TECHNOLOGY ENABLED REGULATORY REGIME
While we are getting more and more immersed in technology, adding extreme amount of complexity to our lives, expecting the earlier regulatory regime or even the earlier one newly packaged to deliver can only be wishful thinking. Regulating a world which is slowly becoming more seamless is not an easy game, global to boast of, more so when even conventional regulation was also not thought on it earlier. Regulation should one day become a design element but that seems to be a different world today.
Till that happens we have to quickly shift gears to the creation / development of regulatory technologies to manage our affairs. Some software based checks and analysis happens by the regulators but has not made any market impact. A regulatory regime on drones legally and policy wise will not yield results, if you don’t the capability to check and control. Technologies in wrong hands can cause immense damage and rule of law logic does not cut much ice when the battle is already lost. It’s just getting some heat out of the embers.
Thoughtful regulation comes out of your capability of understanding the system better than the regular users and the owners, only then the concept of oversight comes. It’s a sight beyond the normal. It’s regulation. It’s the capability to monitor as it happens or even in absentia. It can either be done through appropriate technology; dynamic and in real time or a very effective technology enabled audit. The lost case of data is a perfect example.
With no controls put on the creation of data and its processing at the primary level in the enterprise, can it in anyway be brought under an effective Data Regulatory Regime? Complaints, judicial process and adjudication are not even the beginning and does not have any impact on the Data Harakiri. With technology becoming the game changer, regulatory mechanism needs a paradigm shift immediately. The more technology enabled it is by way of new and innovative technologies, the better would it perform.
ONLY CUTTING EDGE REGULATORY TECHNOLOGY CAN REGULATE EMERGING TECHNOLOGIES.