Role clarity Regulator has in place a Regulator provides monitoring and assurance assurance to the Victorian Clearly defined roles and regime to ensure that their community that regulated responsibilities and a clear regulatory objectives are entities are meeting their understanding of the objectives being met. mandated requirements. that regulatory interventions There is a clearly understood hope to achieve supports and documented chain of improvements in regulatory accountability and practices and performance over communication between time, as well as strengthening departments/agencies and regulatory outcomes. This is their regulators. particularly important where there are multiple regulators Formal instruments clarify involved in implementing, regulator roles where there administering and enforcing a are shared accountabilities regulation. and promote cooperation amongst regulators (see below). Cooperation amongst Regulators come together to The regulator engages and regulators identify good practice and coordinates on a regular lessons. basis with other regulators Sharing information and whose regulated parties Regulator has considered and developing a common overlap with their own. explored ways to facilitate understanding of the regulatory data sharing. Regulatory practices are context promotes regulatory streamlined between coherence, capability Regulator performance is regulators (for example, development and a cooperative benchmarked. information is only required compliance culture. Over time, to be provided to cooperation amongst regulators government once and that can strengthen the legitimacy of data is shared between regulation and improve regulators). regulatory outcomes. Stakeholder consultation and data requests and other Regulator routinely involves engagement administrative and regulated parties and the compliance processes are community in identifying risk, Effective communication and regularly reviewed with analysis and evaluation. engagement with stakeholders feedback sought from Consultation has a can reduce regulatory burden, stakeholders (for example, demonstrable impact on the facilitate improved regulator forms include a short design and administration of performance and lead to better feedback section with regulatory processes. regulatory outcomes. suggestions for Stakeholder consultation and improvement). engagement includes sharing Regulator provides feedback information, providing on the outcome of opportunities to express views consultation exercises to and contribute to regulatory those who took part. design (where appropriate), considering views and advising Regulator understands the on the outcome of consultation. changing needs of business and the community throughout the regulatory cycle.
Role clarity Clearly defined roles and responsibilities and a clear understanding of the objectives that regulatory interventions hope to achieve supports improvements in regulatory practices and performance over time, as well as strengthening regulatory outcomes. This is particularly important where there are multiple regulators involved in implementing, administering and enforcing a regulation. Regulator has in place a monitoring and assurance regime to ensure that their regulatory objectives are being met. There is a clearly understood and documented chain of accountability and communication between departments/agencies and their regulators. Formal instruments clarify regulator roles where there are shared accountabilities and promote cooperation amongst regulators (see below). Regulator provides assurance to the Victorian community that regulated entities are meeting their mandated requirements. Cooperation amongst regulators Sharing information and developing a common understanding of the regulatory context promotes regulatory coherence, capability development and a cooperative compliance culture. Over time, cooperation amongst regulators can strengthen the legitimacy of regulation and improve regulatory outcomes. Regulators come together to identify good practice and lessons. Regulator has considered and explored ways to facilitate data sharing. Regulator performance is benchmarked. The regulator engages and coordinates on a regular basis with other regulators whose regulated parties overlap with their own. Regulatory practices are streamlined between regulators (for example, information is only required to be provided to government once and that data is shared between regulators). Stakeholder consultation and engagement Effective communication and engagement with stakeholders can reduce regulatory burden, facilitate improved regulator performance and lead to better regulatory outcomes. Stakeholder consultation and engagement includes sharing information, providing opportunities to express views and contribute to regulatory design (where appropriate), considering views and advising on the outcome of consultation. data requests and other administrative and compliance processes are regularly reviewed with feedback sought from stakeholders (for example, forms include a short feedback section with suggestions for improvement). Regulator provides feedback on the outcome of consultation exercises to those who took part. Regulator understands the changing needs of business and the community throughout the regulatory cycle. Regulator routinely involves regulated parties and the community in identifying risk, analysis and evaluation. Consultation has a demonstrable impact on the design and administration of regulatory processes.
Statement%20of%20Expectations%20Framework%20for%20Regulators%20August%202017.docx