regulatory impact assessment

Syllable breakdown

Dictionary meaning

a structured analytical process used by government departments before introducing new regulations to identify and quantify the expected costs and benefits of proposed rules, assess their distributional impacts across different groups in the population, evaluate alternative approaches, and ensure that regulation is the most efficient and effective means of achieving the desired policy objective; regulatory impact assessments are mandated in many OECD countries and typically include estimates of compliance costs imposed on businesses and citizens, administrative costs to government, and the monetised value of expected benefits including health improvements, environmental protection, or market efficiency gains; they are intended to improve regulatory quality and create accountability for the consequences of government intervention