Regulatory Impact Analysis (RIA)
Regulatory Impact Analysis (RIA) is a process of systematically identifying and assessing the expected effects of regulatory proposal, using a consistent analytical method such as cost-benefit analysis. It is a comparative process which is based on determining the underlying regulatory objectives sought and identifying all the policy interventions that are capable of achieving them. These “feasible alternatives” are assessed using the same method to inform decision – makers about the effectiveness and efficiency of different options and enable the most effective and efficient options to be systematically chosen.
Support better regulation through:
- Sound analysis of the case for government intervention in response to a perceived problem and the rationale for a regulatory action
- Informed decision making of the likely impact of the available options, giving specific attention to impact on business (including SMEs) and society
- Support transparency in decision making by providing a process and instrument for engaging stakeholders and explaining the case for government action
- Covers all regulatory activities affecting economic, social and the environment.
- Does not apply to matters concerning national security and sovereignty.
Definition of Regulation
Regulations are measures of general application in various forms that are undertaken by regulators at various levels for which compliance is mandatory. These include policies and measures such as primary legislation (Act of Parliament, Enactment and Ordinance) and subsidiary legislation (regulations, standards, rules, by-laws, orders, and guidelines).