REGULATORY INTERVENTION
Organizations (private, government agencies and other third-party entities) endeavour to achieve their goal of continuous compliance with applicable statutes, regulations and codes that were promulgated by local, states/provinces, federal governments and international multilateral government agencies, that are pertinent to their businesses and operations. Unfortunately, this goal is often not met, due to various reasons.
Some Common Causes of Statutory and Regulatory Contraventions and Non-compliances in Organizations:
- Misinformation or disinformation peddled prior to, during and after the promulgation of new/potential or existing statutes and regulations.
- Misinterpretations of statutes and regulations by organizational decision-makers.
- Non-alignments between the requirements of the statutes and regulations and the views of organizational decision-makers.
- Organizational financial status i.e. insufficient funds to implement regulatory requirements.
- Other shortfalls associated with the feasibilities of implementation of newly promulgated statutes and regulations by organizations.
- Blatant disregards for laws and regulations by organizational leadership or most senior executive of the organization.
GBS services aims at helping entities to achieve their goals of protecting vulnerable populations and environment, prevention of harmful business practices, reduction in or elimination of economic loss exposures that may lead to market failures and strategic risks exposures that may threaten its sustainability.
Regulatory Intervention Services Provided by GBS:
- Pre-formulation assessment of policies, policies development, and impact assessment of new or existing policies.
- Organizational policy makers’ training that helps to provide clarity on the legal requirements pertinent to their business operations and/or industry classification.
- Review (Gap Analysis) of applicable statutes and regulatory requirements that or may constitute non-compliances for the organization.
- Establishment of internal controls that promotes compliance with applicable statutes and regulations.
- Provision of generally unbiased regulatory advisory services to Senior Management and organizational policy makers.
- Assist and support organizations in the processing and obtaining business licenses and permits.
Benefits of Engaging GBS Services in Regulatory Review and Compliance Consultations:
- Increased business profitability.
- Significant reduction and/or elimination of commercial liabilities i.e. litigation, regulatory penalties and other loss exposures.
- Improved or increased positive and sustainable organizational reputation.
- Significant loss reductions in financial, operational and strategic losses experienced by the engaged organization through enterprise risks management.
- Increased positive organizational outlook that may enhance business branding and positively impact customer base.