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Regulatory Change: Always On Its Way

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Regulatory Change: Always On Its Way

Any time you make significant changes in your life, your workplace, your career… it’s bound to be both exciting and challenging at the same time. One thing is certain… change has arrived. In business, we talk about change differently than most people. We ask questions like “who moved my cheese?” and say things like “the only constant is change,” thanks to smart people like Dr. Spencer Johnson and the Greek philosopher Heraclitus.

But what about when your cheese was not moved but was transformed into something completely different? Your rich creamy wheel of brie is now a dry piece of glutton-free bread with no trans fats. This is the type of change that businesses face when they look to enter new markets.

In spite of countless hours of due diligence and planning, external forces will always impose their will and force you to change the way you operate. This is the reality of doing business internationally. According to a recent release by Thomson Reuters Accelus, last year global organizations had to contend with more than 14,000 regulatory announcements – that’s more than 60 per day and an increase of 16 percent since 2010.

With that much regulatory change, let me ask you… how do you put to use industry best practices for your compliance initiatives? How do you go about promoting an ethical culture in your organization? How about managing your corporate policies or your incident investigations? How often do you review your code of conduct and train your employees on topics concerning ethics? Are you effectively capturing everything you need to know when incidents are reported, and can you analyze and track your compliance data so that those incidents don’t reoccur?

If you have a plan for more than a third of these issues, I am duly impressed.

Now back to those 14,000 regulations….

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