General

Q5.  Has the adoption of the SMS program itself undergone a risk assessment?

No, the decision to introduce SMS was taken before risk assessment became a requirement for regulatory change. The process is now sufficiently advanced that performing a formal risk analysis would be superfluous. We believe this is a case where the benefits are self evident, and where public consultation through CARAC will serve to provide an assessment of the costs and benefits involved. Of course, the NPAs that formally introduce SMS will be subject to RIAS as part of the normal legislative process.

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