The modernization of state control and oversight goes hand-in-hand with efficient risk management. It is also accompanied by adjustment of goal-setting, improvement of the control bodies performance metrics, and provision of a system allowing transparent navigation among the multitude of mandatory industrial requirements. To deliver all this, comprehensive information systems and systemic retention of key personnel are required. The path ahead for the Russian Government is clear and foundations have already been laid: individual practices are being developed in risk-informed approach, performance assessment, and other areas. How universal are the approaches to reforming control and oversight used by various countries? What lessons can and should be learned and what steps should be taken to adjust practices with the appropriate level of caution?