Risk-informed Compliance Framework Frequently Asked Questions and Answers - Purpose and Design

What is the OFC’s Risk-informed Compliance Framework? The Risk-informed Compliance Framework (RICF) describes the approach that the Office of the Fairness Commissioner (OFC) applies to oversee regulator compliance with the legislated obligations set out in the Fair Access to Regulated Professions and Compulsory Trades Act, 2006 and Schedule 2 of the Regulated Health Professions Act, 1991. [...] Will the OFC modify or update its risk factors in the future? The OFC will review the relevance and appropriateness of its risk inventory and factors on a regular basis. [...] OFC finalizes risk rating By April 1, 2024 The OFC will consider any additional information or comments provided, finalize the risk rating, and communicate the rationale for the risk rating to each regulator by letter. [...] The OFC will also employ an internal quality-control process, involving team discussion and management review, to ensure the consistent application of the framework and the assessment of risk across different regulators. [...] Where the OFC has provisionally assigned the regulator a moderately low or moderate to high-risk rating, the regulators will have the opportunity to provide additional information and comments to the OFC before the assignment of a final risk category and to request a meeting for this purpose.