UMCoRS capacity building initiative is a long term, continuous strategy that aims to harness human capital development, management processes, legal frameworks and policy making. These institutional structures inform the regulatory space and supply an understanding of the interaction amongst stakeholders.
Malaysia’s need for a robust regulatory regime is recognized by the Putrajaya Committee For Government- Linked Companies (GLC) High Performance in the White Book. The White Book sets out, among others best practice regulatory management for companies, particularly GLCs to succeed in increasingly demanding internal and external markets. The rigours of the regulatory space must be met through a steady evolution of intellectual capital in the area. A strong intellectual capital base will be able to harnesses experience, know-how, skills and creativity which provides a core set of intellectual assets.
Stakeholders constantly need the latest tools and skills to design, implement and update their regulatory skills. This is because the issues confronting the regulatory space are complex and rapidly changing in order to meet developmental needs, technological necessities and market requirements. At a broader level, the political economy is influenced by the contextual process of regulation. While the borders that define regulatory measures are global or regional, regulation is often shaped by local sensitivities, needs and abilities. Stakeholders must be able to navigate and make sense of the convergences and divergences.