May 16, 2022

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11 Ways To Manage Industry Regulations

The ability to mitigate the risk factors of ever-changing market regulations goes hand-in-hand with running a successful business. But oftentimes, company executives fail to recognize the need to identify these challenges and come up with solutions.

By putting the right team of experts in place as a business begins, leaders will be able to lean on them and gather the solid facts, as needed, to keep the company out of hot water and ahead of any changes in the marketplace.

Below, Forbes Business Development Council members discuss 11 ways to navigate a tricky situation of changing regulations and remain in compliance.

1. Employ An Expert

Highly regulated markets like healthcare will require a guide. Having an expert on the team, board or as a consultant will mitigate risk and ensure success. As the business grows, I recommend having a ratio of one-third of employees with experience in that industry. – Serrah Linares, Change Healthcare

2. Don’t Work In A Silo

A company must appoint a well-empowered risk management team for sustainable success. Ensure the team is well integrated and not working in isolation away from the business management stakeholders who are directly responsible for profit and loss. Oftentimes, stakeholders are much more focused on cost-saving and revenue growth that the mitigation of risk becomes overshadowed. Leaders should prioritize the need to identify the risk. That means analyzing, evaluating and consulting with professionals to seek insurance. – Rakesh Suri, EFL GLOBAL 

3. Gather The Facts

Knowledge is power when it comes to managing risk and navigating market regulations. Regardless of the market, you have to gather the facts. Networking, hiring experienced talent or seeking out an experienced consultant to guide you will not only pave your path to success but will also protect you from wasteful trial and error cycles and costly mistakes. – Christopher Brunetti, Lumen Technologies

4. Subscribe To Stay Connected

It’s important to stay connected to your peers and be active in industry groups and associations. Subscribe to content that keeps track of these regulations and proactively put planning for regulatory issues into your calendar. – Julie Thomas, ValueSelling Associates


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5. Study The Market 

Aggression can be the enemy of growth when it comes to complex market regulation. As a business leader, I’d err on the side of caution because more than growth, there’s a corporate reputation involved. We stay ahead with a slow and steady stance when studying market direction, but take a very aggressive approach when executing business plans and strategies. – Wajid Mirza, Arthur Lawrence

6. Pay Attention To Customers

In the analytics world, privacy has created many challenges by preventing the democratization of data insights. In order to stay ahead, we collaborate with our customers and that drives further innovation to help them handle market regulations. This enables us to stay ahead of customer requirements, mitigate our own risks and empower our customers. – Tony Ayaz, Scuba Analytics

7. Create A Risk Management Plan

Apply Project Management Institute best practices to the risk of market regulations. Study the regulations and create your risk management plan. You want to explicitly identify the risks and put them in your risk register. Analyze those risks from both a quantitative and qualitative perspective. You can then plan your risk responses in order to control the risks as you move forward. – Michael Fritsch, Smarter Operations

8. Analyze The Competition

It’s important to analyze the top players in your industry, but don’t try to do things exactly the way they do. Try to be different and even better in your business proposals, approaches and overall strategy. – Yulia Koroleva, Code Inspiration

9. Follow Current News

Every leader needs to stay on top of the news. It’s as simple as that. Even if keeping up with the market, politics and the economy is not your thing, it’s vital for business leaders and entrepreneurs to stay on top of current events. One of the easiest things you could do is set a Google Alert for business topics and regulations that could affect your business. – Wayne Elsey, The Funds2Orgs Group

10. Do Your Homework

There’s no substitute for deeply understanding the market regulations in your industry. This also includes evaluating new tools in your tech stack, which can be a strategic risk mitigation. For instance, to navigate the ever-increasing amount of privacy regulations, we’re leveraging a platform like Secuvy, in addition to the legal and IT processes we’ve put in place already. – Eric Quanstrom, CIENCE

11. Learn From And Trust In Your Team

The bottom line is to constantly learn and trust in the team that you are building, being open and willing to listen to the professionals in your field. That way you’ll be able to collect the necessary information for analysis and identify the steps that should be taken right now or in the near future. With trust and a competent approach to every aspect of change, you can create the right conditions for moving forward. – Leonid Kozlov, RocketData