CBI consults on enhancing regulatory impact assessment
The Central Bank of Ireland has launched a consultation seeking views on its approach to Regulatory Impact Assessment and stakeholder engagement. This initiative aims to strengthen how the institution develops, assesses, and reviews policy interventions.
Regulation's evolving imperative
Good regulation is fundamental to the Central Bank's safeguarding outcomes, including consumer protection, financial stability, and market integrity.
As markets, technology, business models, and consumer expectations rapidly evolve, regulation must adapt to promote resilience and keep pace with innovation.
The Central Bank's strategy aims to transform regulation and supervision, building on last year's new supervisory approach and a roadmap for a more effective framework.
Today's consultation on Regulatory Impact Assessment and stakeholder engagement is a key milestone in this ambition.
It seeks to make regulation clearer, more coherent, and easier to navigate, without lowering standards or weakening resilience, ensuring it remains effective and proportionate.
Informed policymaking
Evidence, analysis, engagement, and judgment are central to the Central Bank's policy development.
The consultation aims to embed this approach consistently and transparently.
Effective policymaking clarifies problems, defines outcomes, and considers alternatives.
It combines evidence, analysis, experience, and judgment, assessing impacts like costs, benefits, and risks.
Research, data, supervisory experience, and stakeholder engagement provide crucial insights.
Regulatory Impact Assessment structures these inputs, ensuring decisions are informed by the best available information, leading to better outcomes for consumers, investors, firms, and the wider economy.
Continuous learning, better outcomes
This consultation highlights the CBI's commitment to continuous institutional learning and self-challenge, a vital trait for effective regulators.
While the proposed framework for impact assessment is sound, its success hinges on rigorous implementation and genuine stakeholder engagement.
If executed effectively, this initiative promises to enhance regulatory clarity and proportionality, ultimately fostering both financial resilience and innovation.