How well does your organization anticipate and influence regulatory changes?
- Very well. We see them coming and help shape them: 27.7%
- Well. We see them but could do more to shape them: 37.1%
- Not well. We’re sometimes surprised and don’t shape much:27.7%
- Not at all. We’re always caught off guard: 7.5%
Staying ahead of the rules. All businesses are impacted by new laws, rules, and regulations. Ignore their development at your own risk. It can be a terrible outcome to be unaware of a rule change until it’s announced. Doing so can cause massive disruptions to your business and lead you to incur significant costs. On top of that, you’ll be at a competitive disadvantage if you’re remediating regulatory issues while your competitors are attacking you since they’ve already remediated their issues before the rule was finalized. Even better than staying apprised of pending regulations, see if you can influence their development. There are many opportunities to provide input into the regulatory process. Don’t miss the opportunity to shape the rules you’ll compete under in the future.
Mike Figliuolo is managing director of thoughtLEADERS. Before launching his own company, he worked at McKinsey & Co., Capital One and Scotts Miracle-Gro. He is a graduate of the U.S. Military Academy at West Point. He's the author of three leadership books: "One Piece of Paper," "Lead Inside the Box" and "The Elegant Pitch."