Regulatory Impact Statement (RIS)
Regulatory Impact Statement (RIS) : A document prepared by the department, agency, statutory authority or board responsible for a regulatory proposal following consultation with affected parties, formalising and evidencing some of the steps that must be taken in good policy formulation. It requires an assessment of the costs and benefits of each option, followed by a recommendation supporting the most effective and efficient option. It must be incorporated into the assessment process used by all areas of government responsible for reviewing and reforming regulations
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