Commercial, strategic and political skill sets
The GC role in the tech space has evolved rapidly in the last few years and now requires commercial, strategic and political skill sets to be brought to the table – all are key to navigating the regulatory landscape.
Learning how things work
Invest time early on in learning how things work “under the hood” in your company. This understanding will be a major asset in bridging the knowledge gap between the business and regulators or government.
Build systems and processes in anticipation of rapid growth
Find high quality advisers / experts early and be diligent about documenting regulatory issues from the outset. It will be more challenging to implement this framework down the track.
Clear and consistent internal voice
Develop and promote a clear and consistent internal voice on regulatory issues. This is crucial to ensuring your message is absorbed in fast-paced environments where your audience in the business may be at “saturation point”.
Consistency may be the answer to reducing regulatory complexity
Where appropriate, consider adopting a ‘highest water mark’ approach to regulation (ie building systems across the business to comply with the most stringent regulatory regime, eg the GDPR). Where feasible, this one size fits all approach is efficient, low risk and positions the business for further growth.
Within a business
Forge connections ‘on-the-ground’
When dealing with unfamiliar jurisdictions, forge connections ‘on-the-ground’ in-region to gain a practical understanding of unique regulatory landscapes.
Proactive and reactive
There are merits to both proactive and reactive approaches to regulatory engagement, but it depends on the regulator and the nature of the issue. Seek advice from people familiar with the specific regulator to help you decide what works best in a particular context.
Contribute to the policy landscape
There are diverse ways to contribute to the policy landscape. This might be developing a community of voice through tech peak bodies, or engaging with legal profession groups that regularly weigh in on law and policy debates.
Stay on top of fast-paced regulatory development
Staying on top of fast-paced regulatory development remains a challenge – leverage resources like the Tech Council of Australia as much as possible to distil the key points you need to know in a shifting environment.
Lean on your peers!
Support is available for those navigating the return to the physical workplace, understanding the
new ESOP reforms and much more. HSF is always happy to chat, and put you in contact with our in-house tech network.