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The paradoxical view that regulation is both a blessing and a curse continues to be widely held among senior executives. While they recognise the need for protection in key areas, they are often frustrated by what they see as overly complex, unnecessary bureaucracy to achieve this goal. As companies expand internationally and develop highly integrated business networks, the challenge of compliance becomes an increasingly diffi cult one to meet.

Although regulatory regimes are undoubtedly complex and would, in most cases, benefit from rationalisation and simplification, companies themselves must also bear some of the responsibility for the problems that they face. In the constant race to keep up with new obligations, many organisations create a kind of self-imposed complexity by duplicating the compliance effort and bolting on new teams and processes as and when new requirements emerge.

To date, few companies have put in place a unified approach to managing regulatory risk, but in order to ensure robust compliance, anticipate future regulatory change and enhance competitive advantage, this must surely be a an important long-term objective. With regulation certain to remain a key component of doing business in the future, anything that can provide reassurance that obligations are being met in a way that also secures broader business benefits would be highly desirable.

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