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21.10.2024

Assessment of regulatory impact: What is it and why is it necessary?

Regulatory Impact assessment (RIA) is an important tool in the public administration system aimed at assessing the consequences of regulations and decisions taken by authorities. The main task of the RIA is not only to identify possible negative effects that a new law or regulation may cause, but also to minimize them before they enter into force.

This process is becoming especially relevant in a rapidly changing market and technology development. The ODS helps determine how future regulations will affect business, economics, public relations, and law enforcement practices. Transparency and predictability of government decisions make doing business more sustainable and predictable.

Why do I need an ODS?

  1. Preventing excessive regulation
    ODS helps to avoid the adoption of excessive or outdated standards, which can become an obstacle to the development of business and the economy. For example, excessive licensing or reporting requirements can scare off potential investors or make a small business unprofitable.
  2. Improving the effectiveness of public policy
    Regulatory impact assessment allows government agencies to make more balanced and effective decisions. It identifies the shortcomings of current regulation and helps to develop more appropriate rules.
  3. Cost reduction for business
    Conducting an ODS allows you to assess the potential costs that a business will incur as a result of the introduction of new standards. This is important so that the rules do not become an obstacle to entrepreneurial activity.
  4. Improving the interaction between business and government
    The ODS gives businesses the opportunity to participate in the discussion and development of regulations. This helps to establish a constructive dialogue between the business community and government agencies, which ultimately leads to an improvement in the business climate.

Stages of the ODS

The regulatory impact assessment is carried out in several stages:

  1. Preliminary assessment
    At this stage, existing problems are analyzed and possible solutions are identified. It also provides a primary analysis of the economic, social and legal consequences.
  2. Development of a draft regulatory act
    Based on the preliminary analysis, specific proposals are being developed to change regulation or introduce new standards.
  3. Discussion with stakeholders
    The ODS provides for the participation of business and other stakeholders at the stage of development and discussion of the project. This allows us to take into account the opinions of all participants and make the process more transparent.
  4. Final assessment
    At this stage, a final analysis is carried out, which includes an assessment of all the consequences of the introduction of a new regulatory act. The final document contains recommendations on the expediency of adopting the proposed solution.
  5. Monitoring and analysis of results
    After the introduction of new standards, their implementation is monitored and an analysis of how effectively they work is carried out. This allows you to make adjustments and improvements in the future.

ODS from YANG CONSULT

YANG CONSULT has a deep understanding of regulatory impact assessment processes and provides professional assistance in conducting ODS for various companies and authorities. Our specialists have experience in developing analytical reports and conducting consultations that help our clients minimize risks and adapt to new standards.

In addition, YANG CONSULT is actively involved in the preparation of GR-legal reports that allow businesses not only to assess the impact of new rules, but also to effectively interact with government authorities at all stages of decision-making.

We help companies:

  • Conduct a comprehensive regulatory impact assessment
  • To analyze the economic and legal consequences of new regulations
  • Prepare documents for participation in public consultations
  • To negotiate with the authorities to ensure a favorable business environment

Conclusion

Regulatory impact assessment is a key mechanism that helps government and business work in the same direction. It reduces costs, prevents rash decisions and improves interaction between all participants in the economic process.

With the help of YANG CONSULT, you can not only assess the possible consequences of the introduction of new regulations, but also actively influence the process of their creation, protecting the interests of your business.

Contact us to get detailed advice and find out how we can help your company adapt to new regulations.

Yang Consult – between business and government

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