Let us look at an example where this sort of regulation was in place, and then went away:
In March 2014, Abbott lobbied to delay implementations of and even remove FDA Regulations on baby formula which would require more frequent inspections (and therefor fines), citing that the company was already morally and monetarily incentivized to control the quality of product without the need of oversight.
Abbott Baby Formula facility in Sturgis, Michigan, was linked to the infection of 5 infants and death of 2 infants, and revealed to have shipped untested batches of formula with falsified reports from management. This lead to the inevitable shutdown of the entire facility and following nationwide shortage of infant formula.
So, yes, fining companies to keep them in line is working when the alternative is that the unchecked corporations do things so catastrophically stupid that they run their own businesses into the ground.