What does Regulatory Impact Statement (RIS) mean?
Impact Analyis is a systematic method to identify both positive and negative impacts on new or proposed regulations to the public, private sector and government. RIS documents all analysis and the assessments. Once approved, it will be published to general public.
Why is there a need for regulatory impact analysis?
Regulatory Impact Analysis is needed and plays an important role, in ensuring that the burdens of new regulations to the public are minimized. Impact analysis identifies the cost and benefit of the new or poposed regulations in terms of social, economic, environment and technical impacts. It helps the relevant authorities to easily identify if the benefit outweighs the cost. If cost and benefit are not known, or were never considered, the burdens to regulate business, public and government, may become unrealistic and contribute to inefficiencies.