It is important to understand if the law applies to the organization, the status of the organisation (Stock Exchange Listing Requirement), the industry, the good or service.

If the laws apply, then you will need to consider the legal requirements when developing the organisation’s process, as a minimum, as a “regulated entity”.

If the laws do not apply, then you may consider the laws as a benchmark. This can also be implemented because the other parties in the supply chain  are working to this standard.