A Brief Introduction - What is RIA?
Good-quality regulation is a crucial goal of policy-makers that
is fundamental to the functioning of society and the economy of a
country.1 To achieve better regulation, governments are
required to work systematically to ensure that the regulations they
adopt and implement are of high quality.2 Therefore, the
Regulatory Impact Analysis (RIA) has been introduced to improve
regulatory structures.
RIA is a systematic tool used to reach regulatory decisions. One
of its key features is the consideration of the potential economic
impacts of regulatory proposals.3 It examines and
measures the likely benefits, costs and effects of new or existing
regulations.4 This helps in minimising the risk of
introducing poor-quality regulations, which increases compliance
costs for businesses and stakeholders.5 Besides that,
with the implementation of RIA, decision-makers would have access
to valuable empirical data and a comprehensive framework.
