Regulatory impact assessment (RIA) is both a decision-making process and document used by policymakers to guide them in determining whether and how to regulate to achieve public policy objectives.

It helps identify effective solutions by assessing the costs and benefits of regulatory and non-regulatory alternatives to maximise social benefits. RIA also improves policy coherence, evidence-based policymaking and accountability in decision-making by documenting the evidence and potential trade-offs in regulatory proposals.

RIA fosters greater transparency and stakeholder engagement by allowing public consultation throughout the regulatory process. By involving key stakeholders, such as businesses, civil society organizations, and the general public, RIA ensures that diverse perspectives are considered, leading to more balanced and inclusive policy decisions. This participatory approach helps mitigate potential negative impacts, builds trust in regulatory institutions, and enhances the legitimacy of regulatory outcomes.