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The Growing Importance of Risk in Regulation

Marianne Ojo

MPRA Paper from University Library of Munich, Germany

Abstract: This 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.

Keywords: meta regulation; enforced self regulation; risk; compliance (search for similar items in EconPapers)
JEL-codes: K2 (search for similar items in EconPapers)
Date: 2009-03
New Economics Papers: this item is included in nep-law, nep-reg and nep-rmg
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:13723

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