A regulatory approach to policymaking for emerging technologies in digital transformation
The new technological era has birthed the mechanical and technological industrial revolution which is characterized by the existence of Artificial Intelligence (AI), Robotics, Geospatial Data, FinTech, Telecommunications, and Digital or Information & Communication Technology (ICT). These technological advancements are fast replacing human capital, resulting in economic anomalies with high unemployment rates and equally high gross domestic product. Many technological companies bring new inventions regularly to feed the hunger of consumers for high-speed functioning machines rendering maximum performance. The characteristics of policy-making initiatives for emerging technologies are equally governed by a policy cycle that is unending and highly instrumental in the policymaking initiatives.
Internationally, governing bodies are burdened with the need to identify societal and economic needs to employ policies. determination of policies to be employed relies heavily on the problem and needs a relationship that would have been diagnosed by members of a jurisdiction. Thus, there is a thin line that cements the relationship between policies and policies. According to Knill and Tosin, there are four conceptual models that aid in the understanding of the relationship existing between politics and policies, and these are the incremental model, the elite model, the process model, the rational model, and the institutional model. The complementary relationship existing amongst these models aids in the concentration of different political characteristics by each model. These models thus determine the initial process of policymaking.
Though policymaking transpires in the presence of a myriad of challenges and involves several policy-making processes, governments are expected to involve all relevant economic stakeholders when these policies are being made. The overall setting of regulatory policymaking for emerging technologies emanates from the agenda-setting to policy formulation, policy adoption, policy implementation, and lastly policy evaluation. Policy formulations in digital transformation must seek to protect both the consumers and the developers. Organizations Are at risk of losing data or having their important information landing in the hands of the wrong end users. To curb such occurrences, digital transformation policies in emerging technologies must stipulate who exactly the product end-users are and the program guidelines and user manuals. digital transformation policy frameworks must specify data access, incident response, acceptable use, data classification, disaster recovery, international travel, and third-party risk.
Governments need to consider that digital transformation policy frameworks are not linear processes due to the continual rise in the rate of software development and technological advancement, thus policy frameworks must be as current as possible and encompass all digital transformation matters thereto. The Information security policy is also of importance in emerging digital transformation to provide simplified digital transformation solutions that are neither morally harmful nor hazardous to both the end-users and the developers. Governments ought to base their digital transformation information security policies on a combination of already existing appropriate legislation and international agency requirements. For these policies to be exhaustive, EMES’ are thus encouraged to undergo extreme policy research, and encourage digital transformation advancement policies that are set to develop economic markets via strict cognizance of social equity, labor market shifts, and cultural diversity as well as gender equity.