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Risk Management in Regulatory Frameworks

Towards a Better Management of Risks

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Recent years have been marked by many catastrophic events both natural and man-made. Close interconnections mean that the impact of these crises has been felt throughout the world. Although many tools have been developed to manage risks successfully, there can be no doubt that many of the losses we have recently witnessed could have been prevented or minimized, in the context of an effective and well-balanced regulatory system. The goal of this publication is to provide insights and recommendations for policymakers on designing regulatory systems that result in an efficient, effective and transparent management of risks. It introduces a holistic model of a regulatory system, function by function and with real-life examples, which is based on the objective of managing risks effectively.

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How does regulation work in practice? An example

Following on our discussion of the structure of a regulatory system (figure 4.4), we will now focus on the roles of various stakeholders in regulation and show “who does what” when the development and implementation of a regulation is chosen as a risk mitigation tool. Rather than providing an exhaustive description of all functions, which would not be possible even in a series of publications, we will use an example – an imaginary case study – to present the most interesting aspects of each of them.

English

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