulatory excellence."
The mandate for extractive industry regulators in all jurisdictions is to provide for the efficient, safe, orderly, and environmentally responsible development of energy resources. To do this, access to information is paramount. By engaging proactively with stakeholders, ICORE strives to elevate regulatory practices globally; learn from other jurisdictions, earn credibility, and address misconceptions. In order to achieve this, the question becomes “What does regulatory excellence actually mean and how can it be measured?” Through collaboration between the Alberta Energy Regulator and the Penn Program on Regulation at the University of Pennsylvania, three core attributes of regulatory excellence has been identified. These serve as the core principles of ICORE.
Focused on the actual delivery of outcomes that maximize public value and the capacities built and actions taken to achieve a high level of performance.
Focused on transparency and public engagement, but also about how respectfully the regulator and its personnel treat regulated entities, affected landowners, and all other concerned individuals.
Focused on the regulator’s commitment to serving the public interest, to respecting the law, and to working with duly elected representatives.