By Grant Sprague and Doug Schweitzer
Date: November 28, 2024
Canada's regulatory system continues to be criticized for its inefficiency and high cost, hindering the development of major projects and impeding economic growth. As industry continues to evolve and face new challenges, it is crucial that we embrace innovation in the regulatory space to drive efficiency and foster a more conducive environment for project development. While legislative and regulatory reforms that streamline approvals are important, we also need innovative technology to work within the regulatory space.
This need for innovation cannot be overstated. The current system is inefficient – it is burdened by delays, lengthy filings, manual reviews, and fragmented reporting systems. These inefficiencies not only hamper economic growth but also increase uncertainty for investors and project developers. By embracing innovative solutions, we can create a more streamlined and efficient regulatory process.
One of the key advantages of ethically and responsibly developed AI tools is their ability to analyze and scrutinize hundreds of thousands of documents to efficiently decipher relevant details that need to be scrutinized by regulators. Artificial intelligence will not replace judgement and experience but it will improve the quality of regulatory filings and enhance accountability. By harnessing the capabilities of AI enabled tools, project teams and regulators can make more informed decisions and identify potential risks and opportunities associated with major projects.
This need for innovation has driven the team at Ultimarii to build an AI enabled platform focused on driving efficiency and increasing the quality of regulatory filings. As part of our mission to drive efficiency and innovation, the team at Ultimarii is making its platform available to major regulatory bodies in Alberta. By equipping regulators with advanced analytical tools that would otherwise take them years to develop, Ultimarii is fulfilling its mission of accelerating major project development in Canada.
The need for innovation in the regulatory space in Canada is undeniable. However, innovation in the regulatory space cannot be achieved by a single company alone. It requires collaboration and cooperation between industry stakeholders, regulatory bodies, and government. By embracing innovative solutions and fostering collaboration between industry stakeholders and regulatory bodies, we can create a regulatory environment that is efficient, transparent, and supportive of economic growth.
About the Authors: Grant Sprague is a former Deputy Minister of Energy (Alberta) and Counsel at Blue Rock Law. Doug Schweitzer is a former Cabinet Minister (Alberta), Co-Founder of Ultimarii and Partner at Blue Rock Law.
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