Question

1. Do you think that knowing and complying with the law could be a great asset for businesses? If yes, why?

Answer 1

Yes, knowing and complying with the law is a great for business for the following reasons:

1) Stardardization of processes & policies - Standard rules create a level playing field for all the players in the business. Laws are the rules of the game which every player (business) has to follow so that the processes and policies could be stardardized around the same framework

2) Legality - it would be illegal if the business is not compliant with the law. Such an act my be penalized by the concerned regulatory agencies of the land. Hence, it's important for a business to comply with the laws to stay away from such penalties and it's all the more important to know the law so that they can comply

3) Brand image - an legal organization creates a positive image in the society by winning the trust of various stakeholders - customer, suppliers, employees, investors etc. This trust attracts more and more stakeholders to the organisation and help & support it to grow.

Hope this answer help.

Thank you.