Fiji Regulatory Impact Assessment (RIA)
Area of Work:Policy & Regulation Design and Advice
Key Partners/Clients:UNDP Pacific Financial Inclusion Program
A regulatory impact assessment (RIA) can assist in determining the change affected by regulation/policy (henceforth combined and referred to as regulation) and isolating the right variables for achieving the regulatory objectives, financial inclusion being one of them. The Fiji RIA undertaken by BFA Global comprised the ex-post appraisal of Fiji’s first financial inclusion strategy (2009-2014) and the following related policy measures undertaken between 2009 and 2015. It was designed to serve as a pedagogical tool for future use by the RBF and other policymakers in Fiji conducting RIAs on financial sector policies.
Findings and Key Takeaways:
When designing a new policy instrument, policymakers should take steps to improve the quality of the outcome of the policymaking process. This includes:
- Identifying the problem based off of baseline evidence and the overall policy goal.
- Defining the specific objectives of the policy.
- Analyzing the market-wide and broader socio-economic impacts of the alternative options.
- Comparing options and selecting, and
- Outlining future steps for policy monitoring and evaluation.