How do we deal with increasing regulation and compliance concerns?

Thanks for invitation,

I do prefer to adapt with all the regulators and compliance instructions, as a sole solid protective wall against the complications of today's business environment.

By operating a dedicated section or department to exclusively deal with statutory requirements like regulations , compliances , NOCs etc. and the cost for the same can be added to the project cost.

As known, each Business Environment has specific regulations and compliance instructions to organize the business relationships with customers , partners and other suppliers. Any increasing of regulations and compliance instructions aim to protect our business to be more successful.

Therefore, our duties oblige us to adapt and support such increasing of regulations and compliance  to avoid the high risk and complicated problems during the projects execution process.

In general, compliance means conforming to a rule, such as a specification, policy, standard or law. Regulatory compliance describes the goal that organizations aspire to achieve in their efforts to ensure that they are aware of and take steps to comply with relevant laws and regulations.

Due to the increasing number of regulations and need for operational transparency, organizations are increasingly adopting the use of consolidated and harmonized sets of compliance controls (Like ISO etc.). This approach is used to ensure that all necessary governance requirements can be met without the unnecessary duplication of effort and activity from resources.

Thanks for invitation

I Agree with Mr. Asif Eqwal  

Organisations can deal with them by setting up compliance driven ethics that serve as guidelines for staff behaviuor and organisations' operations and having tam responsible for monitoring to ensure up to date compliance. l

_____________

Answer colleagues adopted

Thank you for the invitation

Being Proactive, Dynamic and flexible helps firms to adapt those changes quickly... 

Thank you for the invitation. I agree with the given answers.

Agreed with expert opinions ------------------

Documented quality system and procedure which ensures strict adherence of regulations, standards, specifications needs to be formulated in beginning, executed and monitored continuously for compliance