Working in collaboration with the Better Regulation Executive and funded by the GovTech Catalyst, Waymark Tech is developing an innovative technological solution to promote understanding of existing regulation and to provide insightful analysis that would inform, as well as improve, the way in which new regulations are introduced in the future.
Founded in 2016, Waymark Tech offers AI-as-a-Service enabling any organisation to reveal hidden patterns and connections within vast, dynamic and unstructured text datasets. Building on Waymark’s proven AI technical capability, the project will develop state of the art natural language processing (NLP) technology that will systematically extract information from thousands of pages of UK legislation and then model the burden it applies on businesses, as well as tagging the content for ease of access. These are just some of the questions that Waymark’s new solution intends to solve:
- How can we analyse the stock of existing regulations to identify which requirements apply todifferent businesses and sectors?
- How can we assess the level of difficulty for different businesses and sectors will have incomplying with the individual regulatory requirements?
- How can we evaluate how challenging the cumulative stock of regulation is for differentbusinesses and sectors to comply with?
- How can potential conflicts and overlaps within the regulations be intelligently handled?
- How can the entire body of regulations be quantified for affected businesses and sectors?
The solution will automate large parts of information analysis currently conducted manually by policy writers, as well as providing entirely new knowledge, currently too complex or opaque for humans to uncover without technological assistance. A solution that will provide policy writers with valuable insight, enabling them to ensure regulation is smarter and better targeted.
Mark Holmes, CEO of Waymark Tech, commented: “Waymark Tech is thrilled to be given this opportunity to work on such an important Government initiative. This project demonstrates the UK Government’s leading position in encouraging innovation and the adoption of new technology. The results of this development will improve the process of policy writing, better targeting reform and lead to an improved outcome for all sectors of business.”