Regulations refer to rules which have been handed down from the top while ethics are individual choices. In the long run, organizations which value ethics over regulation, prove successful in developing a corporate culture. This culture is actually fostered from the very top and must be enshrined in thecorporate strategy document itself. Also that needs to be followed up by ensuring this continues at all times across branches even when top management is not present to routinely instill such values. Occasionally this culture will lead to a loosening of volumes. But in the long run, the outcomes will be positive.