{"id":46711,"date":"2023-10-06T14:10:17","date_gmt":"2023-10-06T13:10:17","guid":{"rendered":"https:\/\/grayling.com\/news-and-views\/the-what-why-and-how-of-regulatory-convergence\/"},"modified":"2023-10-06T14:10:17","modified_gmt":"2023-10-06T13:10:17","slug":"the-what-why-and-how-of-regulatory-convergence","status":"publish","type":"post","link":"https:\/\/grayling.com\/pl\/news-and-views\/the-what-why-and-how-of-regulatory-convergence\/","title":{"rendered":"The what, why and how of regulatory convergence"},"content":{"rendered":"<p><strong><em>Regulatory convergence is real. But what is it, how does it affect organizations straddling multiple jurisdictions, and what can be done to navigate this most complex of modern phenomena? Chair of Grayling\u2019s Public Affairs network in Europe,\u00a0<a href=\"https:\/\/www.linkedin.com\/in\/russell-patten-863a6a25?authType=NAME_SEARCH&amp;authToken=eChc&amp;locale=fr_FR&amp;srchid=310862961462967267469&amp;srchindex=1&amp;srchtotal=21&amp;trk=vsrp_people_res_name&amp;trkInfo=VSRPsearchId%3A310862961462967267469%2CVSRPtargetId%3A89224779%2CVSRPcmpt%3Aprimary%2CVSRPnm%3Atrue%2CauthType%3ANAME_SEARCH\">Russell Patten<\/a>\u00a0explains.<\/em><\/strong><\/p>\n<p>The gradual demise of divergent national regulations is inevitable, as our economies, markets and societies globalize with exponential speed, and this is resulting in regulatory convergence. In short, this is where standards, policies and laws are aligned across different geographies.<\/p>\n<p>As a global Public Affairs consultancy, we witness examples of this every day, bilaterally between countries, and at a regional and even global<strong>\u00a0<\/strong>level. And there is evidence of it in multiple industry sectors, too from financial services to healthcare, energy to ICT.<\/p>\n<p><em><strong>What\u2019s driving regulatory convergence?<\/strong><\/em><\/p>\n<p>For regulatory convergence to begin \u2013 let alone succeed \u2013 there must be mutual benefit. We have identified seven key concerns are driving regulatory cooperation:<\/p>\n<figure class=\"image-container\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-1778 size-full\" src=\"https:\/\/grayling.com\/\/wp-content\/uploads\/2016\/05\/7-objectives.png\" alt=\"\" width=\"700\" height=\"700\" srcset=\"https:\/\/grayling.com\/wp-content\/uploads\/2016\/05\/7-objectives.png 700w, https:\/\/grayling.com\/wp-content\/uploads\/2016\/05\/7-objectives-300x300.png 300w, https:\/\/grayling.com\/wp-content\/uploads\/2016\/05\/7-objectives-360x360.png 360w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\" \/><\/figure>\n<p>Clearly these factors vary between industry sectors, and there are different individual drivers and barriers within each, which we address in detail in our study.<\/p>\n<p><em><strong>Navigating the minefield<\/strong><\/em><\/p>\n<p>We advise some of the world\u2019s leading organizations on how to maximize the benefits and mitigate the risks of regulatory convergence, turning this phenomenon to their advantage, wherever possible.<\/p>\n<p>Far from being a threat, regulatory convergence can offer substantial economic gains, such as opening up new markets and new types of customers, and reducing legal uncertainty and costs. But there are also risks \u2013 such as<strong>\u00a0<\/strong>an adjustment of standards to a lowest common denominator, for example.<\/p>\n<p>There are three key steps to reaping the benefits and avoiding the risks, which we explore in detail in our study:<\/p>\n<figure class=\"image-container\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-1779 size-full\" src=\"https:\/\/grayling.com\/\/wp-content\/uploads\/2016\/05\/Pyramide.png\" alt=\"\" width=\"700\" height=\"700\" srcset=\"https:\/\/grayling.com\/wp-content\/uploads\/2016\/05\/Pyramide.png 700w, https:\/\/grayling.com\/wp-content\/uploads\/2016\/05\/Pyramide-300x300.png 300w, https:\/\/grayling.com\/wp-content\/uploads\/2016\/05\/Pyramide-360x360.png 360w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\" \/><\/figure>\n<p>Regulatory convergence is undoubtedly a minefield. By acknowledging that regulatory risks and opportunities are no longer confined to countries or regions, and placing convergence at the heart of business strategy, it is possible for organizations to take the lead on policy issues and positively impact not just their own futures, but their sector at large.<\/p>\n<p><em><strong>Join the conversation on Twitter: #regcon #advantage<\/strong><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"Regulatory convergence is real. But what is it, how does it affect organizations straddling multiple jurisdictions, and what can be done to navigate this most complex of modern phenomena? Chair of Grayling\u2019s Public Affairs network in Europe,\u00a0Russell Patten\u00a0explains. The gradual demise of divergent national regulations is inevitable, as our economies, markets and societies globalize with&#8230;","protected":false},"author":5,"featured_media":43429,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[544],"tags":[],"class_list":["post-46711","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized-de-2"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The what, why and how of regulatory convergence - Grayling<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/grayling.com\/pl\/news-and-views\/the-what-why-and-how-of-regulatory-convergence\/\" \/>\n<meta property=\"og:locale\" content=\"pl_PL\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The what, why and how of regulatory convergence - Grayling\" \/>\n<meta property=\"og:description\" content=\"Regulatory convergence is real. But what is it, how does it affect organizations straddling multiple jurisdictions, and what can be done to navigate this most complex of modern phenomena? Chair of Grayling\u2019s Public Affairs network in Europe,\u00a0Russell Patten\u00a0explains. 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