Companies must obey a legal framework known as regulation in order to conduct business in a particular sector of the economy.
According to research conducted by GBO, regulation from a legal standpoint plays a crucial role in ensuring companies operating within a defined and regulated framework have a clear understanding of the legal regulations they must abide by. It is important for companies to operate according to a regulatory framework in order to avoid sanctions from authorities.
The research also highlighted the benefits of efficient administration of regulations, which can reduce costs and improve the overall economy for businesses, industries, and individuals.