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Running head: MS 322 DISCUSSION 15
MS 322 Discussion 15
MS 322 DISCUSSION 15
Regulating New Technologies
New technologies are driving modern business and service models, and this has presented
regulators with pressure to strike a balance among competing demands. There is also a growing
need to protect citizens and at the same time allow businesses and innovations to flourish.
Policymakers can regulate new technologies through several approaches. Adaptive regulation is
the first strategy that relies on trial and error and co-design of standards and regulations. Through
more frequent feedback loops, regulators can easily assess policies against the set standards
(Kaal & Vermeulen, 2017). Regulatory institutions can use various tools to obtain such feedback,
including establishing policy labs, designing regulatory sandboxes, and crowd-sourcing
Regulatory bodies can also provide representation to businesses in the governance
process through self-regulatory and private institutions for standard-setting. The soft law method
can be used as a regulatory approach for new technologies. These represent arrangements or
instruments that generate substantive expectations that are indirectly enforceable thus providing
another instrument for drifting to more adaptive standardization (Moses, 2013). Soft law
methods may include codes of conduct, informal guidance, best practice guidance, accreditation,
third-party certification, and business self-regulation.
To regulate new technology, an overarching regulatory system has to be established.
Policymakers need to identify a suitable regulatory structure for t...