Regulatory Impact Statement (RIS) is a document prepared by a regulator in support of a proposal for a new regulation or an amendment to a regulation. The statement contains a description of the RIA undertaken and its findings, recommended option and implementation strategy. The RIS is presented to the decision-maker to enable informed decisions to be made based on a thorough assessment of the best available information.

RIA utilises a well-established framework for collecting, organising and evaluating data on the anticipated consequences of alternative policy options. It helps to ensure that regulatory actions are necessary and justifiable to achieve the desired objectives and that these actions are implemented in a most efficient, least burdensome and cost-effective manner. All 7 elements of RIA are essential in preparing RIS.