Is Your Business Regulation Ready?
In this guest article from Muve Media & Marketing, the marketing agency looks at regulatory compliance for businesses.
In a recent survey of businesses in the UK and US, only 30% said they were fully prepared to meet regulatory compliance in the years to come. This isn’t surprising, considering several significant changes in the law have occurred over the last few years.
To mention a few:
- Changes to GDPR – This impacts how businesses manage data and privacy.
- Brexit regulatory changes – These regulations affect how trade is conducted across borders.
- Changes to LIBOR (London Interbank Offered Rate) -This is changing to risk-free rates, significantly affecting how market rates are calculated.
With these ongoing changes, it’s no wonder businesses are struggling to meet the continual stream of new legal requirements. To put this into perspective, as many as 31% of companies still aren’t GDPR compliant. While another 49% say they feel underprepared for the new Brexit regulatory changes.
Many businesses are struggling because of the lack of budget and resources to keep up with these regulatory trends. Moreover, with Brexit’s ongoing uncertainties, it’s becoming increasingly difficult for companies to keep up with what their obligations actually are. Unfortunately, a misstep can be extraordinarily costly and damage a business’s reputation.
However, as different industries may have to respond to varying legislation and regulations, it would be easy to make mistakes or misunderstand what’s required.
In answer to these problems, the Business Companion has set out to make these laws more accessible for businesses no matter their industry. So, you’ll find a wealth of guidance for your business, explaining complex regulations and legislation in plain English. What’s more, they provide this in easy-to-understand guides, checklists, explainer videos, and other resources to help you stay updated with the latest recent regulatory changes.
On top of that, they also provide more general guidance on crucial issues like alternative dispute resolution and consumer vulnerability. But, best of all, they offer our impartial services for free and cover a range of sectors, including:
- Car traders
- Care homes
- Renewable energy installation
- Online businesses
- Age-restricted sales
Their work aims to ensure traders have the knowledge they need to meet the minimum requirements mandated by law. That way, they can conduct their businesses safely and efficiently.
This is particularly true of organisations interfacing with vulnerable clientele, where the legislation can be more stringent. That’s why their guides are designed to inform businesses of their responsibilities and duties of care. That way, traders have the information they need to protect themselves against legal and regulatory risks. Still, at the same time, vulnerable consumers are safeguarded from potential harm.
In summary, understanding these regulations is the best way to protect both your customer’s and business’s reputation. While maintaining regulatory compliance may seem complicated, rest assured that your business isn’t alone. To learn more about how they can help your businesses thrive, visit Business Companion. Here, you’ll find up-to-date, relevant materials to guide you through the ongoing regulatory transitions UK businesses face. Staying compliant has never been simpler!
Business Companion is a free online information resource operated by the Chartered Trading Standards Institute (CTSI) with the support of the Department for Business, Energy and Industrial Strategy (BEIS). It hosts a wealth of information for businesses across a wide variety of sectors, providing accurate, reliable and up-to-date guidance on numerous aspects of consumer law.