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Keeping Up with Regulatory Changes in Your Industry

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Author: Bob Press (TAP Financial Partners)

Companies must follow regulatory changes if they want to stay in business. An organization’s inability to do so can significantly impact its success and longevity and, in worst-case scenarios, non-compliance can lead to legal disputes, fines, and loss of business.

That’s why it’s essential to follow and implement new regulations. It helps minimize risk, maintain its reputation, and avoid penalties.

While regulatory changes may seem overwhelming, here are several ways to remain compliant:

Check regulatory agency websites and social media to get the latest changes from the source. Federal, state, and local regulatory agencies may post on their websites or social media whenever policies change or get added.

Examples include the Food and Drug Administration (FDA), the Operational Safety and Health Administration (OSHA), and the Regulatory Affairs Professional Society (RAPS). You should look at any industry-specific regulatory agencies and outlets as well.

Attend conferences, events, and webinars, whether online or in-person, for networking and learning about new regulatory changes. Training sessions may teach you how to implement them in your business. Plus, these events could have guest panel speakers who could answer any questions you have about the new regulations.

Monitor internal procedures regularly to ensure your business remains compliant. Conduct audits to increase workflow and identify gaps, errors, or weak spots in your everyday practices. Doing this consistently is valuable because it keeps your business in great shape when new regulations are introduced.

Train your staff about the importance of compliance. Everyone, from executives to employees, must understand and follow new regulatory changes to mitigate risk and ensure the business remains in good standing. This may cause revisions or updates to internal policies and procedures, so it helps to hold training sessions that educate about new rules and refresh memories on existing regulations.

Inform your clients and explain how the updated regulations may affect communications and service. This helps both parties determine whether they can continue their business relationship if the playing field has changed.

Financial and regulatory experts who stay informed on the latest regulations can also be an important resource. They can provide professional advice, procedures, and solutions to ensure your business remains compliant.

TAP Financial Partners is a great place to start. If regulatory changes are impacting your business, our restructuring team can help with change management so your company can regain its financial footing.

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