Risk analysis in Regulation Impact Statements guidance note
The Australian Government Guide to Regulation discusses the importance of keeping risk in perspective. Our role as policy makers is to provide advice to governments about acceptable levels of risk—taking into account the possible consequences—and how much it will cost the community to reduce or eliminate that risk. An effective approach to the analysis of risks requires you to develop a thorough understanding of the nature of the risks. This can be achieved by soundly applying risk analysis and economic evaluation principles.
Given the importance of keeping risk in perspective, the purpose of this guidance note is to advise you on how you can approach the evaluation of regulation aimed at managing risks in Regulation Impact Statements.