Industry self-regulation

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Advantages and disadvantages of industry self-regulation
– Control over standards and avoiding the need for external enforcement mechanism
– Potential for repairing reputational damage without public awareness
– Cost-saving compared to setting up external regulation
– Inherent conflict of interest may lead to self-regulation failure
– Failure may result in external organization policing with punitive measures

Organizations involved in industry self-regulation
– Guilds, regulatory colleges, self-regulatory organizations, chambers of commerce, and sports governing bodies
– Small organizations with the ability to remove members by a vote
– External policing organizations controlled by the parent organization
– Committees or divisions within organizations for policing
– Examples include American Bar Association, state bar associations, and advertising industry associations

Self-regulation within organizations
– Organizations monitoring their own adherence to legal, ethical, or safety standards
– Effect on specifying existing guidelines or laws, especially in technical fields
– Codes of conduct creating legal certainty and waiving liability in civil, labor, and criminal law
– Indirect legal relevance of self-regulatory measures
– Examples include environmental protection, biotechnology, and business/trade fields

Related concepts and issues
– Conflict of interest in self-regulation
– Ethical codes and their role in self-regulation
– Concerns about marking one’s own homework
– Role of self-regulatory organizations
– Examples of self-regulation in different industries

Additional notes and references
– Definition of self-regulation
– House of Commons investigation into large accountancy firms and tax avoidance
– Direct Selling Self-Regulatory Council in the direct-selling industry
– Business ethics and the use of principles in self-regulation
– Ethical and social implications of genetic transparency in self-regulationSummary:   https://en.wikipedia.org/wiki/Industry_self-regulation

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Industry self-regulation