“…New Zealand, Canada and the USA in the areas of food safety, health safety, financial services and pension regulation (Rothstein, 2006;Black, 2010;Beaussier et al, 2016). In recent times, risk-based regulation is also entered in aviation, offshore oil and nuclear industries (Binz et al, 2018), cybersecurity management (Boehm et al, 2019), mining industry (Rudakov et al, 2021), anti-money laundering regime (Pellegrina et al, 2021), personal data protection regulation in the EU (Gonçalves, 2020) and the environmental protection (Knol-Kauffman et al, 2021).…”