Regulatory stewardship is a responsibility of both regulatory policy and operational functions. It involves adopting a whole-of-system, lifecycle view of the quality of regulation and its implementation, and taking a proactive and collaborative approach to the monitoring and care of the regulatory system(s). Three elements need to be present for Regulatory Stewardship to be successful. Agencies must:

• Take a whole of system view
• Adopt a Collaborative approach
• Be proactive in sharing information