What is GRP?

Regulations are issued by persons or bodies, a Minister of the Government, or an administrative agency, to whom Parliament has delegated its authority in an Act. Regulations are a form of law as they have binding legal effect. The process for developing regulations assumes that officials have evaluated the range of options available to achieve a given policy objective and have determined that regulation is a necessary part of the selected option. The responsibility for assessing the effectiveness and appropriateness of regulatory and non-regulatory instruments for achieving policy objectives lies with the respective departments and agencies.
While regulations are essential for the proper functioning of society and the economy, the challenge for the Government is to deliver effective and efficient regulations; effective in addressing an identified problem and efficient in terms of maximising the benefits to the community, taking into account the costs. Determining whether regulations meet the dual goals of effectiveness and efficiency requires a structured approach to policy development that systematically evaluates costs and benefits.
The identification of the problem to be addressed and the related policy objective should constitute the first step in the policy development process. A range of options for achieving the objective should be considered (including the no action or the status quo option); and an analysis of the likely economic, social and environmental impact should be carried out.
Effective consultation ensures that both the regulator and the affected parties have a good understanding of the problem, of the alternative options to address this problem, of the relevant administrative and compliance mechanisms that will ensue, and the subsequent benefits as well as costs and risks of the proposed regulation.
Transparency in the development of regulations is important for regulatory governance. Transparency improves accountability as well as assists in avoiding regulatory failures, in reducing uncertainty, in facilitating communication with affected parties and finally in assisting with compliance.

(Note this is an additional information)

Greater productivity and growth aspect
-    Enhance market and competition mechanism
-    Reduce burden and overregulations
-    Ease market entry and exit

Increase the confidence of investors and shift towards market driven economy
-    Reduce risk and ease of doing business
-    Increase awareness and transparency
-    Build trusts and improve regulations

Good Regulatory Practices (GRP) Principles

Best regulatory practices by the Malaysian Government provide systematic approaches and requirements in ensuring quality and consistent regulations through OECD Best Practice Principles for Regulatory Policy. Organisation for Economic Co-operation dan Development (OECD)