Regulation impact statements
The Regulation Impact Statement (RIS) process seeks to assist government officials to move towards ‘best practice’ regulatory design and implementation by requiring the completion of a detailed cost-benefit analysis.
Preparation of a RIS formalises and documents the steps that should be taken in making regulation. It provides a consistent, systematic and transparent process for assessing alternative approaches to regulatory problems. It includes an assessment of the impacts of the proposed regulation, and alternatives, on different groups and the community as a whole. The primary role of the RIS is to improve government decision-making processes by ensuring that all relevant information is presented to the decision maker when a decision is being made.
The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding $6 trillion in assets for Australian depositors, policyholders and superannuation fund members.