The World Economic Forum, in partnership with the United Arab Emirates, has launched on Friday a new initiative called the Global Regulatory Innovation Platform. The initiative is designed to strengthen how governments design and adapt regulation in step with accelerating technological change, as per a press release.
Announced in Geneva on Thursday, GRIP is designed to bring together policymakers, industry leaders and legal experts to find more flexible and practical approaches to rulemaking, as per the release. The aim of the initiative is to help regulators keep up with innovation that's often moving faster than legislation.
The platform has been set up with support from the UAE's General Secretariat of the Cabinet.
"Innovation moves fast—regulation must too," said World Economic Forum President Børge Brende, adding that GRIP would support governments in shaping frameworks that are more responsive and forward-looking.
In its initial phase, GRIP will focus on developing three tools over the next two years:
A Global Regulatory Playbook with policy guidance and case studies
A Regulatory Future Readiness Index to assess how prepared countries are to handle emerging technologies
A Regulatory Innovation Hub to test solutions in partnership with regulators and industry
Maryam Al Hammadi, the UAE minister of state, said the platform aims to equip regulators with the tools and data needed to respond to constant technological shifts. "The Global Regulatory Innovation Platform will strive to empower legislators globally, providing them with cutting-edge regulatory tools and data to keep pace with a world of relentless technological breakthroughs."
Boston Consulting Group is contributing as a knowledge partner, alongside experts from the Forum's policy and legal communities.
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