As we have learned in this chapter of BUS-311, there are many different types of hazard and risk that can effect businesses in many different ways. Some risks have been around forever and will stay around forever, some risks are just being presented, and some are constantly changing. Those are the risks that I think can have the worst effect on businesses, the ones that constantly change. When researching I found that regulatory change is one of the top risks that companies are always thinking about. Regulatory change is basically the way that regulatory requirements and oversight can lead to the disruption of businesses models and the companies ability to perform. This is from a website called corporatecomplianceinsights.com and they said “For example, shifts in regulations related to privacy, product development and approval, trade and tariff policies, the environment, social issues and broader governance expectations have been happening and continue to happen around the world, impacting any organization that wishes to do business both within and outside its home-country borders.” One big event that has caused a lot of regulatory change is the Covid-19 pandemic that has swept across our nation and the world. Obviously we need to keep people healthy and safe and try to limit the spread of the infection, however this can and has been affecting businesses negatively as some business are forced to close or limit customers, especially small businesses that maybe don’t have the large pool of resources to fall back on that large corporations or other large businesses may have. As some businesses are forced to close or to limit the amount of people that are allowed into their store, this regulatory change is definitely a new risk that every company is now facing. A business can take all of the appropriate measures and do everything that they can do to try and make their business safer and healthier when it comes to Covid-19 and limiting the spread, however even if the business themselves do everything in their power, they cant do anything about how other businesses decide to conduct themselves, and definitely don’t have power on how people themselves decide to act. So despite a company taking every step to make their store or business Covid safe, infected numbers in their area or their state can still rise, and therefore the government can decide to again change regulations or close down stores for a while. We have already seen how regulations have changed a couple times during the pandemic and how that has affected businesses. Restaurants that I once went to are now closed down for good, meanwhile other places have just moved all their seating outdoors and seem to be doing okay. The new threats presented by Covid don’t really affect my current comfort at work since I don’t interact with anyone face to face other than coworkers and generally everyone is respectful and wears a mask when needed, etc, but regulatory change as a whole is something that constantly changing and evolving with the world and how people feel in general about things. Keeping up with the changing regulations can be and is a difficult thing for businesses to keep up with. Other changes in regulations that are occurring are related to environmental worries, trade and tax policies, social issues, and the regulations relating to these are changing so businesses will need to adjust themselves accordingly.
https://www.paychex.com/articles/compliance/top-regulatory-issues
https://www.businessnewsdaily.com/7671-regulatory-issues-changes.html
https://www.investopedia.com/articles/economics/11/government-regulations.asp
