LCV is responsible for regulating over 23,000 licences across the state, underscoring the importance of strategically dedicating its time and resources to achieve effective and meaningful outcomes. To this end, LCV is committed to a risk-based regulatory approach, utilising risk frameworks to prioritise activities, inform procedures, allocate resources and make decisions.
Adopting a risk-based approach, LCV aims to:
- Continuously evaluate risks to identify areas that require heightened regulatory attention, considering factors such as likelihood, impact, and potential harm.
- Tailor regulatory actions to the level of risk presented, ensuring that LCV’s responses are proportionate to each circumstance.
- Focus resources on high-risk areas while streamlining processes for low-risk activities and improving efficiency.
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