What is the state of compliance for retail and consumer companies in terms of formal compliance infrastructure, resources, and processes? How is the compliance environment for retailers and consumer goods companies different from other industries?
The retail and consumer (R&C) industry is catching up with the overall population of respondents across a range of industries in formal compliance infrastructure, resources, and processes. While some may consider the R&C industry to be less regulated than others, our view is that in many cases, both retailers and consumer products companies are highly regulated.
In contrast with financial services, health care, and utilities that have a single or primary regulator, R&C companies have multiple regulators, including the Department of Labor, the Occupational Safety and Health Administration, and the Federal Trade Commission, and some which regulate at the state or local level and not nationally, such as departments of weights and measures and state divisions of registration.
In addition, many R&C companies have traditionally embedded compliance policies and activities into the field operations and in many cases, are not even considered to be compliance activities. Business leaders and operators have been accountable for running profitable and compliant businesses, long before corporate compliance programs existed.