Achieving Regulatory Excellence by Cary Coglianese

Author:Cary Coglianese
Language: eng
Format: epub, pdf
Publisher: Perseus Books, LLC

CONCLUSION

Although there are many key elements of regulatory excellence, several appear to be the most significant—mission, funding, information, and judgment. Mission, and the associated goals and strategies, define the direction for regulatory action. Funding provides a regulator with the ability to act in pursuit of its mission. The regulator can then use its resources to hire a talented workforce, retain that talent by paying people decently, and create a motivating career path in the government and an environment within which to adapt to technological innovation. Information is key to setting priorities and influencing outcomes, as is judgment. Excellent regulatory judgment calls for choosing the right regulatory and supervisory tools to solve problems, informed by relevant information. The mix of mission, information, resources, and judgment lead to actions taken by an excellent regulator to drive positive change.

Moreover, excellent regulatory leaders must not fear taking on these challenges nor hesitate to let others receive some of the credit for their good work. This need is particularly acute for regulatory leaders who follow in the footsteps of others who pursued lax regulation strategies but were the beneficiaries of good economic times and, fairly or not, received plaudits for supporting a good economy and job creation.

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