Which of the following best describes how businesses should manage the regulator

Question

Which of the following best describes how businesses should manage the regulatory environment? Top managers must take responsibility and be accountable for assessing legal risks and developing corporate programs that promote and reward acceptable conduct. Businesses should try to follow all of the laws that apply to doing business and should also consider the economic implications of their actions. Companies should maintain their primary focus of making a profit, and then try to operate in the regulatory environment. Businesses should hesitate to punish employees who have committed an illegal or unethical act in order to protect the reputation of the company. The company should hire a consulting group to deal with compliance with laws and regulations since managers have more important matters to address.

Explanation / Answer

the second point is correct.

i..e business should try to follow all the laws and regulations which apply to it, then there wont be any kind of legal or any other type of problems. once if they follow all the laws and regulations, there is no chance to make illegal actions. and in the same way they also should be considered about economic aspects like; cost of the production, profits to the firm and so on. then only the firm can run for a longer time.

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