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Regulatory management is the process of effectively overseeing the implementation of standards and regulations for operations that are put in place by government agencies, allowing a business entity to remain in compliance with those regulations. The scope of this type of management process will often require that regulatory managers are knowledgeable in the nature and application of all regulations that have to do with a specific industry. With the aid of these managers, it is possible to develop various internal policies and procedures that allow the company to remain in compliance and avoid any type of censure from government agencies.
The exact nature of regulatory management will vary somewhat, based on the industry involved. With manufacturing facilities, regulations that have to do with the handling and disposal of hazardous materials will be a primary concern of the regulatory manager. Safety measures taken in the workplace will also receive a great deal of attention, with the manager making sure those measures at least meet with current standards set by a governmental agency. Compliance with federal and state laws regarding wages and salaries will also often come under the jurisdiction of a regulatory manager.
Other industries and professionals will also incorporate regulatory management into their overall operational strategy. Banks and other financial institutions will include personnel who can aid in drafting internal polices and procedures that help the operation to be in compliance with current federal and state regulations. Even major industries such as retail stores must usually observe a number of governmental regulations in order to avoid incurring fines and possibly be subject to a temporary closing until the business operation is brought back into compliance.
At its core, regulatory management is all about making sure that a company is operating within the boundaries established by a government entity. Typically, those regulations have to do with protecting the rights of consumers, and making sure the work environment is relatively safe and that specified codes of conduct are followed when it comes to financial transactions. By choosing to engage in effective regulatory management, businesses are able to operate with the support of the government, sometimes even being able to receive additional benefits as a result of that compliance. Consumers also benefit, as that the stores they shop in are relatively safe, the goods they buy meet certain standards, and the money they place in banks and other financial institutions has a certain amount of protection.