While it is important to comply with regulatory requirements to maintain a healthy business, it is equally important to develop a solid reputation. A business’ reputation is what keeps it relevant and stable in its market share. When it suffers from a negative reputation, it may not remain relevant long enough to keep up with competition. The process of achieving regulatory compliance shows that the business meets certain criteria and has maintained a high level of quality and customer service. It also improves the trust of customers and stakeholders.
Many regulations are created to protect consumers, businesses, and employees. Most compliance regulations are adopted from European Union laws. In addition to the European Union, local governments perform regulatory functions. Additionally, professional organisations regulate membership and conduct. In the UK, the Financial Reporting Council (FRC) issues the UK Corporate Governance Code, which all publicly listed companies must present in their core financial statements.
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Regulatory compliance is critical for any organisation that wants to sell its products or services to consumers. When you are selling globally, you need to meet the safety standards of every country you serve. Financial and background checks on customers are also an essential aspect of compliance. As a result, ensuring that a product meets safety standards will protect both consumers and businesses. Regulatory compliance is often in the background and never makes the news, but the consequences of not complying can be disastrous.