How to streamline Regulatory Change Management?
Regulations and Innovation
The crux of the new approach lies in the empirical methodology that it employs. Empirical analyses, which were already known, were surveyed by employing a variety of methodological approaches, databases, and results. Through the analysis, the short term and long term impact of regulations have been revealed. The investigation has divulged that short term impacts of regulations are often negative for innovation. However, rules and regulations more than make up for their initial failings by serving as great assets in the long run. There is an added incentive of spillover benefits, which help in enhancing an organizationâ€™s structure and also drive the uptake of innovation.
Most quantitative studies done by using the empirical methodology havenâ€™t been able to distinguish between the influences of changes in the creation of rules, their implication, and the resultant compliance of the companies. However, it has been found that the innovative culture when inculcated in the operations of regulatory bodies promotes the positive innovative impact of regulations.
Through the studies, the following proposals for more innovation-friendly and innovative targeting regulatory policies can be deduced:
Optimize the frequency and timing of reviewing existing regulations.
Strengthen the focus on innovation while creating regulatory policy.
Enhance the quality of the regulatory framework that is directed at innovation.
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Article Added on Friday, March 30, 2018
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