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Pob stage 1 seminar 7 sbd
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Seminar: Understanding the role of regulation for your business
Topic Number: 7
Principles of Business
2
Overview
Regulation is becoming an increasingly important consideration within the business environment. In this seminar, we will consider the role and impact regulation has on your business.
You will determine the key regulatory bodies that may be interested in your business and understand the key principles that they adopt. This will enable you to develop a robust understanding of the types of things you should consider within your business and governance structure. We will look into a number of the regulatory consequences of not following the stipulated requirements on your business.
Finally we will look the development of health and safety policy for your business.
3
Learning outcomes of this seminar
• Determine and describe the different types of regulatory bodies that may be interested in your business
• Understand and articulate the key regulatory principles of those bodies and be able to apply these to a particular context
• Demonstrate knowledge of the consequences of not adhering to regulatory requirements
• Determine and apply the key principles of different international regulations in the context of your own business
Agenda for this seminar
Understand the key regulatory principles of those bodies and describe how you would intend on adhering to the regulations
Consider what are the regulatory consequences for your business of not meeting the stipulated regulatory requirements
Write a Health and Safety Policy for your business
Determine the key industry regulatory bodies that may be interested in your business
Structure for the session
You will have 15 minutes to
discuss each question
We will have a de-brief at the end of each 15 minutes to hear your thoughts on each area
Feel free to ask questions but please do not have separate conversations ‘we are all in
this together’!
A relationship between regulation and trust?
View video: https://www.youtube.com/watch?v=4mh0E6JA2aA#t=164
Overview
Source: Edelman, 2014
Overview
Source: Edelman, 2014
Overview
Source: Edelman, 2014
Determine the key industry regulatory bodies that may be interested in your
business
Understanding what regulations to adhere to
EU & National Laws
Industry Agnostice.g. taxation & health
and safety
Industry Specifice.g. FCA and Food Standards Agency
Your core industry/s
ervices
Ancillary Services
Supporting Activities
Consider:
For example
Your core industry/s
ervices
Ancillary Services
Supporting Activities
If you offered a package bank account you would need to consider the following regulators:
Financial product
elements e.g. current account
Offer 241 on dinners at top restaurants
Offer 241 on dinners at top restaurants
Role of Regulations
Advertising ProductConsumer Protection
+ =
Our mission is to ensure that advertising
in all media is legal, decent, honest and
truthful, to the benefit of consumers, business
and society.
We work with local authorities to enforce
food safety regulations and…check that the requirements of the
regulations are being met.
We are responsible for considering the
fairness of terms in many types of financial
services contracts, including: consumer
credit, mortgages (etc)
Understand the key regulatory principles of those bodies and describe how you would intend on adhering to the
regulations
Usually all regulators have a common goal…
• Protecting stakeholders• Fostering competition• Encouraging innovation and economic
development• Stabilizing and stimulating the economy
To the letter vs Outcome based regulation
In light of the issues faced through the credit crunch and recession from 2008, we are seeing a new regulatory philosophy with a move from ‘to the
letter’ regulation to an outcome based approach.
FCA Principles
Determine the role of the ICO and its impact on your
business
The Information Commissioner’s office (ICO) is the UK’s independent public authority set up to uphold information rights. We do this by promoting good practice, ruling on
complaints, providing information to individuals and organisations and taking appropriate action when the law
is broken.
Role of the ICO
The ICO enforces and oversees the following legislation:
• Data Protection Act 1998• Freedom of Information Act 2000• Privacy and Electronic
Communications Regulations 2003
• Environmental Information Regulations 2004
• INSPIRE Regulations 2009
What action can they take?
• Criminal prosecution • Non-criminal enforcement • Audit. • The Information Commissioner
also has the power to serve a monetary penalty notice on a data controller.
Your obligations in different industries
Source: ICO, 2014
Type of breaches to look out for
Source: ICO, 2014
Sectors with most breaches
Source: ICO, 2014
Regulatory Powers - ICO
• Serve information notices requiring organisations to provide the Information Commissioner’s Office with specified information within a certain time period;
• Issue undertakings committing an organisation to a particular course of action in order to improve its compliance;
• Serve enforcement notices and ‘stop now’ orders where there has been a breach, requiring organisations to take (or refrain from taking) specified steps in order to ensure they comply with the law;
• Conduct consensual assessments (audits) to check organisations are complying;
• Serve assessment notices to conduct compulsory audits to assess whether organisations processing of personal data follows good practice (data protection only);
• Issue monetary penalty notices, requiring organisations to pay up to £500,000 for serious breaches of the Data Protection Act occurring on or after 6 April 2010, or serious breaches of the Privacy and Electronic Communications Regulations occurring on or after 26 May 2011;
• Prosecute those who commit criminal offences under the Act; and• Report to Parliament on data protection issues of concern.
Write a Health and Safety Policy for your
business
Purpose of the HSE
Under the Health and Safety at Work etc. Act 1974 (as amended) (HSWA) HSE has been set up in order to support the Government’s strategic aims and current targets for health and safety at work. Its main aim is to secure the health, safety and welfare of people at work and protect others from risks to health and safety from work activity.
Its main statutory duties are to:• Propose and set necessary standards for health and safety
performance;• • secure compliance with those standards;• • carry out research and publish the results and provide an
information and advisory• service;• • provide a Minister of the Crown on request with information and
expert advice.
HSE’s mission is:The prevention of death, injury and ill health to those at work and those affected by work activities.
Write a health and safety policy for your business
http://www.hse.gov.uk/simple-health-safety/write.htm
3 easy steps to writing a policy
Step 2: Research risks documents
Step 1: Download the template
Step 3: Gather holistic view from your group
http://www.hse.gov.uk/simple-health-safety/write.htm
End of Seminar
Note: This recording is for your personal use only and not for further distribution or wider review.
© Pearson College 2013