What to expect in a regulatory impact statement
A regulatory impact statement (RIS) is a government agency document that summarises an agency's best advice to its Minister and Cabinet, including:
- a definition of the problem to be addressed
- the objectives of any solution proposed
- the full range of practical options and an analysis of each one
- any consultation done
- how the solution will be implemented, monitored, and reviewed.
A RIS should be an objective, balanced presentation of the analysis of the impact a policy change is likely to have. It needs to explain and justify conclusions the agency reached. By publishing all RIS after decisions are made, Government ensures its decisions are transparent to the public.
The Treasury offers a detailed guide on regulatory impact analysis, how to prepare a RIS, and quality assurance for all proposals. Treasury also publishes all government departments' RIS.