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The Regulation Impact Assessment (RIA) process will help you to deliver your policy objectives successfully. An RIA is a framework for analysis of the likely impacts of a policy change and the range of options for implementing it. It is a comprehensive and flexible tool which considers:
The RIA is a key tool in delivering better regulation. This supports the government's aim of only regulating when necessary and, when it is, to do so in a way that is proportionate to the risk being addressed, and to deregulate and simplify wherever possible. All government policy proposals should meet the five Principles of Good Regulation, devised by the Better Regulation Task Force (an independent body set up by government to advise on regulatory issues). These are:
The quality of RIAs is regularly scrutinised by the Better Regulation Task Force and the National Audit Office. They are also used in Parliamentary debates as they set out the evidence and information gathered about the policy options being considered.
An RIA must set out the issue you want the policy to address and the options available to do this. The options you consider must include a 'do nothing' option and non-legislative options such as Codes of Practice, industry standards or accreditation schemes. A good RIA will address the questions 'What is the best way of achieving the objective?'
Once the policy decision has been made, the responsible minister must sign a final RIA to state that
'I have read the Regulatory Impact Assessment and I am satisfied that the benefits justify the costs'.