Regulatory Processes

Do you excel in industry regulatory processes?
A. No.
B. Excel? We do our best.
C. We fully comply with minimum industry requirements.
D. We insist on full compliance with industry regulatory processes so as to enhance our reputation with customers and employees.
E. We excel in industry regulatory processes to enhance our reputation with customers and employees and to attract and retain valuable employees who take pride in our role in improving the workplace and environment.
[Score:  A=0, B=1, C=2, D=3 and E=4]
Why is this question important?

The most common industry regulation is in utilities – telecommunications and power generation, airline, railroad, banking, and television broadcasting. The objective of industry regulation is to keep a close eye on an industry’s practices, prices and product / service offerings to ensure that they meet consumer needs, and don’t create a monopoly and take advantage of consumers.

Regulation can take many forms

  • legal restrictions regulated by a government authority
  • self-regulation by an industry such as through a trade association
  • social regulation (e.g. norms)
  • co-regulation
  • or market regulation.

One can consider regulation as actions of conduct imposing sanctions, such as a fine, to the extent permitted by law.

Formal Regulation

Regulation can have several elements:

  • Public statutes, standards or statements of expectations.
  • A process of registration or licensing to approve and to permit the operation of a service, usually by a named organisation or person.
  • A process of inspection or other form of ensuring standard compliance, including reporting and management of non-compliance with these standards
  • Where there is continued non-compliance, then a process of de-licensing whereby that organisation or person is judged to be operating unsafely, and is ordered to stop operating at the expense of acting unlawfully.