Innovators And Regulators – Not Such Odd Bedfellows
Innovators And Regulators – Not Such Odd Bedfellows Say Experts At Business Forum 2016
19 MAY 2016
Auckland’s first Business Forum, hosted by Chartered Accountants Australia and New Zealand was attended by nearly 300 New Zealand business leaders. The two day event focussed on authentic leadership and connected intelligence, with delegates hearing from speakers from around the world.
On day one, local talent stole the show with heavy hitters from the world of finance, law, entrepreneurship and regulation debating the role of the regulator in an increasingly disruptive and global market.
Anna Guenther, co-founder and Chief Executive Office of PledgeMe, New Zealand’s first crowdfunding platform; Nick Hegan, Head of Legal & Compliance at Forsyth Barr; Mandy Simpson, COO, NZX; and, Simone Robbers, Head of Strategy and Risk, Financial Markets Authority comprised the panel of expert. They agreed that New Zealand’s long term prosperity is directly linked to innovative start-ups, and that regulators needed adapt their methodologies so that these start-ups thrive.
The panel listed out key attributes of the regulator of the future:
• Ability to understand and use data analytics in a meaningful way
• Be connected – through technology and personally through networks
• Cope with uncertainty and change
• Communicate well
• Try new things and test ideas as you go – accept that there is some risk
• Be collaborative and consultative especially with start-ups and entrepreneurs unused to dealing with the regulatory landscape
• Have an open mindset
Lee White, CEO of Chartered Accountants Australia and New Zealand said: “Regulators here in New Zealand, and overseas are all facing the same dilemma. With the advance of technology solutions such as block chain, old ways of regulating need to be revised. How do you regulate international crowd funding for example? We are stepping into a brave new world where consumers and businesses have to move quickly to survive and thrive. Regulators are not immune to this trend.”