The current regulatory system in the UK still bears the marks of a slow-moving, resistant-to-change institution. Unfortunately, the relationship between businesses, regulatory bodies, and the government hasn’t changed much when it comes to getting things done. Often, the participants in this loop are faced with vague, outdated, biased, information, time-consuming searches for regulatory code, compliance issues, and costly consulting fees. In other words, it’s inefficient.
But there’s a fix.
LawNotion seeks to consolidate stakeholder needs with high-quality information, and deliver on policy while supporting an efficient and competitive market. LawNotion utilises advanced, core AI algorithms to bring clarity and focus to the UK’s regulatory system by bridging the gaps of understanding between policymakers and those businesses affected by regulation.
But who are these stakeholders? We’ve identified four primary groups of users who will benefit from our regulations analytics tool. Policymakers (e.g. policy advisors, economists, local authorities, regulatory bodies), professional bodies (e.g. policy analysts in trade unions), lawyers, and businesses.
Let’s explore the role of a policymaker. His needs, goals, frustrations, and how LawNotion can solve his challenges.
New Policymaker, Same Old Process
Vincent is a policy advisor who oversees regulation for the Department of International Trade. He wants to proactively identify regulatory issues, have more visibility over all the applicable regulations regarding international trade, and understand the impact of regulations on potential businesses that are looking to invest in the UK. By doing this, Vincent can develop strategies to increase investment, create trade policies, and reduce regulatory burdens on foreign investors. However, the current regulatory landscape is such that it is difficult to perform analysis on regulations, as there is no clear picture regarding what regulation belongs to which industry or sector, nor is it possible to aggregate data by size of business.
As an employee whose primary functions include opening doors for innovation, alluring foreign investment, and fostering SME growth in the UK, these are substantial hurdles to overcome. If you’re a policymaker or policy influencer, chances are you’ve run into the same issues.
Think of the time wasted and potential commerce lost as a result of disorganization in the current system.
The New Standard
The good news? The LawNotion app will streamline the regulation research process, saving valuable time for businesses and policymakers alike. With Smart Search, Custom Charts, and Custom Tables, Vincent can group or filter regulations by sectors. This provides a clearer overview of the regulatory landscape of different sectors and helps analyse the burdens of these regulations, in real-time. He doesn’t have to rely on word-of-mouth advice from colleagues or worry about potential outdated information. With the Combine Groupings and Filter feature, Vincent can make his search even more specific; and even compare sectors and regulations side-by-side. With the Summary View, Vincent can see the highlights and important takeaways of a specific regulation, without having to read the whole thing.
The ability to aggregate all of this information at his fingertips gives Vincent essential, valuable insights into the regulation process. By running the Simulation feature of this tool, he can assess the introduction of a new policy and analyze its impact and potential burdens on businesses, and decide whether or not they require reform. With this knowledge, he can be more proactive in designing regulations, and free up time to recommend improvements that foster innovation.
This regulation analytics tool provides Vincent, and policymakers like him, all the information necessary to undertake policy research effectively and efficiently. With unbiased evidence and data, policymakers using this tool are better equipped to create a more transparent and trustworthy relationship with businesses, while maintaining protections for private citizens and the environment.
The Takeaway
LawNotion is bringing the UK’s regulatory system into the 21st century and giving it a makeover. Users at every step in the loop will now have timely access to information that will facilitate cooperation, reduce overlap in regulation and expose redundancies, and give a clearer picture of those affected by any new policies introduced. The short term benefits of saved time, money, and personnel resources are evident. The long term impact of business growth and improved communication between commerce and government are two of the many reasons this tool will revolutionize the regulatory system while ushering in the next generation of advanced AI-driven analytics.
We believe that better insight and better understanding leads to better regulation.