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The interviews conducted for this research suggest that such fears are not ill- founded.When senior corporate managers talk of their punitive regulatory liabilities liabilities,the picture is not of a single set of regulatory liabilities (eg regarding pollution) to be dealt with rationally but of a host of widely differing regulatory risks that are complex,incompletely known,More strikingly,when managers do act in an informed manner,they may not see compliance in the same way as regulators.
The regulator manner,they may not see compliance in the same way as regulators,The regulator may see non-compliance as 'misbehavior' and the trigger of a sanction such as s fine but a business manager may see non-compliance as a mixture of business opportunities and risks.Such a manager may think not maximizes shareholder returns as represented by the difference between expected gains and losses.Non-compliance may involve losses,but as already noted here and elsewhere,regulatory sanctions may be only a small aspect of losses.Also significant,and sometimes more important,may be reputation effects; operational disturbances; human resource implications; effects on markets or competitive positions; or relations with regulators,investors,consumers,business partner or suppliers.Managers may see regulatory liabilities as risks to be managed,not as ethically reinforced prescriptions.
As already indicated,compliance provides one way of managing such risks but other potential impact of a possible regulatory sanction.It had been noted that even before the latest governmental movement towards punitive regulation;' those multi-national enterprises that were in a position to do so were shifting the more dangerous and criminogenic aspects of tries’.Risk shifting by domestic outsourcing is a potential risk management strategy closer to home as is taking such steps as:organizing the business so that operations or production processes are not dramatically affected by the imposition of a regulatory sanction; developing public relation systems that can limit any reputation sanction; developing public relations systems that can limit any reputation losses caused by regulatory sanctioning; developing contingency plans to reduce the market or competition provides one way of managing such risks but other potential responses are risk-shifting and acting so as to limit the potential impact of a possible regulatory sanction.
It has been noted that even before the latest governmental movement towards punitive regulation:’ those multi-national enterprises that were in a position to do so were shifting the more dangerous and criminogenic aspects of their operations to subsidiaries located in the third world or developing countries' Risk shifting by domestic outsourcing is a potential risk management strategy closer to home as is taking such steps as:organizing the business so that operations or production processes are not dramatically affected by the imposition of a regulatory sanction processes are not dramatically affected by the imposition of a regulatory sanction; developing public relations systems that can limit any reputation losses caused by regulatory sanctioning; developing contingency plans to reduce the market or competition effects of a sanctions; designing activities liable to give rise to regulatory sanctions risks(eg by silencing whistle-blowers).
The interviews conducted for this research suggest that such fears are not ill- founded.When senior corporate managers talk of their punitive regulatory liabilities liabilities,the picture is not of a single set of regulatory liabilities (eg regarding pollution) to be dealt with rationally but of a host of widely differing regulatory risks that are complex,incompletely known,More strikingly,when managers do act in an informed manner,they may not see compliance in the same way as regulators.
The regulator manner,they may not see compliance in the same way as regulators,The regulator may see non-compliance as 'misbehavior' and the trigger of a sanction such as s fine but a business manager may see non-compliance as a mixture of business opportunities and risks.Such a manager may think not maximizes shareholder returns as represented by the difference between expected gains and losses.Non-compliance may involve losses,but as already noted here and elsewhere,regulatory sanctions may be only a small aspect of losses.Also significant,and sometimes more important,may be reputation effects; operational disturbances; human resource implications; effects on markets or competitive positions; or relations with regulators,investors,consumers,business partner or suppliers.Managers may see regulatory liabilities as risks to be managed,not as ethically reinforced prescriptions.
As already indicated,compliance provides one way of managing such risks but other potential impact of a possible regulatory sanction.It had been noted that even before the latest governmental movement towards punitive regulation;' those multi-national enterprises that were in a position to do so were shifting the more dangerous and criminogenic aspects of tries’.Risk shifting by domestic outsourcing is a potential risk management strategy closer to home as is taking such steps as:organizing the business so that operations or production processes are not dramatically affected by the imposition of a regulatory sanction; developing public relation systems that can limit any reputation sanction; developing public relations systems that can limit any reputation losses caused by regulatory sanctioning; developing contingency plans to reduce the market or competition provides one way of managing such risks but other potential responses are risk-shifting and acting so as to limit the potential impact of a possible regulatory sanction.
It has been noted that even before the latest governmental movement towards punitive regulation:’ those multi-national enterprises that were in a position to do so were shifting the more dangerous and criminogenic aspects of their operations to subsidiaries located in the third world or developing countries' Risk shifting by domestic outsourcing is a potential risk management strategy closer to home as is taking such steps as:organizing the business so that operations or production processes are not dramatically affected by the imposition of a regulatory sanction processes are not dramatically affected by the imposition of a regulatory sanction; developing public relations systems that can limit any reputation losses caused by regulatory sanctioning; developing contingency plans to reduce the market or competition effects of a sanctions; designing activities liable to give rise to regulatory sanctions risks(eg by silencing whistle-blowers).
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