What is a Regulation Impact Statement (RIS)?
A RIS is a document prepared by the department, agency, statutory authority or board responsible for a regulatory proposal, following consultation with affected parties. It formalises and provides evidence of the key steps taken as part of a good policy development process. It includes an assessment of the costs and benefits of each option, followed by a recommendation supporting the most effective and efficient option. Preparation of a RIS ensures that all relevant information is documented, and that the decision-making processes are made explicit and transparent.
A Regulation Impact Statement (RIS) is a document detailing: • the regulatory impact assessment process, including the problem requiring government intervention • the proposed regulation and alternative regulations • the effects of the different options • consultation with stakeholders. It is usually prepared by the department, agency, statutory authority or board responsible for a regulatory proposal, following consultation with affected parties. You must create an RIS for: • all reviews of existing regulations • regulatory proposals or amendments • proposed treaties involving a regulation that directly affects business, significantly affects business indirectly or restricts competition. When undertaking an RIS, you should include sections that assess the impact of each option on business compliance costs and the paperwork burden. If you’re from a government department or agency, see more RIS information on www.obpr.gov.au and / or contact the Office of Best Practice Regulation for he
