The regulatory reform system of Korea, with the Regulatory Reform Committee(RRC) as its centerpiece, has been analyzed to have no critical problems and be presently working fairly well. Factors preventing this system from working more effectively are found mostly of software variety; including the serious shortage of resources for strong regulatory enforcement, weak participation on the part of the private sector, and the backwardness of administrative democratization. This paper thus emphasized that the resolution of these operational problems should precede over any kind of hardware reforms, an issue mooted frequently by the press in particular. Our argument was that such attempts as to operate the Ministerial Meeting for Regulatory Reform presided by the President that the current government has revived from its dissolution a decade ago, would add almost nothing to the existing reform system’s performance, except for a political symbolism, which would be short-lived anyway. Instead, taking an incremental approach outlook, the authors stressed that the gate-keeping role played by the RRC, via RIA, is not trivial at all, despite some allegations to the contrary. In the same vein, in reviewing the most innovative approaches of late, such as the One-In-One-Out (OIOO) system of Britain, this paper gave more attention to examining the preconditions for their adoption. Finally the authors called for renewed attention to the alternatives to regulation, such as self-regulation and judicial relief, in the belief that the time is ripe for their wider use, as the society becomes far more complex and professionalized.