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Compliance Management Regulations Fail to Keep Up with Australia’s Startup Boom

Business is booming for startups and innovative businesses in Australia these days. While this is amazing for the future growth and sustainability of the country, many of these startups are outside of the scope of services deemed responsible for upholding traditional regulations from governing bodies of authority. While it’s nice to see so many newcomers into the market, regulatory and corporate compliance management standards haven’t been able to keep up with all of these recent changes. This has caused quite a stir, as some companies have new technology ready and waiting to launch, but cannot do so because of current regulations being out of date; while other companies may have an advantage as they enter into the market without as many regulations placed upon them as their competitors (who may have been in the same industry for decades).

Amazon and Alibaba, for example, have had fleets of drones ready to start delivering products to customers in a new way that surpasses traditional mail delivery services for years. The only problem is that aviation laws and regulations have not yet been updated to include drones, even though this technology isn’t so new anymore. Another industry in which regulatory standards are waiting to be updated is that of the ride sharing industry. Companies like Uber are coming into the market with regulations that are far different, and much more lenient, than they are for taxi cab companies. This has caused quite a debate, as many feel that there should be more regulations over these companies.

On the flip side, many feel that the ride sharing community is bringing about much needed change to an industry that could use a bit of relaxation in terms of compliance regulations. Many also feel that ride sharing companies are bringing necessary competition for taxi cab companies, as means of sparking better customer service and lowering prices.  Other companies, such as Airbnb and Groupon, also have fewer regulatory compliance standards placed upon them than that of their traditional competitors, and they are facing much controversy over this. Airbnb is facing an increase in regulations placed upon them, while Groupon is being investigated for breaching advertising regulations in the UK. So, what is the ultimate solution for this dilemma?

We believe that education in compliance management is one way to help ensure your startup, or traditional business, is keeping up with the ever-changing compliance standards in each country your business reaches. It is getting to a point where there are so many newcomers into the market that compliance regulations are going to have to change in a big way, and soon. If you’d like a SMART solution for your compliance monitoring & tracking, download the iComplied APP on iOS or Android. If you have any questions, or would like more information about iComplied, sign up with us for free today.

 

3 Comments

  1. WilliamTeaft
  2. JaneTeaft
  3. SarahEmuts

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