What is RIA?
The three letters RIA do not make any sense in Bulgarian since it is a direct translation from English of the widespread acronym for Regulatory Impact Assessment.
RIA is a complex process of analysis of the likely effects from planned or committed acts of regulatory intervention by public authorities relating to the introduction of new legislation, policies, strategies and any other rules of conduct.
Its purpose is to help authorities make informed decisions and choose the best option for regulation, which achieves the maximum balance between costs and benefits of a proposed change where the risks are minimal, and private businesses (mostly small companies) and non-profit organizations are negatively affected to the possible least.
The shortest definition of RIA is that it is assessing the impact of regulatory options in terms of costs, benefits and risks of a proposed change.
More about RIA
The essence of any RIA is to clearly indicate how a proposal for a regulatory change will contribute to achieving the benefits that are attributed to it and that justify the costs for it.
RIA’s designation is to describe the process by which changes in the behaviour of individuals or the fact of their compliance with the new rules are expected to help achieving the objectives of a proposal that provides for these new rules.
RIA applies a multidisciplinary approach of research, as long as it analyzes legal, social, environmental, economic and political issues through the methods of sciences such as law, economics, sociology, political sciences and others.
RIA and the civic participation – information and consultation stay in the heart of RIA, which means maximum transparency and accountability of policy-making through guaranteed information and public participation in the decision-making process.
RIA and the good governance – RIA allows for methods used in business management to be transferred and applied at the level of state governing.
RIA and its social aspects – RIA always cares about the fact that the burdens – financial, economic, administrative, regulatory and any other from a governmental decision are borne differently by the stronger and the weaker addressees of regulation which requires the searching for mechanisms to relieve the pains of the weaker among which are SMEs, NGOs and etc.
RIA and the expert potential – RIA allows mobilising the entire existing scientific resources available, such as historical experience, accumulated databases, expertise, specialized research organizations and academia, educational institutions, research centres, think tanks, scientists, experts and specialists and in the design of the new regulation at the very initial stage policy or legal drafting.
RIA and the administrative capacity – RIA provides the opportunity for foreseeing the administrative capacity needed for a new regulation to ensure effective implementation and enforcement in practice.