Building an Institutional Framework for Regulatory Impact Analysis (RIA)

Regulatory Impact Analysis (RIA) is a fundamental tool to help governments to assess the impacts of regulation. RIA is used to examine and measure the likely benefits, costs and effects of new or existing regulation. The implementation of RIA supports the process of policy-making by contributing valuable empirical data to policy decisions, and through the construction of a rational decision framework to examine the implications of potential regulatory policy options. This is an important factor in responding to the impact on modern economies of open international markets and budgetary constraints, and the consequences of competing policy demands. A key feature of RIA is its consideration of the potential economic impacts of regulatory proposals...