Non-compliance with regulatory requirements can lead to severe consequences, including hefty fines, legal action, and damage to your business’s reputation. In some cases, non-compliance may result in the suspension or revocation of licenses, making it impossible for the business to operate. Additionally, non-compliance can lead to criminal charges against company executives or owners. It is vital to understand the specific risks associated with non-compliance in your industry and take necessary steps to mitigate these risks to avoid penalties and maintain the trust of customers and stakeholders.