In a recently published policy document, OFWAT, the economic regulator of the water and sewerage sectors in England and Wales has committed to improving its decision making process and reviewed it use of impact assessments (IA). Their goal is to ensure that decisions are targeted (only at the areas where they are necessary), proportionale to the issues at stake, accountable, consistent and transparent. OFWAT gives its definition of IA, describes what information they will contain, when the procedure will be used and how impacts will be reviewed. Though the IA process is now well-known, it is good practice for a regulator to take steps to inform the public on what to expect from such a technical improvement to its decision making process (from a tip from Tom Kiedrowski at OFWAT.)
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