Regulation plays an important role in our society. Recent examples of costly regulatory failures in New Zealand have focussed attention on what the public sector needs to do to ensure regulatory systems are fit-for-purpose and deliver net benefits to New Zealand over the long term.
To manage the risk of regulatory failure or underperformance, the Government has instituted a range of initiatives to systemise and normalise regulatory stewardship across the public sector.
In April 2017, the Government issued its ‘Expectations for Good Regulatory Practice’ to help ensure New Zealand’s regulatory systems generate net benefits over time. For regulatory agencies like us, this means taking a whole-of-system view, and working proactively and collaboratively with others to achieve effective regulatory systems and practice.
In response to the Government’s expectations we have developed our Regulatory Stewardship Strategy.
This strategy outlines:
- how we are meeting the Government’s expectations for good regulatory practice
- the regulatory systems we steward, how they function, what they deliver, and to whom including an indicative assessment on how they are performing
- our regulatory priorities for the 2018/19 and 2019/20 financial years.