Ethically speaking, one cannot skip over any regulations, regardless of what the situation might be, monetarily. The main aspect of the situation must be that the device follows all regulations and protocols as written.
In actuality, it might, at first, seem reasonable to cut a few corners and then cover them as time moves forward. However, with the amount of regulation done, companies might very well be caught, and as PM, the entire blame would fall on you.
Therefore, it is better to be realistic with overhead management and follow protocol rather than try to cut corners and be terrified of being caught at all moments.