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In the world of regulation, certain terms have become part of the everyday lexicon: proportionate, responsive, outcomes-focused. These buzzwords often signal modernity and reform, yet their widespread use often belies a lack of agreement about what they actually mean. While some concepts have been deeply embedded in regulatory practice, others remain vague or inconsistently applied.
This paper focuses on one such term: risk-based regulation. This is more than a buzzword. It is a disciplined, purposeful approach that demands clarity of intent, a deep understanding of the risk landscape, and a willingness to adapt as new challenges emerge.
By moving beyond jargon and grounding their work in clear definitions, robust frameworks, and a culture of continuous learning, regulators can focus their efforts where they matter most.
Beyond the buzzword: What do we mean by risk-based regulation?
This paper focuses on risk-based regulation. It aims to demystify what this approach actually entails, and to prompt regulators to ask themselves the right questions to assess whether they are set up for success.
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