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Role Risk Regulation in the the “Risk-based Regulation” (RbR) Conception
Abstract
The purpose of this paper is to present the role of regulatory risk in the concept of Risk-based Regulation. It has gained a dominant position in the processes of development and implementation of public sector regulation, and it has been a subject of interest in the financial industry. The main method used in the study is a critical analysis of scientific achievements of economists in England. They have created the foundations of this idea and continued its development. The paper underlines one of the weakest elements of this concept - the risk measurement using qualitative methods, in relation to the current achievements of finance theory. There are no rules for selecting experts, nor deeper justification of adequacy of risk measurement presented in line with the definition of regulatory risk. Also, there are no general requirements formulated for the following risk characteristics: reliability, comparability, clearness and others. Despite these reservations related to the risk measurement, this concept is useful for the national legislative practice and it gives the chance to improve the quality of this process.
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DOI: http://dx.doi.org/10.17951/h.2015.49.4.195
Date of publication: 2016-01-28 11:03:31
Date of submission: 2015-07-13 16:36:35
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Copyright (c) 2016 Stanisław Kasiewicz
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