Riskbased strategies Relevant data to inform a Risk assessment is riskbased approach to consistently applied across Riskbased strategies can improve regulatory outcomes by more regulation has been all activities. strategically focusing on activities identified and is being Knowledge of risk informs the risks are the greatest. collected. inspection targeting. Enforcement approaches that are Regulator has an established Risk assessment processes not targeted at or proportionate approach to risk and methodologies are to risk may be too onerous on assessment. transparent. compliant businesses and result in Requests for data from Resources are insufficient enforcement activity being focused on high risk regulated parties are concentrated in of businesses. Failure to apply proportionate to risk. greatest risk to the riskbased regulation may result in Riskbased approaches to achievement of outcomes. inappropriate priority setting and compliance and inefficient allocation of scarce enforcement are considered resources. and adopted where appropriate (for example, regulator tailors sanctions so that they are proportionate and meaningful). Timeliness Processes/systems are in Regulator strives for place to make it as easy as improved ecapability. Regulatory costs can often result from issues around the timeliness possible for businesses to of approval processes, complete forms. unanticipated delays and Regulator provides clarity coordination problems in about the timing and scope administrative decisions, rather of regulatory processes. than from regulatory design. Timetables for completing forms take into account all requests for information that a regulated party is dealing with, including requests from other regulators. Processes/systems are in place to make it easy for businesses to submit required data and to check on the status of any applications.
Riskbased strategies Riskbased strategies can improve regulatory outcomes by more strategically focusing on activities the risks are the greatest. Enforcement approaches that are not targeted at or proportionate to risk may be too onerous on compliant businesses and result in insufficient enforcement activity being focused on high risk businesses. Failure to apply riskbased regulation may result in inappropriate priority setting and inefficient allocation of scarce resources. Relevant data to inform a riskbased approach to regulation has been identified and is being collected. Regulator has an established approach to risk assessment. Requests for data from regulated parties are proportionate to risk. Riskbased approaches to compliance and enforcement are considered and adopted where appropriate (for example, regulator tailors sanctions so that they are proportionate and meaningful). Risk assessment is consistently applied across all activities. Knowledge of risk informs inspection targeting. Risk assessment processes and methodologies are transparent. Resources are concentrated in of greatest risk to the achievement of outcomes. Timeliness Regulatory costs can often result from issues around the timeliness of approval processes, unanticipated delays and coordination problems in administrative decisions, rather than from regulatory design. Processes/systems are in place to make it as easy as possible for businesses to complete forms. Regulator provides clarity about the timing and scope of regulatory processes. Timetables for completing forms take into account all requests for information that a regulated party is dealing with, including requests from other regulators. Processes/systems are in place to make it easy for businesses to submit required data and to check on the status of any applications. Regulator strives for improved ecapability.