AFMA's Regulatory Performance Framework for 2019-20
The Australian Government Regulator Performance Framework (RPF) was developed to ‘encourage regulators to undertake their functions with the minimum impact necessary to achieve regulatory objectives and to effect positive ongoing and lasting cultural change within regulators.
The RPF contains six indicators against which regulators are to measure their performance:
- regulators do not unnecessarily impede the efficient operation of regulated entities
- communication with regulated entities is clear, targeted and effective
- actions undertaken by regulators are proportionate to the regulatory risk being managed
- compliance and monitoring approaches are streamlined and coordinated
- regulators are open and transparent in dealing with regulated entities
- regulators actively contribute to the continuous improvement of regulatory frameworks.