Hi Jade. I disagree with you. I think you are making a straw man of “regulation” and ignoring what modern best practice regulation actually looks like, whilst painting a rosy picture of industry led governance practice.
Regulation doesn’t need to be a whole bunch of strict rules that limit corporate actors. It can (in theory) be a set of high level ethical principles set by society and by government who then defer to experts with industry and policy backgrounds to set more granular rules.
These granular rules can be strict rules that limit certain actions, or can be ‘outcome focused regulation’ that allows industry to do what it wants as long is it is able to demonstrate that it has taken suitable safety precautions, or can involve assigning legal responsibility to key senior industry actors to help align the incentives of those actors. (Good UK examples include HEFA and the ONR).
Not to say that industry cannot or should not take a lead in governance issues, but that Governments can play a role of similar importance too.
Hi Jade. I disagree with you. I think you are making a straw man of “regulation” and ignoring what modern best practice regulation actually looks like, whilst painting a rosy picture of industry led governance practice.
Regulation doesn’t need to be a whole bunch of strict rules that limit corporate actors. It can (in theory) be a set of high level ethical principles set by society and by government who then defer to experts with industry and policy backgrounds to set more granular rules.
These granular rules can be strict rules that limit certain actions, or can be ‘outcome focused regulation’ that allows industry to do what it wants as long is it is able to demonstrate that it has taken suitable safety precautions, or can involve assigning legal responsibility to key senior industry actors to help align the incentives of those actors. (Good UK examples include HEFA and the ONR).
Not to say that industry cannot or should not take a lead in governance issues, but that Governments can play a role of similar importance too.