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Competition and Consumer Laws refer to a body of laws which are enacted by the government in order to prevent unfair competition among businesses, regulate corporate malpractices and protect the rights of the consumers. Competition and Consumer Laws are usually enacted by government agencies and deal with a number of inter-related issues. The so-called 4 Step Process or Method is an approach developed in competition law compliance process. Competition law compliance ensures free and fair trade and at the same time helps companies to gain competitive advantage over others.
Firstly, competition law compliance helps companies to avoid the many adverse potential consequences of competition law infringement. Some of the adverse consequences of competitive law infringement are the following:
Secondly, competition law compliance has many other positive benefits than the ones mentioned above. They are the following:
There are several other benefits for small businesses as well:
Competition law compliance can be achieved through a 4-step approach. It is a risk based approach which requires each company to follow a 4-step process to achieve an effective culture of compliance by assessing its own risk exposure and its internal business culture. According to the office of fair trade, UK, the 4-step approach is based on the following:
Core commitment to compliance from top down: Before the 4-step method can be applied, the seniors of the board must show utmost commitment to competitive law compliance. Without this commitment, any competition law cannot be successful.
The first step involves identification of all the potential areas of risk. The nature of risk depends on a great extent on the nature and size of each business. The major types of business threats are: fixed prices, engaging in bid rigging, limit production, share customers or markets. In order to consider the potential risk areas, the following things should be kept in mind:
These are some of the major risk factors which may be associated with your business. After you have made risk identification, the next step is to assess your risks.
Having identified the main areas of risk, the next important thing is to assess the levels of each risk. Risks can be divided into three levels:
An employee became concerned about the email exchanges involving her immediate manager were involved in cartel activities. She brought this to the notice of the company secretary who was responsible for bringing competition law compliance. The company secretary consulted external lawyers to investigate the matter who told her that there was a cause for concern. The company, with the help of external lawyers, got a leniency agreement with the relevant competition authorities and received immunity from the fines in the case that followed. The manager who was engaged in such cartel activities was dismissed from the service.
There must be a review process in store to ensure that the company is fully capable of adapting to the changes occurring inside and outside the company. For instance, a business may use auditing and other internal assessment methods of employees in order to review the process of competition law compliance.
The analysis of the business with 4-step method of competitive law compliance requires in-depth knowledge about the companies and businesses. Further, it takes lot of time to present a well researched interpretation of a business situation. In other words, this is quite a time-consuming assignment for management graduates. Online assignments based on research topics require lot of time to analyze company’s financial profit, unique selling proposition and branding strategies in order to reach a conclusion. Students falter in the task and soon give up.
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