Emerging technologies are providing new tools and techniques to enable more efficient and cost-effective regulatory processes for regulators and industry. These technologies pose challenges for regulators trying to maintain a balance between fostering innovation and protecting consumers.
Our two occasional papers – New tech applications for regulatory outcomes and Emerging technologies: Internet of Things and digital twins – explore:
- the technology
- how it could be used in our regulatory environment
- the challenges, risks and opportunities it brings.
The papers are a part of the ACMA’s research program, which helps us to better understand communications and media markets and the issues that matter to Australians. Our research ensures we are well informed as a regulator, so we can assess what to do when issues arise.
New tech applications for regulatory outcomes
This report explores how regulatory technology (RegTech) could be applied in different sectors and regulatory environments. It looks at the benefits and risks RegTech may bring.
- RegTech is a growing global market, with Australia well-placed internationally for the development of RegTech solutions.
- RegTech solutions can be applied across different sectors to help businesses, consumers and regulators meet current and emerging regulatory challenges.
- The ACMA is monitoring RegTech developments and exploring how these tools could support efficient and effective regulatory practice.
- While RegTech is an effective tool to help decision-making, it does not replace the need for human oversight.
Internet of Things and digital twins
This report explores Internet of Things (IoT) applications and ‘digital twins’, which are virtual simulations of real-world environments enabled by IoT systems. We discuss how they can be used, including whether these technologies can help regulatory decision-making in the medium to long term.
- IoT devices are becoming increasingly widespread with the rollout of 5G, the lowering cost of sensors and advancement in data storage and processing.
- In the short term, digital twins are most likely to benefit regulators with remits on the planning and management of built and natural environments, including infrastructure, transport, and environmental regulators.
- In the future, communications regulators could use IoT to monitor and analyse spectrum data on a large scale.