Driving regulatory efficiency in the time of AI

Recently, the UK government announced a new action plan to ensure that regulators and regulation support growth. The paper finds that amongst the many strengths of the current regulatory system, challenges arise particularly for businesses. Reforms aim to simplify processes, reduce uncertainty, and foster a more balanced approach to risk. In response to these challenges and as part of the government’s action plan, there is an increasing focus on AI in driving regulatory efficiency. Some regulators have already committed to incorporating AI.