When you interview someone for a job, the applicant may ask you a question like, “Is this industry heavily regulated” or “Is this industry functioning under strict parameters”
An applicant may ask this question because he’s concerned about the pressure that comes along with regulation in terms of added paperwork and procedures. Conversely, he may prefer an industry that is under heavy regulation because it is less likely to be susceptible to unforeseen penalties. In addition to answering the question, you may want to ask the applicant to expand on his concerns.
Points to Emphasize
Your answer to this question will depend in large part on what your company’s feelings are about regulation:
Industry regulation is a current hot topic, so you’ll want to be sure you and the applicant are on the same page.
Mistakes You Should Avoid
This question may take some forethought, so it’s best to be prepared ahead of time. In order to avoid any pitfalls or mistakes, you’ll want to follow these general guidelines:
Industry regulation can be a tricky topic to discuss, so you won’t want to answer before being sure of what you want to say.
A great example of a possible response to a question about industry regulations is as follows:
As I’m sure you know, the healthcare industry as a whole has been under increased regulation over the past few years. While at times it can be cumbersome, we’ve developed a process that helps streamline our procedures to ensure that they stay within the regulated guidelines. We also work with an outside party that provides accounting support just for this issue.
An applicant asks questions to get a sense of the company and how it runs, and this question can help him determine that.