Reporting Regulatory Performance
The reporting of an entity's regulatory performance was incorporated into corporate plans from the 2023–24 reporting period onwards. This includes:
recognition of the principles of regulatory best practice
Statement of Expectations set out by responsible Ministers
responding Statement of Intent set out by the accountable authority of the entity.
Detailed guidance on what are regulatory functions, the principles of regulator best practice, Statements of Expectations and Statements of Intent (the Statements) are outlined in RMG-128 Regulator Performance.
Integrating the principles and Statements into the corporate plan
The accountable authority of an entity that is a regulator or has regulatory functions determines how the principles of regulator best practice and Statements are integrated into the corporate plan. They would take into account factors such as the nature and scale of regulatory activity, particularly where regulation is not the entity’s primary function.
The integration of the principles and Statements can be done in a number of ways, including:
- within a standalone section, for example in the context of their entity's regulatory function(s)
- integrated or weaved into a discussion of specific requirements of the corporate plan, for example a discussion of:
- the regulatory environment in which the entity operates
- the strategies and plans the entity will implement to have the capability the entity needs to undertake its regulatory functions in order to achieve its purposes
- the risks specific to the regulatory functions and how those risks will be managed
- how the entity cooperates with other organisations or bodies to achieve its regulatory functions.
The Statements are typically integrated by reference to where they can be found on the entity’s website, including a hyperlink to the Statements. Some entities integrate the Statements within the body or an appendix to the plan. Others reference where the Statements will be published (e.g. on their entity’s website) particularly if they are in development.
Consideration could also be given to developing performance measures related to regulatory activities and issues set out in the Statement of Expectations. Refer to RMG-131 Developing performance measures for information on the concepts for developing performance measures and the specific requirements.
Examples of different approaches to integrating regulatory performance, the principles and Statements into corporate plans are provided under the better practice examples tile in RMG-132 Corporate plans for Commonwealth entities.
