independent review of its major regulatory functions by Mr Joe Woodward. The project found that the Department’s approach to regulation is sound and consistent with other regulators and that there was a strong desire for the Department to become a modern best-practice regulator. The project also identified areas for improvement. The Department is now responding to the project recommendations, including developing more systematic approaches to regulatory governance, developing a regulatory framework and improving engagement with the regulated community. The Department expects that the next self-assessment will show further improvement as the actions undertaken in response to the review by Mr Woodward take effect. Overall, the Department has assessed its regulatory performance as maturing to well established in relation to risk-managed and proportionate actions (KPI 3) and its compliance and monitoring approaches (KPI 4), maturing in relation to its impact on the efficient operation of regulated entities (KPI 1) and how it communicates and engages with regulated entities (KPI 2 and KPI 5), and developing in relation to actively improving its regulatory frameworks (KPI 6). The following summarises the Department’s performance against each of the KPIs. The criteria for each maturity level against each KPI is provided in Appendix 2. Maturity KPI KPI KPI 3— KPI KPI KPI Level Regulators do Communication Actions Compliance and are not with regulated undertaken by monitoring open and actively unnecessarily entities is clear, regulators are approaches are transparent in contribute to impede the targeted and proportionate streamlined their dealings the continuous efficient effective to the and with regulated improvement operation of regulatory risk coordinated entities of regulatory regulated being managed frameworks entities Leading Well established Maturing Developing Emerging Absent
independent review of its major regulatory functions by Mr Joe Woodward. The project found that the Department’s approach to regulation is sound and consistent with other regulators and that there was a strong desire for the Department to become a modern best-practice regulator. The project also identified areas for improvement. The Department is now responding to the project recommendations, including developing more systematic approaches to regulatory governance, developing a regulatory framework and improving engagement with the regulated community. The Department expects that the next self-assessment will show further improvement as the actions undertaken in response to the review by Mr Woodward take effect. Overall, the Department has assessed its regulatory performance as maturing to well established in relation to risk-managed and proportionate actions (KPI 3) and its compliance and monitoring approaches (KPI 4), maturing in relation to its impact on the efficient operation of regulated entities (KPI 1) and how it communicates and engages with regulated entities (KPI 2 and KPI 5), and developing in relation to actively improving its regulatory frameworks (KPI 6). The following summarises the Department’s performance against each of the KPIs. The criteria for each maturity level against each KPI is provided in Appendix 2. Maturity Level KPI do not unnecessarily impede the efficient operation of regulated entities KPI with regulated entities is clear, targeted and effective KPI 3— Actions undertaken by regulators are proportionate to the regulatory risk being managed KPI and monitoring approaches are streamlined and coordinated KPI are open and transparent in their dealings with regulated entities KPI actively contribute to the continuous improvement of regulatory frameworks Leading Well established Maturing Developing Emerging Absent Regulators Compliance Communication
rpf-annual-self-assessment-report.docx