consultations. We would expect if Australia is a world leader or best practice, then evidence of this and the costs involved in moving to a different system would be provided to decision makers when the regulatory framework or system is reviewed. What if a decision is made to adopt international standards and risk assessments? Any proposed change to regulation will require the usual policy approval processes, including assessment through a Regulation Impact Statement if required. What if there are two or more international standards and risk assessment systems that could be adopted, but they conflict? This is a matter for portfolios to assess as part of the process they go through. In order to guide portfolios and stakeholders in forming these assessments, the Government has asked that portfolios develop clear and transparent criteria for which the adoption or acceptance of international standards and risk assessments would be judged. In assessing which standard or standards to adopt, portfolios should make the reasons for their assessment clear and articulate any costs and benefits underlying the choice of standards.
consultations. We would expect if Australia is a world leader or best practice, then evidence of this and the costs involved in moving to a different system would be provided to decision makers when the regulatory framework or system is reviewed. What if a decision is made to adopt international standards and risk assessments? Any proposed change to regulation will require the usual policy approval processes, including assessment through a Regulation Impact Statement if required. What if there are two or more international standards and risk assessment systems that could be adopted, but they conflict? This is a matter for portfolios to assess as part of the process they go through. In order to guide portfolios and stakeholders in forming these assessments, the Government has asked that portfolios develop clear and transparent criteria for which the adoption or acceptance of international standards and risk assessments would be judged. In assessing which standard or standards to adopt, portfolios should make the reasons for their assessment clear and articulate any costs and benefits underlying the choice of standards.
International-Standards-Risk-Assessments-FAQ_0.docx