Why are Legal and Regulatory Requirements Important?
Compliance with legal and regulatory requirements is crucial for several reasons: 1. Avoiding Penalties: Non-compliance can result in fines, legal action, and damage to the business’s reputation. 2. Building Trust: Adhering to regulations helps build trust with customers, investors, and other stakeholders. 3. Ensuring Safety: Regulations often aim to ensure the safety and well-being of employees, consumers, and the environment.