The Challenges Facing Peak Bodies And Industry Associations — And How To Solve Them

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Peak bodies and industry associations are facing ever-changing and demanding compliance responsibilities. New laws, codes and regulations are making the compliance landscape ever more complex. Jurisdictions and mandatory inspection schedules are also increasing, adding pressure on already limited compliance resources. 

The Future Of Compliance In The World Of Disruption

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The key buzzword for business over the last decade has, without question, been “disruption”. A disruptive company, product, or service is one that brings an entirely new angle and vision to an existing industry, and when they do they make waves amongst both the current industry players and the governments that regulate them and their industry.

In this article we examine how new and disruptive industries and services are challenging regulation and compliance bodies.

Self Regulation and Compliance Aren’t Always Compatible

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Self-regulation, in most instances of business or government, is far from effective or consistent, let alone honest. Self-preservation is a powerful thing, and human nature dictates that we’re all going to make a mistake at some point.

When that unfortunate incident happens, the best thing that can happen is to immediately address it and handle it. The longer it goes unaddressed, the more harm it will cause when it finally sees the light of day. Self-regulation, combined with a natural tendency towards self-preservation, is simply an invitation to corrupt practices or processes.

In this article the greyhound racing debacle demonstrates the potential issues when auditing and compliance are left to subjective measures