Privacy Guidelines
I believe that self-regulation executed in collaboration with stakeholders is a useful technique for protecting customer privacy. Practically, most firms in the world have privacy strategies and internal procedures to control data collection, usage, and client choice. Example, McGraw Hill Financial back up self-regulatory procedures, and principal lawful obligation with employee training, annual compliance reports to directors and clients, and through commercial audit techniques. Government laws and regulations are not able to keep up with rapidly evolving technology.
I also think self-regulation is faster since they can verify clients’ claims at the speed of technology compared to government regulations, which are much longer due to lengthy comprehensive legislation, hence unable to provide to clients the quick protection they need, and the innovation they are seeking. I support self-regulation practice for industries, but they can never replace the rule of law. Suitable laws and principles are necessary to ensure that all clients have to abide by the same rule of law. I think that it is essential for self-regulation to be backed up by the rule of law. When a company makes a promise to clients in public, and the company does not adhere to the promise, then government laws and regulations should be applied. Self-regulation practices work best when independent, transparent, and enforceable but should be backed up by regulators for reference just in case of lack of cooperation, which is not a co-regulation since the standards are set by stakeholders. Industries are not able to discipline the outliers who fail to play according to the set rules. Hence the government regulations play an essential role in both the industry and client protection.