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Navigating the South African regulatory landscape isn't easy. It's not only highly regulated, new legislation is constantly being written that changes those regulations.
It is important for the public sector to ensure compliance with these regulations, however complex they are, because the price for non-compliance can be high.
The Other Side Of Non-Compliance
There's the matter of the legal penalties that can be assessed for failing to comply with regulations, which can be rather steep.
The penalties are not the only price for failing to manage compliance as government needs to be able to accurately assess the risks they run into and the opportunities that they have, to best advise how they are going to make sound strategic decisions.
Implement Good Practice At No Cost
Poorly defined regulatory situations can clash with others, and it can be difficult for decision makers to accurately assess either compliance or risks in such situations. This is particularly common with cross-border issues and any situation involving different sets of regulations from different government agencies.
Failing to ensure compliance with all of the relevant regulations introduces an unacceptable level of uncertainty, leading inevitably to poor decision making.
Public sector not only must strive to comply with a wide variety of regulations, but also with the often competing demands of investors, employees, and citizens. It is often not possible to satisfy all of the interests involved, and this can lead to poor business decision making and lowered stakeholder confidence.
All of these pressures increase costs for government entities, from the direct costs of regulatory violations to the indirect costs of failing to assess risks properly.
Easy Regulatory Compliance Management
However, just because Regulatory Compliance Management can be difficult and expensive, does not mean it is impossible. Effective RCM is the result of effective integration of the governance roles of certain management functions such as Risk, Legal, Compliance, and Internal Audit.
"Effective regulatory compliance practices" is the new "business as usual."
A Guide for Compliance
Introducing the Lexis Assure Survival Guide for Regulatory Compliance Management. A cost free solution to achieving effective Regulatory Compliance Management. As the Public Sector that is concerned with regulatory compliance and effective risk management, learn more about these processes and structures that will assist you in keeping your compliance in check.