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The Problem Statement
Lawmakers and governmental bodies create policies, standards, and regulations to guarantee the protection of customers’ rights to quality products and services. Every organisation has its business responsibilities. At the same time, complying with regulations is mandatory. The regulations vary according to the industry, but compliance is a must.
Compliance with regulations can be challenging, especially as they keep evolving with time, requiring companies to adapt accordingly. Besides, while ensuring proper customer service is critical for survival, companies cannot compromise on the compliance aspect. Hence, there should be concerted efforts from the organisation to offer quality service and products to customers.
Therefore, maintaining the desired balance between fulfilling business objectives and compliance responsibilities while ensuring quality is crucial. The challenges associated with maintaining this balance are the most significant problems plaguing every organisation today.