The Criteria for the Regulation & SupervisionAwards
Regulators will be evaluated according to three basic functions of regulatory oversight that they may perform - macroeconomic regulation, systemic and prudential regulation and conduct of business oversight and their effectiveness in fulfilling these roles. This is done using three scorecards developed to capture the essence of the role of regulators, their effectiveness and the benchmarks they need to adhere to. The indicators used to evaluate the dimensions listed in each of these scorecards, tend to be more qualitative rather than quantitative. This is because an assessment of this kind needs to take into account the various shades of grey that exist around how regulators go about performing their duties. We believe a binary scoring model would not be able to capture the true essence of regulation, given its peculiar challenges and constraints.
As we continue to develop and refine our scorecards, we hope to present a better and more accurate instrument to gauge the performance of regulators over a certain time period against that of their peers and competitors. Ultimately, the Regulation Awards is intended not only as an awards programme, but also as a reflective opportunity. In that sense, the programme - and the scorecard - have been developed to enable regulators to grow, evolve and expand.