An information paper by the Productivity Commission has highlighted how there is scope for Australia to adopt regulatory technology (regtech) beyond the financial sector, with the belief it can improve regulatory outcomes and reduce the costs of administration and compliance.
In its regulatory technology information paper [PDF], the Productivity Commission noted how Australia is “well-placed” to develop regtech solutions given its “relatively stable and sophisticated” regulatory systems, but currently, extensive use of regtech remains relatively low.
“Low awareness can dampen both demand and supply responses — business need to see value in changing their software so that developers see value in investing in applications, which in turn deliver the value businesses need to see,” the paper stated.
It went on to suggest that Australia could extend its existing use of “low-tech” solutions, including digitised data, forms, registers, and transactions to streamline business and individual transactions with government, as well as
COVID-19 has accelerated the push toward digital business transformation for most businesses, and legal and compliance leaders are under pressure to anticipate both the potential improvements and possible risks that come with new legal technology innovations, according to Gartner.
Legal technology innovations
To address this challenge, Gartner lists the 31 must watch legal technologies to allow legal and compliance leaders to identify innovations that will allow them to act faster. They can use this information for internal planning and prioritization of emerging innovations.
“Legal and compliance leaders must collaborate with other stakeholders to garner support for organization wide and function wide investments in technology,” said Zack Hutto, director in the Gartner Legal and Compliance practice.
“They must address complex business demand by investing in technologies and practices to better anticipate, identify and manage risks, while seeking out opportunities to contribute to growth.”
Analysts said enterprise legal management (ELM), subject rights
Seattle startup Strike Graph raised a $3.9 million seed round led by Madrona Venture Group.
The company, founded less than a year ago and spun out of Madrona Venture Labs, helps customers prepare for the cybersecurity certification process.
Most B2B organizations need to pass cybersecurity audits to ensure their service meets security and privacy standards. StrikeGraph says its customers can earn a SOC 2 Type 1 certification in 45 days and save $50,000 in consultant fees thanks to automation and customization features.
The 5-person startup is led by CEO Justin Beals, a veteran of NextStep, Koru, Roundbox Global, and other startups, along with Brian Bero, who previously co-founded Seattle tech stalwart Apptio and recently sold security startup Greytwist to SmartRIA.
The idea for Strike Graph came about after Beals struggled with the SOC 2 process as the CTO
The Commercial Vehicle Safety Alliance (CVSA) recently released a stop-motion video on the future of commercial motor vehicle safety technology, inspections, and enforcement.
The four-minute video highlights specific safety advancements, including:
Vehicle-to-Everything: vehicle-to-vehicle, vehicle-to-infrastructure, vehicle-to-pedestrian, and vehicle-to-enforcement technologies.
Alerts to Drivers: Warnings regarding inclement weather, accidents, closed roadways, bridge height restrictions, construction, road conditions, etc.
Advanced Driver Assistance Systems: Lane centering, lane keeping, automatic emergency braking, and controlled driver steering.
Electronic Inspections: North American Standard Level VIII Electronic Inspections and universal electronic identification.
Automation: Autonomous technology within and around the truck cab.
Vehicle, Driver and Pedestrian monitoring: Technologies for monitoring the inside and outside of vehicles with cameras, sensors and radars.
The “Welcome to the Future of Commercial Vehicle Safety and Enforcement” video provides an easy-to-understand visual presentation of today’s challenges and the solutions to those challenges, such as the deployment of these safety technologies.