Identifying regulated business sectors
Regulated industries are required to adhere to rules and regulations set by a regulatory or legal authority. There are many examples of regulated industries, and the regulations can be challenging as they may be region-specific. Health and safety (H&S) regulations are enforced across many business sectors, with strict penalties for non-compliance. Providers of services and utilities may be regulated to ensure they set fair pricing tariffs and may be penalized for unfair practices. One of the most important considerations must be safety, both to the workforce and to the public. There have been well-documented industrial disasters that have resulted in major loss of life both to the workforce and the surrounding population. In 1984, a chemical plant in Bhopal, India leaked highly toxic gas into the surrounding towns. The disaster exposed over 500,000 people to toxic gas, with more than 8,000 dead. Union Carbide India Limited (UCIL) paid out...