I don’t know the data points but if I were to guess I would say the extent to which ‘regulation’ read compliance – affects our business life today is huge. Compared with 10 years ago I think the reach of the Regulator has increased enormously and the consequences of failure or breach is becoming ever more serious.
It’s no longer just a fine or a slap on the wrist when a firm breaches regulations and compliance. Now Directors and company officers can and do go to jail. Rightly so.
Compliance is now a critical success factor of any firm operating in a regulated industry and even firms that are not regulated by their industry still have to adhere to Health & Safety regulations and DPA.
The firms that run a tight ship, that understand how regulation impacts their business that train their employees so they genuinely understand the regulations are the firms that will succeed in the long-term. There is no longer any place for cynical tick-box type compliance philosophy and firms still practicing this will be the ones making headlines for all the wrong reasons in an industry near you soon.
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