WHO REGULATES THE REGULATORS?
The world of business plays on every single stakeholder; from the biggest investors to the smallest customer, on the accreditations, certifications, awards and distinctions awarded by regulatory authorities established by law, agencies who have created repute globally, foundations etc got into this act. The presumption is that they do all the background checks, technical, factual, operational and financial examination and analysis, depending on the nature of the certifying / regulatory agency. Who regulates the regulator is burning question challenging trust in businesses worldwide.
Fair play seems to be vanishing out of the system. The recession of 2008 was caused by subprime mortgage crisis. The KPMG and the Satyam story is too well known. What is the ultimate reliability of the CMM 5 and lots of other certifications to prove the businesses case. The connect between ISO 27001 and Cyber Security has still to be fathomed out. In this messed up business of fee paid regulation, to add insult to injury to the demigod referees of the business world is the story of Elizabeth Holmes and her Theranos which claimed to change medical diagnostics out of nano drop of blood.
In a world where the only saviour we have is the regulator, the United States Patent and Trademark Office, USPTO, played into her hands. A broken down patent system sustained a decade long deception, is the amazement of the world, grappling for answers. Having no gadget, utility or invention to prove her imagination was not a dampener, she repeatedly submitted her patent application to the USPTO, till eventually she was awarded a patent, for a to a piece of uninspiring design fiction.
Even after ten years of the first patent and hundred of patents later, Theranos has still not managed to build a reliable blood-testing device, on the contrary has landed into one of its kind financial and legal tangles. The agency played all along. In another case the agency had said that it ”operates on an honor code and that patent examiners cannot independently verify claims.” This is the fate of the world’s leading patent agency. ” The USPTO is an armoury handing out legal howitzers on the honor system.” Is this the fate of the world!
A BROKEN REGULATORY REGIME CANNOT REGULATE GLOBAL BUSINESS.