TRUST IN THE REGULATORY SYSTEM
Building, maintaining and validating trust is a permanent agenda for many countries which is addressed through implementing good regulatory practices.
The global financial and economic crisis has uncovered major failings in governance and regulation, which have undermined trust in public and private institutions alike. The Recommendation of the Council of the OECD on Regulatory Policy and Governance is the first comprehensive international statement on regulatory policy since the crisis.
The recommmendations provides governments with guidance to improve the design and enforcement of their regulatory framework; advises governments on the effective use of regulation to achieve better social, environmental and economic outcomes; and calls for a "whole-of-government" approach to regulatory reform.
Risk-based approaches to the design of regulation and compliance strategies can improve the welfare of the general public by providing better protection from hazards, more efficient government services and reduced costs for business. Across the OECD there is great potential to improve the operation of risk policy as few governments have taken steps to develop a coherent policy on the management of risks through regulation.
The Best Practice Principles for the Governance of Regulators address the different facets of a regulator and proposes the best or good practices.
The Best Practice Principles for Improving Regulatory Enforcement and Inspections address the design of the policies, institutions and tools to promote effective compliance – and the process of reforming inspection services to achieve results.
Regulatory Impact Analysis (RIA) is a systemic approach to critically assessing the positive and negative effects of proposed and existing regulations.