What I’ve learnt from preparing Regulatory Strategies – Making the next one even better…
Relief! Your Regulatory Strategy is complete. Now for the feedback, are you ready for it?
For my tips on preparing Regulatory Strategies, refer to my previous articles What I’ve learnt from preparing Regulatory Strategies… before you begin, and What I’ve learnt from preparing Regulatory Strategies… Now that you’ve started.
Ultimately, the success of your Regulatory strategy is determined not by you, and not even by your target Regulator(s), but by your organisation. So let’s take a look at a three typical reactions from your organisational audience, and how you might reflect on these to make your next strategy even better.
Scenario 1 – your proposed approach was met with an instantaneous and boisterous objection
Were there shortcomings in your Regulatory expertise? Whilst external support may plug such a gap, do check first for any untapped knowledge within your organisation or external network (this one with caution).
Ask yourself, were you blindsighted by the reaction your Regulatory Strategy received? If so, then it is likely your audience was blindsighted by your approach. Stakeholder engagement, particularly when presenting controversial advice, is invaluable. Next time pay closer consideration to who might have the biggest objection, and how you might engage with them prior to delivering your strategy. Often bold reactions are not to due Regulatory insufficiencies.
Scenario 2 – your documented Regulatory strategy was barely read, and instead you were asked to provide a verbal summary
Ask for feedback. Was it too long, too complex? Were key points lost in the technical blurr? Would a verbal summary or a three-slide Powerpoint have sufficed, at least initially?
Scenario 3 – the risks and challenges you raised were largely ignored
Did your strategy highlight these sufficiently? If not, then find another way to do so. If, however, risks and challenges did receive the right level of attention, then perhaps they weren’t ignored. Perhaps they were simply accepted as such by the those in your organisation with authority to do so, in which case, accept it and move on.
Five questions to consider as you reflect upon your Regulatory Strategy
- How was my Regulatory strategy received?
- What assumptions were missed or not challenged?
- Were risks and benefits quantified?
- How could stakeholder engagement be improved?
- How could clarity of my Regulatory Strategy be improved?
Contact Mary for a complimentary Regulatory Strategy starter tip discussion or Regulatory Strategy assessment.