Government urged to adopt regtech to reduce compliance burden

The small business ombudsman has urged government to adopt regulatory technology to “reduce the burden on small businesses to interpret and implement complex regulations”.

 

Speaking before the Senate Select Committee on Financial and Regulatory Technology on Tuesday (14 July), the Australian Small Business and Family Enterprise Ombudsman, Kate Carnell, outlined that regulatory administration was costing small businesses an increasing amount of time and money.

“Research shows us that a quarter of small businesses spend 11 hours a week or more on compliance, and close to half estimate the annual cost of compliance is $10,000 plus,” Ms Carnell said.

Ms Carnell suggested that government investment in regtech would be an effective way to cut red tape for small businesses and create an opportunity to make life easier for small businesses.

“Regtech uses information technology to simplify regulatory processes for the end user. It’s a potential game-changer for small businesses trying to navigate Australia’s complex regulatory system,” the ASBFEO explained.

“With effective use of regtech, the government could streamline processes and reduce the burden on small businesses to interpret and implement complex regulations,” she added.

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Source: Government urged to adopt regtech to reduce compliance burden – The Adviser