industry self-regulation

Industry self-regulation refers to when a particular industry or professional group sets and follows its own rules, standards, or guidelines without direct government control. This approach relies on organizations within the industry to maintain quality, ethics, and fair practices, often through codes of conduct or certifications. It helps promote trust and accountability, reduces the need for external regulation, and can adapt quickly to changes. However, since it’s voluntary, its effectiveness depends on the industry's commitment to uphold these standards and prevent misconduct.