How can you use analytical skills to develop relationships with regulators?

1 Identify your regulators

The first step is to identify who are the regulators that affect your work and what are their roles and responsibilities. Depending on your field, you may have to deal with different levels of regulators, such as local, state, national, or international. You may also have to interact with different agencies, departments, or bodies within each level. For example, if you work in the financial sector, you may have to comply with the regulations of the Securities and Exchange Commission (SEC), the Federal Reserve, the Financial Industry Regulatory Authority (FINRA), and other entities. You can use analytical skills to research and map out the regulatory landscape and understand the scope and impact of each regulator.

2 Learn their expectations

The second step is to learn what are the expectations and requirements of each regulator that you have to deal with. You can use analytical skills to review and interpret the relevant laws, rules, standards, and guidelines that apply to your work. You can also use analytical skills to monitor and analyze the trends, changes, and updates in the regulatory environment. You can use various sources of information, such as official websites, publications, newsletters, webinars, workshops, or consultations. You can also use analytical skills to benchmark and compare your performance and practices with the best practices and standards in your industry or sector.

4 Build trust and rapport

The fourth step is to build trust and rapport with your regulators. You can use analytical skills to show your professionalism, respect, and integrity in your interactions with them. You can also use analytical skills to establish and maintain regular and consistent contact with them. You can also use analytical skills to express your appreciation and recognition for their work and support. You can also use analytical skills to seek and offer advice, guidance, or assistance when appropriate.

5 Seek opportunities

The fifth step is to seek opportunities to collaborate and cooperate with your regulators. You can use analytical skills to identify and pursue areas of mutual interest, benefit, or value. You can also use analytical skills to propose and implement initiatives, projects, or programs that can enhance your compliance, performance, or innovation. You can also use analytical skills to participate and contribute to the regulatory development and improvement process. You can also use analytical skills to leverage your network and connections with other stakeholders, such as industry associations, peers, customers, or suppliers.

6 Evaluate and improve

The sixth step is to evaluate and improve your relationships with your regulators. You can use analytical skills to measure and monitor the quality and effectiveness of your interactions and outcomes with them. You can also use analytical skills to solicit and analyze feedback, suggestions, or recommendations from them. You can also use analytical skills to identify and address any gaps, challenges, or risks that may affect your relationships with them. You can also use analytical skills to set and review your goals and action plans to enhance your relationships with them.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?