The pursuit of regulatory excellence is a journey
It involves both regulators and licensees, whether the licensee is a corporation, a partnership or an individual. Regulators cannot achieve excellence on their own. Collectively the regulator and their licensees form the regulatory system. In effect, the regulator is delegating responsibility for the licensee to act in the public interest. The regulator holds the licensee accountable. Each entity must measure their performance and deliver on public interest outcomes defined in legislation.