Depending on the industry your business or professional service is in, you might have a different number of regulatory bodies that you need to be in compliance with. Whether it’s a few or a lot, be sure you know who you need to answer to and how to keep them happy.
The federal government has many regulatory bodies that your business might have to deal with:
- Federal Trade Commission: The FTC has the authority to prevent practices or transactions that might restrain trade or lead to a monopoly.
- Food and Drug Administration: The FDA handles safety and awareness in healthcare settings, pharmaceutical settings, and even the foods on your grocery store shelves.
- Federal Communications Commission: The FCC has regulatory authority over telegraph and telephone services, ranging from allocating radio frequencies to administering international communications treaties.
- National Labor Relations Board: The NLRB handles charges made by employees or unions in regards to unfair labor practices.
Other federal-level regulatory bodies that might apply to your sector include the Interstate Commerce Commission, the Securities and Exchange Commission, the Federal Power Coin commission, and the Civil Aeronautics Board. That’s on top of any potential industry-specific regulatory boards or other boards at the state and municipal levels.
Get Professional Help
No matter what kind of regulatory body you need to be compliant with, there are professional services that can help you achieve this. For instance, if you need to make sure your company is FDA-compliant, then Compliance Insight can be of service to you. They can help you out with many different FDA matters, including but not limited to clinical trials, biologics, medical devices, and pharmaceutical matters.
Failing to Follow the Rules
If your business doesn’t follow the rules, then the consequences can be quite severe. Financial fines and penalties can be very steep, but you also might have serious restrictions put on your business by various levels of government. For that matter, breaching compliance rules with different regulatory bodies might also leave you open to legal liability from customers, clients, third-party vendors, and even your own employees.
Follow the Rules
Rules and regulations are in place for a purpose. Most of them are there for safety-related reasons, but others might be more to just level the playing field and keep economic activity and competition fair for all involved. Whether you agree with them or not, you need to play by the rules to keep playing the game and make money as much as anyone else.
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