Regulatory Impact Assessments (RIA) are a powerful tool to help understand whether laws and regulations should be adopted or changed based on facts and evidence. Favoured by the UK Government to help improve the quality of regulation and reduce the unnecessary burden on business, these assessments look at how effective regulation is at achieving what it is designed to do. An important consideration when undertaking a regulatory impact assessment is whether the benefit of the regulation is significant enough to outweigh the cost of introducing it.
This kind of assessment should be fully integrated as part of a suite of regulatory management tools. Implementation will need to be adjusted to ensure local compliance, particularly if involving locations outside of the UK. As part of the design of this type of assessment, important aspects including in-built monitoring, evaluation, refinement and data collection should be included.
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