Regulatory compliance is the aim that organizations aspire to achieve while ensuring that all the personnel comply with the existing laws and regulations. The quality standards that are driven in pursuit of regulatory compliance often target to fulfill and meet the laws and regulations. The regulatory compliance of the quality standards ensure that firms operate towards expansion or growth and increasing the consumer loyalty.
The quality standards driven by the pursuit of the market should differ with the one that is driven in pursuit of regulatory compliance. This is essential because the market share market targets capturing a vast market and growing its market. The market share is also independent of the macro environmental variables. In contrast, the regulatory compliance quality standards target the meeting of the laid down laws and regulations. The regulatory compliance is dependent of the macro environmental variables (Weait, 1994). As a result, any change in policy also affects the operation of the firm.
Weait, M. (1994). “The role of the compliance officer in firms carrying on investment business. Journal of International Banking and Financial Law, 381-384.
Defeo, J., & Juran, J. (2010). The Complete Guide to Performance Excellence. The Juran Institute: McGraw-Hill.