One challenge the Law Notion app aims to resolve is the time-consuming, trial-and-error, ad hoc approach of the current regulation research and analysis process in the UK. As it stands, there are a plethora of issues within the system that may steer policy advisors, analysts, and businesses in the wrong direction, and supply them with inaccurate, incomplete information, that may even be outdated. Often, the source of supplied information will depend on personal experience from a colleague, personal relationships with others in the field, or published research reports and businesses’ opinions. These sources can vary greatly in accuracy and expertise, and bias may become a factor. Additionally, these records, files, and regulations require human maintenance, which is costly, from both a financial and labor-intensive point of view.
As you see, this is not ideal.
Better cause-and-effect diagnostics with faster, high-quality information
By having access to high-quality information, regulators of specific industries/sectors can be proactive in identifying regulatory issues, rather than reactively relying on feedback from businesses.
Enter LawNotion.
From an analyst’s perspective who supports policy advisors by analysing regulation and creating impact assessments, they must be able to mine data – quickly and flexibly – according to the needs of those they advise. Under the current process, regulations are not properly tagged and compartmentalized within relevant fields, which is a hindrance to a smooth and speedy perusal. LawNotion meets this challenge by enabling the user to create charts and tables using groupings, filters, and searches; custom sort and analyse this data, then view, download, or save these reports to present insights.
With LawNotion software, policy advisors and regulators may now:
- Make clear which policy applies to which sector in order to identify gaps in regulation and create policy options to solve the identified issues
- Present insights on regulations according to the specific needs of policy advisors
- Assist policy advisors in gathering regulation evidence
- Quantify the costs and benefits of new regulation introduction
- Maintain updated regulation records
- Enable better policy design
Futureproofing
If 2020 through the present day has taught the UK regulation industry anything, it’s that it must embrace the data-focused digital transformation. There are two specific events from the last year that will have a long-term impact on the UK’s economy, for which the regulatory bodies were forced to adapt, and must plan for in the future.
COVID-19
The financial markets were hit hard, and it forced policymakers to conduct impact assessments and create new regulations in a rather short amount of time, as businesses shuttered, wages were lost, and people could no longer afford their mortgages due to sudden economic stress. In the future, these regulatory commissions in the medical field will have their hands full as vaccines are rolled out. Harnessing the power of LawNotion’s advanced analytics allows the regulatory commissions to make quick, informed decisions, that are socially and economically responsible today, and futureproof for tomorrow.
BREXIT
The economy is facing disruption, as trade agreements are forged and non-UK businesses are integrated, and with that comes new regulations. Also, the UK must make itself an attractive landing spot for those willing to invest capital and start businesses. Thus, regulatory bodies need to act in a timely manner without compromising the integrity of regulation-making, while improving existing regulations to foster innovation.
As new industries arise (i.e. autonomous vehicles, biomedical ethics, artificial intelligence, personal data collection), so to will new challenges. LawNotion is a tool that aids in regulating those industries that already exist, and increases the possibilities of better policy making in the future. In doing so, this will make the decision process more transparent, create a better relationship with businesses, and reduce harm to consumers.