Regulatory Impact Assessment

Regulatory impact assessment (RIA) is a systematic, ex ante framework for appraising the likely consequences of a proposed regulation before it is adopted, so that policymakers choose the option that delivers the greatest net benefit to society. Promoted internationally by the OECD as a cornerstone of regulatory quality and 'better regulation,' RIA requires governments to define the problem clearly, identify a full range of options including non-regulatory alternatives, weigh their costs and benefits, consult affected parties, recommend the preferred option, and plan for monitoring. The aim is to replace reflexive rule-making with evidence-based, transparent and proportionate regulation.