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Regulatory compliance and risk management

Every commercial organisation has at its heart a desire to grow in size, its ‘offering’ to customers, and profitability. But with expansion and increased size, new market areas and greater profits, come greater risk and responsibility for the organisation and its senior management.

This is the sharp end of running a business - reducing your organisation’s (and its managers’) exposure to risk.

Companies are increasingly being judged, not just on growth and profit, but also the way in which they achieve that growth in a global socially responsible manner.

Regulation is now at the core of almost every business, with larger businesses often being judged to a much higher standard when things go wrong. Maintaining compliance with legislation avoids disrupting your business, damaging your reputation and reduces the risk of litigation and personal or corporate criminal prosecution.

On the one hand, the EU and UK legislatures are continuously coming up with new law and closing loopholes whilst on the other, the regulators who enforce this legislation are pursuing actions more vigorously, safe in the knowledge that the UK Courts are becoming more willing to issue high fines and sentences for convicted offenders.

Fines in the tens or even hundreds of million of pounds are not unheard of in cases of corporate corruption (i.e. bribery or cartel offences). For operational breaches (i.e. health and safety, trading standards, food safety or environmental offences), courts are increasingly willing to fine companies to a level which sends a message to the boards and shareholders (often well over £1m).

Recent sentencing guidance means small firms which have avoided compliance may be punished to such a level that they will be sent out of business. Medium and large firms may well be punished to levels previously unheard of, with the starting point for corporate manslaughter offences now at £500,000.

Our team of regulatory experts drawn from across the commercial business frequently advise businesses on the full spectrum of regulatory and risk issues. Prevention is always better than cure and you will find that our focus is on proactive advice and pre-emptive training. We offer consultative services to identify and manage business risk and offer tailored courses from boardroom to shop floor designed to relate to the issues identified as highest risk in your working environment and specialist short courses to meet specific company needs.

But if the worst does happen, we will deliver immediate, pragmatic advice to deal with the crisis. We encourage active management of a problem as soon as it arises and can assist you at every step from dealing with the regulators from the outset to helping you direct your own internal investigation.

From competition breaches to data theft, fraud and corruption to environmental disasters, and from product recalls to fatal accidents, our regulatory team provides reassuring, 24/7 legal support for you and your business when you need it most.

For further information or urgent assistance, please speak to:

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Ron Reid

Partner
T: 03700 86 3317
I: +44 (0)1604 54 3317
E: ron.reid@shoosmiths.co.uk