Business Goals + Regulatory Compliance? Business Goals vs Regulatory Compliance?

As a founder and owner of a legal business, I understand that businesses exist with goals that revolve around profits, costs reduction, revenues increase and targets arising from value creation/problems solution/innovation.

Operating and growing businesses require companies/businesses to innovate while complying with various regulatory requirements such as various laws, rules, regulations and guidelines/requirements from regulatory authorities that are specific to the businesses and their circumstances.

As a corporate commercial lawyer, I have some key considerations while collaborating with clients across a variety of industries on supporting various legal and compliance aspects of operating and growing businesses:

(1) What are the business activities of the company – which industry the company is operating in?

(2)  How does the company conduct its business activities in practice?

(3) What are the regulatory requirements that apply to the company, the company’s operations, products and/or services?

(4) How do those regulatory requirements affect/impact the company, the company’s operations, products and/or services?

(5) What are the risks/consequences of non-compliance? Imprisonment? Financial? Reputational damage?

(6)   What are the high/material risks amongst the risks/consequences identified?

(7)  How can the company prioritise compliance efforts to address the high/material risks first?

(8) Are there any upcoming new or changes of regulatory requirements that can affect/impact the company, the company’s operations, products and/or services?

(9) How can compliance be integrated into the business strategy without hindering business goals?

(10)  What are the business opportunities/advantages for being compliant?

(11) Does the company have the right people, tools/system and processes to implement regulatory compliance requirements effectively and efficiently?

(12)  How can the company streamline/automate regulatory compliance processes to reduce costs and time?

(13)  Is compliance a shared commitment and responsibility within the company from top management to all stakeholders including all (not some!) employees and business partners?

(14) Are there ongoing and effective communication, trainings and measurement of implementation (in practice and not on paper only!) on compliance to all stakeholders?

(15) What can the company do to grow/innovate while staying compliant? What are the options that are practical which enable the business to grow sustainably and legally (win-win!), and have all options been explored?

The above list is not meant to be exhaustive and will be tailored to different businesses and their circumstances.

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This article dated 26 February 2025 is contributed by Maple Chieng (Corporate Commercial Lawyer) from Maple Chieng & Co. for general information only and is not a substitute for legal advice.  

Maple Chieng & Co is experienced in providing comprehensive guidance to help businesses navigate today's complex compliance landscape. Please refer our website at https://www.maplechiengco.com/ for further information.

If you have any specific queries or require advice/assistance, please contact us at maple@maplechiengco.com