Delving into a brief history lesson, regulators formerly existed in the form of a collective bargaining union. For example, employees wanted a raise, but no rules formerly existed around wages. There were no minimum wage or age restrictions.
When picturing the Great Depression, we often think about bank runs, and how when people were trying to withdraw cash, the banks had already run out of cash. A situation like this occurred because the banks were not regulated.
Fast forward several years later and enter the regulators! In direct response to the bank run problems of the great depression, the FDIC was formed as a regulatory agency. Since then, regulators have continued to pop up retroactively to mitigate damage from potentially harmful events.
So who are the regulators of today’s day and age? Most regulators that exist today, are on the federal level. Some regulators might be private firms that operate as regulators working with governmental agencies to ensure compliance across the board.
The reality of the matter is, that businesses need regulation. As technology continues to develop, areas that were previously vague are now given new clarity. A recent example of this is Google’s recent announcement to decide to update the way they are collecting information. Will the regulators update compliance rules?
Why should I care, you might be asking yourself? The bottom line is that businesses are constantly evolving and so are rules. You or your company can get caught up unexpectedly by not following these rules even if you were unaware of them to begin with. Would you drive a car without wearing your seatbelt or leave your house with your shoelaces untied? The answer is probably not.
That’s where we step in. RegAlytics is here to provide an inexpensive, user-friendly solution to delivering you regulatory alerts so that you and your company are always on top of the latest rules. You wouldn’t jeopardize your health by eating a piece of meat without cooking it, so you shouldn’t let your company continue functioning without being on top of new regulatory data.
Click on this link if you’re interested in hearing more.