A team of researchers at Newcastle University have showcased research findings in June, to North East businesses to help make government regulation work for them.
The workshop, ‘Managing regulation: how to make regulation work for your business’, revealed project conclusions that dispelled the common assumption that regulation acts purely as a burden for businesses. It is anticipated that the research could have a profound influence over future governmental policy-making on regulation.
The research team was composed of academics from the Centre for Urban and Regional Development Studies (CURDS), the centre for Knowledge, Innovation, Technology and Enterprise (KITE), and Newcastle University Business School, and was funded by the government body for funding research: the Economic and Social Research Council (ESRC). The project investigated how regulation affected, and was implemented by, a number of firms from key growth sectors including bio-pharma, environmental services, high-tech security, film and media.
The event lifted the lid on how regulation acts as a boundary-setter and an enabler for many businesses, as well as creating some burdens. It also highlighted how some of the firms studied managed compliance in a bid to show attendees a range of ways to cope with policies - from how regulation can help professionalise a company and lead to growth in certain sectors, to guidance as to when and how to outsource regulatory compliance. The practical event provided attendees with useful knowledge and insights to help regulation work for them.
Newcastle University Business School and centre for Knowledge, Innovation, Technology and Enterprise, Senior Lecturer, Dr Simon Down said: “Regulation shouldn’t be seen as only a burden; it can be a core competency of a professionally managed business that adds real value.
“The purpose of this research is to show businesses how to harness both the problems and the potential regulation offers.
“It was of great use that we have already started to disseminate our research findings to the small firms, and helped triangulate the fieldwork data we have already collected.
“This research has proven a strong correlation between business growth and well–managed regulation within a firm, and through this event we want to ensure that businesses know how to act on this information, and reap the benefits.
“We anticipate the results of the research will have a significant impact on how this, and future governments, think about regulation and policy setting, both generally and in terms of specific sectors.”
published on: 25th June 2012