The Growing Importance of Risk in Regulation
AbstractThis paper traces the developments that have contributed to the importance of risk in regulation. Not only does it consider theories associated with risk, it also discusses explanations as to why risk has become so important within regulatory and governmental circles. Two forms of risk regulation, namely risk based regulation and meta regulation are considered. As well as considering the application of both in jurisdictions such as the UK, the paper places greater focus in discussing the importance of meta regulation in jurisdictions such as Germany, Italy and the US. The preference for meta regulation is based on the premises, not only of the advantages considered in this paper but also on the application of Basel 11 in several jurisdictions. Whilst meta regulation also has its disadvantages, the impact of risk based regulation on the use of external auditors plays a part in the preference for meta regulation.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 13723.
Date of creation: Mar 2009
Date of revision:
meta regulation; enforced self regulation; risk; compliance;
Find related papers by JEL classification:
- K2 - Law and Economics - - Regulation and Business Law
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-03-07 (All new papers)
- NEP-LAW-2009-03-07 (Law & Economics)
- NEP-REG-2009-03-07 (Regulation)
- NEP-RMG-2009-03-07 (Risk Management)
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