Information is needed to support the Regulator's risk‐based approach to the supervision of all regulated entities, including Recognised Bodies. Risk‐based supervision is intended to ensure that the allocation of supervisory resources and the supervisory process are compatible with the Regulators objectives and the Regulator's general duties. The central element of the process of risk‐based supervision is a systematic assessment by the Regulator (a risk assessment) of the main supervisory risks and concerns for each regulated entity.
The risk assessment will guide the Regulator's supervisory focus. It is important, therefore, that there is good dialogue between the Regulator and the Recognised Body. The Regulator expects to review its risk assessment with the staff of the Recognised Body to ensure factual accuracy and a shared understanding of the key issues, and may discuss the results of the risk assessment with Key Individuals of the Recognised Body. If appropriate, the Regulator may send a detailed letter to the Recognised Body with proposals for further action or work to address particular concerns or issues and seek its comments on the risk assessment.