What are the most regulated industries in the U.S.?
To find out, we dove in to the McLaughlin-Sherouse List, which ranks all industries in 2014 according to RegData's Industry Regulation Index.
In case you didn't have a chance to read the full report, we're sharing a recap of the top 10 industries from that list, along with insights on the implications for companies in the most highly regulated industries:
The most regulated industries in the U.S.
Unsurprisingly, petroleum and coal products manufacturing topped the McLaughlin-Sherouse list, followed by electric power generation, transmission, and distribution.
The list included three manufacturing industries, two financial industries, two transportation industries, and two industries involving natural resources.
Source: RegData's Industry Regulation Index
Companies that ranked highly on the McLaughlin-Sherouse list face unique challenges when it comes to risk management and compliance. These challenges include handling high volumes of data and navigating rapidly shifting requirements.
Consequently, spreadsheets pose a particular risk for companies in highly regulated industries. Spreadsheets lack the capabilities to keep up with changing regulations, putting companies at risk for non-compliance. They're not designed to handle high volumes of data. And they're prone to errors, which can have catastrophic consequences.
Now, more than ever, companies in these industries need to ditch Excel in favor of specialized cloud-based software designed to handle high-volume data and reporting.