“The effective use of big data in regulation is one of the most important steps regulators can take in the near future”
March 29, 2018 – Regulators can better use big data and machine learning to save time and money for businesses, individuals and themselves, according to a new report from the C.D. Howe Institute. In “Regulatory Reform in Ontario: Machine Learning and Regulation,” author Anthony Niblett explores how regulators can move toward more efficient and effective regulation by embracing data analytics and machine-learning tools.
“The effective use of big data in regulation is one of the most important steps regulators can take in the near future” says Niblett.
While big data, analytics and machine learning certainly offers new and difficult challenges for regulators, it can also help regulators streamline regulation, cut unnecessary red tape and better allocate scarce resources. These new advantages include:
- Helping regulators better predict who should and should not be investigated. With the right data and appropriate data analytics, predictions can be made about where to best place investigation limited resources.
- Helping regulators to predict how a court would resolve a particular problem by analyzing all previous court decisions relevant to a case. Regulators can then avoid wasting resources litigating cases they are likely to lose.
- Changing the way laws and regulations are consumed and produced. Lawmakers will have greater ability to provide relevant information before the individual or business acts, rather than waiting to adjudicate after they have acted.
- Drastically reducing the time and cost for regulators to respond to the queries. Instead of relying primarily on vague guidelines, greater certainty will allow regulators to offer more expedient and personalized response.
More effective and efficient government regulation would also allow businesses and individuals to better understand their rights and responsibilities while minimizing the uncertainty and cost of interacting with government, notes the report.
Click here for the full report
For more information contact: Laura Bouchard, Communications Coordinator at the C.D. Howe Institute at 416-865-9935 or lbouchard@cdhowe.org
The C.D. Howe Institute is an independent not-for-profit research institute whose mission is to raise living standards by fostering economically sound public policies. Widely considered to be Canada's most influential think tank, the Institute is a trusted source of essential policy intelligence, distinguished by research that is nonpartisan, evidence-based and subject to definitive expert review.