The relationship between government and business is often fraught, confrontational and difficult to manage. Government regulation, in theory designed to ensure the smooth operation of our economy and society, is often seen as an impediment by businesses keen to progress its interests on its own terms.

But after years working in both the public and private arena I am convinced it doesn't need to be this way.

Rather than struggling against government regulation, businesses should be looking for opportunities to use it to their advantage. Rather than see regulation as something which needs to be avoided, business should be looking to engage with government and move the debate in a direction which would be more beneficial to their own operations.

The problem with simply attacking and fighting against regulation, is that we eventually reach a point where there is no regulation and therefore no checks and balances in place to prevent a market overheating, or adopting deleterious practices.

The sub-prime crisis in the US is a perfect example of where a poorly regulated sector ultimately forced not only its own demise, but caused ripples which are now being felt throughout the global economy. And unfortunately the response to events like this one tend to be reactive, rather than consultative, leading to unnecessarily heavy regulatory responses.

Although it's commonly called for within the business community, in most cases it is naive to expect industries to self-regulate, or to expect governments to get regulation right without a significant amount of input from the business community.

However, smart businesses will look for ways to work with government when it comes to the drafting of regulation, so as to ensure that it achieves the desired outcome of restraining some of the more risky practices businesses will adopt, if not kept in check.

Interestingly, the principle of working with, rather than against, government regulation works across a range of different countries and economies. There are some basic differences, but so long as the commitment to work together exists, the potential for cooperation is vast.

It is up to business, however, to take a fresh look at their regulatory framework and figure out what they are able to achieve, and what areas they need to work on.

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After decades working in the both the public and private service, Patrick Callioni has literally ‘written the book' - having recently published "Compliance and Regulation in the International Financial Services Industry [1]", in which he gives practical examples and strategic advice to industry looking to work with Government in a number of jurisdictions.  

Can compliance be turned into a competitive advantage, rather than a driver of costs? Are financial institutions merely passive recipients of government intervention or is it possible for smart corporates to play a role in shaping regulation and compliance, nationally and internationally?

This book addresses these challenges and explores all these opportunities. It provides detailed guidance for those who are responsible for designing and applying compliance regimes in companies. That guidance will be provided in context: legal, social and economic. Understanding the context is essential to anyone wishing to extract value from compliance, possibly turning a cost center into a competitive advantage.

Book a copy at Amazon.com - http://www.amazon.com/Compliance-Regulation-International-Financial-Services/dp/1906403023 [2]