Analytics Model to Support Strategic Planning in a Regulatory Environment
Project Member(s): Liu, W.
Funding or Partner Organisation: NSW Department of Fair Trading (NSW Office of Fair Trading, Department of Commerce)
Start year: 2015
Summary: NSW Fair Trading safeguards consumer rights, administers over 40 pieces of legislation, regulates a range of industries, advises NSW traders on ethical business practices and operates in an increasingly digital, cross-border, dynamic and complex consumer affairs environment. Activities among industrial sectors regulated by the NSW Fair Trading are associated with complex and time-evolving behaviours where risks and issues emerge dynamically. The objective of this research project is to use advanced data analytics technologies to detect and understand the currently emerging risks and issues appearing in the Fair Trading¿s regulated industries. The outcome of this project will provide important information to better understand the emerging regulation risks and issues identifiable from Fair Trading¿s available data sources. The awareness of risks and issues will help Fair Trading to minimise unnecessary burdens on complying regulated entities through a transition to a risk-based, outcome-focused regulatory model. A better understanding of the emergence of risks and issues will also be useful in determining Fair Trading¿s organisational priorities among its portfolios.
FOR Codes: Pattern Recognition and Data Mining, Expanding Knowledge in the Information and Computing Sciences