Final answer:
The competency statement that describes the understanding of professional self-regulation is competence development. This involves continuously improving and enhancing one's skills and knowledge to ensure consistently safe practice and maintain fitness to practice.
Step-by-step explanation:
The competency statement that describes the understanding of professional self-regulation is competence development. This competency involves continuously improving and enhancing one's skills and knowledge to ensure consistently safe practice and maintain fitness to practice. For example, a healthcare professional may engage in continuing education courses or seek certifications to stay updated with the latest advancements in their field.