There is no doubt that regulation is on the increase, fuelled by new social expectations of ethical behaviour, environmental cleanliness and health and safety standards.

Keeping abreast of every new regulation is becoming progressively more difficult. Recent years have seen a plethora of corporate governance codes, new directives on everything from data protection to waste of electrical equipment, and new terrorism laws, just to mention a few.

Critical questions you need to consider

• Have you found yourself to be in breach of new regulation because of oversights or wrong interpretation?

• Have you suffered a recent fine or penalty for non-compliance?

• Do you feel that your budget for regulatory compliance is becoming unmanageable?

• Are you struggling to put into practice notions of accountability, responsibility and transparency?