In: Business and Management

Submitted By 01cheese
Words 1966
Pages 8
cting as a “compelling event” in the adoption of new breeds of risk management and corporate compliance products and services are the recently highlighted fraudulent business practices occurring within many of America’s Fortune 1000 corporations. Governmental and regulatory investigations have identified, secured, and utilized significant amounts of incriminating evidence from within the corporate Information Technology (IT) infrastructure. Purposeful fraudulent activities aside, second-level effects are now beginning to trickle down into thousands of well run corporations that operate within highly regulated market sectors. For many, their only “questionable act” is a commitment to the deployment of technologies and business practices that promise to improve workforce productivity, client and supplier relationships, and shareholder return.

The challenges for corporate entities to address the issues is often one of trying to “herd cats.” The insatiable desire for technology that enables real-time communication, as well as immediate capabilities to develop and distribute information has created a huge information management quandary. Our ability to communicate and distribute information “at will” has created potential significant corporate risk associated with failure to adhere to governmental, industrial, or self-imposed corporate compliance metrics. Although much is in place to regulate previous generations of communication and information distribution methods, recent technological advances have seriously taxed the viability of many long-standing regulatory compliance standards. In response, new interpretations and amendments to these standards have been instituted, thus resulting in many of these same corporations having to react to put their “house in order.”

Defining the Challenge
Recent studies indicate that approximately 80% of all corporate information…...

Similar Documents

Corporate Compliance

...Corporate Compliance Plan Law/531 July 23, 2012 Company Overview Riordan Manufacturing, a subsidiary of Riordan Industries, is an international corporation with hundreds of employees worldwide with $1billion in annual revenues, making it a Fortune 1000 business. Riordan Manufacturing is a leader in international business for its production and manufacturing of plastic and polymer injection molds. Some of their current customers and clients include the department of defense, the aircraft and automotive developers, healthcare companies, beverage, cosmetic and more. Products the company produces include but not limited to plastic bottles and containers, fans, medical stents and fans. With the corporate headquarters located in San Jose, CA, the company has several production facilities in Georgia, Michigan, and also a joint partnership within China. Today, we will present to the Officers and Directors of Riordan a Comprehensive Corporate Compliance plan to help assist Riordan continual mission and growth to which will be determined on how well the company can handle and manage compliance issues. We will cover how to manage the legal liability of officers and directors of the company, how to properly address situations when the law is violated, enterprise liability, protecting the company’s real and intellectual property, governance, and international laws that the company must follow. Management Responsibilities and Guidelines Riordan very own Employee Handbook...

Words: 1645 - Pages: 7

Lowe's Compliance

...Lowes Companies – Ethics and Compliance Ethics and compliance within a company’s financial environment is crucial to long term success as well as gaining investors’ and employees’ trust. When an organization demands ethical behavior from it entire workforce, compliance and adherence to various important standards is a much easier task to obtain. This type of environment creates better relationships with shareholders, employees and customers. This behavior also passes savings on to customers and higher dividends to shareholders. Lowes Companies sets this type of expectation throughout its organization. This steadfast dedication to diligent, honest work is apparent when reviewing Lowes annual reports and code of ethics. With dedication to shareholder value, Lowes vows improvement to financial performance by 2015 in its 2011 annual report by implementing the vision, Never Stop Improving™. This promise to shareholders as well as the openness of the company’s financial information shows that Lowes holds ethics and compliance in a high regard from the company’s employees in stores to the workforce on the corporate level. Lowes code of ethics acts as a guideline for any employees who make decisions within the company. Lowes believes in holding its employees to a high standard of integrity and professionalism ("Lowes Companies Code Of Ethics", 2012). When it comes to high standards and the importance of accurate record keeping in the financial environment, Lowes outlines its......

Words: 1563 - Pages: 7

Tax Compliance

...TAX COMPLIANCE: AN ANALYSIS ON TAX KNOWLEDGE AND DEMOGRAPHIC FACTORS Noor Suhaila Shaharuddin (2012) & Mohd Rizal Palil (PhD). Tax Compliance: An Analysis On Tax Knowledge And Demographic Factors. ABSTRACT Empirical research on tax compliance has shown that knowledge of taxation is essential as determinants of tax behavior. In other words, to be tax compliant individual taxpayers need to possess some basic knowledge on personal taxation such as chargeability of income, exemptions, reliefs, rebates in order to compute tax liability correctly. Taxpayers are less compliant if they do not understand the basic concept of taxation. Thus, the purpose of this study is to examine the effect of tax knowledge in understanding the tax compliance behaviors. In addition, this study also examined three common demographic variables that may be relevant in explaining tax compliance behavior. A total of 50 questionnaires were distributed to all academicians at Faculty of Management and Muamalah, KUIS. Out of the 50 questionnaires distributed, a total of 39 usable responses were received, which represents response rate of 78 per cent. The results show about 35.8 per cent of the respondents had high level of tax knowledge, 41 per cent had medium tax knowledge and the remaining of 23.2 per cent had low level of basic tax knowledge. Findings also revealed that marital status had significantly affecting on tax compliance. However, the other two variables namely gender and age were......

Words: 4465 - Pages: 18


...Running head: CORPORATE COMPLIANCE PLAN Individual Assignment: Corporate Compliance Plan LAW/531 YOUR NAME(S) DATE NAME OF PROFESSOR Corporate Compliance Plan DATE Memo to: Riordan Officers and Directors From: YOUR NAME Re: Managing legal liability This memo implements enterprise risk management such as prevention and management strategies for Riordan officers and directors (O/D) to implement in areas of legal risk based on the Committee of Sponsoring Organizations of the Treadway Commission’s (COSO) recommendations. COSO in a voluntary private organization that helps businesses establish, “more effective, efficient, and ethical business operations on a global basis.” (COSO, 2008). Alternative Dispute Resolution (ADR) Legal Principle: ADR is an alternative form of settling legal disputes that is less costly and time consuming than courtroom litigation. (Jennings, 2006). Binding arbitration, for example, is where the dispute cannot be escalated to a formal litigation. (Jennings, 2006). Laws: Business torts include intentional, liability, and strict tort liability such as invasion of privacy, negligence—when a party does not live up to the expected standard of care, or strict tort liability—when there are few defenses to a direct violation of a federal law. (Jennings, 2006). Liability: Riordan’s O/D who will be held liable for the tort of negligence if, for example, a custom heart valve is defective causing harm or death to the patient.......

Words: 281 - Pages: 2

Compliance in Banking

...International Diploma in Compliance Assignment due date - 29th August, 2011 Industry - Banking Board Memorandum To : Board of Directors Executive Management Subject : Recommendations to promote the independence of the Compliance Function Date : 29th August, 2011 In reviewing last year regulator’ report on our bank, the bank have been imposed more than fifteen major violations from the regulators and some of the violations have got the bank into paying a huge amount of penalties. When penalties imposed the reputation of the bank will be at risk and this risk will lead the bank to financial loss. The bank has to redefine its risk measures and practices to avoid such failure in meeting regulators needs and meet all compliance requirements. Compliance Risk Our bank is conceder to be one of the leader banks nationally and internationally and in order to keep this position the bank has to manage its compliance risk strictly starting from compliance function. The very common practice which conceder to be an issue from a regulatory aspect is going through all the rules and regulations and stating we are in compliance with them and we are not 100% complied. Now it is the time for the bank to put a full stop on such kind of issues and focus on working on compliance risk by having an effective and efficient compliance function. Effective Compliance Function In April 2005 Basel Committee on Banking Supervision released a paper on......

Words: 2737 - Pages: 11

Compliance Memo

...Employment Law Compliance Plan HRM/531 June 30, 2014 Employment Law Compliance Plan MEMORANDUM TO: Traci Goldeman, Atwood and Allen Consulting FROM: Nichole Coates, HRM/531 DATE: June 30, 2014 SUBJECT: Landslide Limousines: Employment Compliance CC: Bradley Stonefield As you requested, the information that is needed to consult Bradley Stonefield, owner of Landslide Limousines, is outlined below. He is an owner of a small limousine service that provides transport to customers in Austin, Texas. Bradley’s goal is to have 25 employees within one year of opening the business and would like the expertise of Atwood and Allen Consulting. Below are some employment laws that Bradley should be compliant with along with the consequences of non-compliance. There are also recommendations on how to be compliant with the employment laws that will affect him and his business. The first law that Bradley needs to be informed about is the Texas Minimum Wage Law. Texas adopts the federal minimum wage rate which is currently $7.25 per hour for non-exempt employees. This minimum wage amount does not prohibit the employee from bargaining with Landslide Limousines for a higher wage. As part of being a business owner, Bradley needs to understand that he will be required to provide each employee with a written earnings statement that enables the employee to determine whether or not he/she was paid the correct wage for a given time period. There are......

Words: 1220 - Pages: 5

Security Compliance

...HIPAA Security Compliance When a hospital is first starting out they need to make sure they have HIPAA security compliance in place so they can protect themselves from fines and help protect the patient’s information. Some things that the hospital should implement in order to be compliant with HIPAA are; policies and procedures, compliance process, and a tracking mechanism. The first thing would be to have policies and procedures in place. If the hospital is going to go with EHR or electronic health records they need to have a policy in place that specifies how grant access, terminate access and how it should be used. They need to make sure that they know that a policy “is a set of statements, including decisions, and a policy indicates what an organization intends to do” (HIPAA checklist). So with that being said the policy towards HIPAA compliance needs to state how they will use the HIPAA act, the determination of what happens if an employee does not follow the policy how will it be dealt with. It will also state how to deal with a threat to the company that could be an outside source attacking the company. Then with the procedures it will be what they intend to do. If there is a breach happening what is the company going to do to stop the threat, what if an employee is terminated how are they going to deactivate their access and how quickly will it be deactivated so they cannot still access any information. With the HIPAA compliance process it will show the......

Words: 976 - Pages: 4

Corporate Compliance

...National Tax Journal Vol 49 no. 3 (September 1996) pp. 421-35 CORPORATE TAX COMPLIANCE AND FINANCIAL REPORTING CORPORATE TAX COMPLIANCE AND FINANCIAL REPORTING LILLIAN F. MILLS * Abstract - The tax law provides varying opportunities for tax planning, and firms have competing incentives to consider in planning a tax reporting strategy, including financial reporting effects. I present preliminary results that Internal Revenue Service audit adjustments increase in the excess of book income over taxable income. This is evidence that firms incur additional costs for reporting higher book income than taxable income. I also investigate the relationship between compliance costs and taxes paid. Existing descriptive research emphasizes the social cost burden of such compliance costs. Preliminary results indicate that firms that spend more on tax research and planning report lower tax expense. results that proposed Internal Revenue Service (IRS) audit adjustments increase as the excess of book income over taxable income increases. This is evidence that firms incur additional costs for reporting higher financial statement income than taxable income. I also investigate how the level of conformity varies as the relative incentives for book income versus tax savings change. Tax regimes that require more conformity between book and tax accounting will likely induce higher tax payments than those firms whose incentives to maintain high book income are the greatest. In addition,......

Words: 7692 - Pages: 31

Corporate Compliance

...Corporate Compliance Plan for Riordan Manufacturing October 19, 2009 Riordan Manufacturing is a profitable company generating large amounts of revenue for Riordan Industries. This compliance plan will outline the company’s legal processes and standards to ensure the company will be able to continue to operate and remain profitable in the future. The plan will address the laws that affect the company and provide a guideline for ensuring employees adhere to these laws. Riordan Manufacturing was started in 1991 by Dr. Riordan. He started the company by developing a process for turning polymers into high tensile strength plastic substrates. He patented these processes. In 1992 he purchased a manufacturing plant that made fans and started to get into the manufacturing business instead of just research and development. In 2000 the company started to venture out and expanded into China. This plan will outline an Alternative Dispute Resolution (ADR) for the company to use to keep them on track with their mission. Then discuss enterprise and product liability. Briefly discussed will be issues with international law and how those laws affect the expansion into China. The paper will cover tangible and intellectual property, legal forms of business as well as governess. The paper will also cover enterprise risk management as outlined by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). It will conclude by wrapping up with a discussion on laws that Riordan......

Words: 4209 - Pages: 17


...response to an assignment that has been given by the International Compliance Training for the International Diploma in Governance, Risk and Compliance. It looks at the factors surrounding financial services compliance along the industries lines of legislative, economic, industry driven, political, environmental and possible scandals relating to all of these areas. The information has been gathered from the British Virgin Islands jurisdiction from sources such as Financial Services Commission, British Virgin Islands Government and internationally, from the International Monetary Fund, the Organization for Economic Co-operation and Development and the text, International Compliance Training Ltd. The research is basically theoretically driven to ascertain if the industry would be better off with regulation or left for participants to operate freely. Introduction: Scandals (such as Enron, WorldCom), the September 11 attack and financial crisis of 2007 and 2008 brought attention to loopholes of legislation that market participants have been taking advantage of for years. It was never the intention of regulation to cause market abuse, insider dealings or loss of investments or tangible properties. This paper details the shortcoming of legislation but also highlights how an effective regulatory environment can be achieved. What is Regulation? Regulation is defined according to the International Compliance Training Ltd as a set of binding rules by a public or......

Words: 3412 - Pages: 14


...Running head: Patient Compliance Patient Compliance Tiffany Parker Grand Canyon University HLT- 306, Advance Patient Care 12/04/11 Patient Compliance Being on privet private duty is not as easy as some think. When working privet private duty (comma) you one deals with patient compliance. Not only does one you deal with patient compliance, you one deals with the family compliance. After being on privet duty (comma) one you learns, the happier the patient, the happier the family. On occasion you one could have a patient that has a hard time remembering things. When this happens, the health care provider restate your must make the statement in a different way. For example (comma) if you one asks (comma) “Are you hungry?” and they he/she did not understand, you one could ask, “Would you like something to eat?” Compliance is the action or fact of complying with something. Noncompliance is when you refuse to conform to or follow rules and guide lines. At times, says Falvo (2011) patients react to their illness or to those around them by behaving in a way that is opposite to their actual feelings or thoughts (p. (space) 114). (space So, when you push a person to do something that they he/she does not want to do, you could push them him/her to be noncompliant. At this point, it is time for you to collaborate with someone on how to handle the situation. Collaboration is when you work with someone to make or create something. Collaboration plays a vital......

Words: 926 - Pages: 4

Legal Compliance

...Legal Compliance: “Xerox” By Kenneth Edwards Dr. Ed HRM530 October 30, 2011 Introduction The purpose of this assignment is to discuss the strategies that Xerox should implement to achieve legal compliance in the hiring process as it relates to the acquisition on feminine human resources. Additionally, discrimination in the workplace will be evaluated and discussed. Discuss how human resource professionals can ensure that top organizational leaders encourage managers and employees to follow laws and guidelines. Often Human Resources (HR) wants only to educate. By providing corporate leadership with a working knowledge of how to abiding by the federal laws will only cause them to understand what they need to do, but not why they need to do it. A better approach is to modify the prior one. Expressing compliance in dollars and sense will stimulate compliance. Showing them how much money can be lost in litigation for failing to comply puts a tangible value on acquiescence. Once HR has the buy in of leadership, the next step is to educate the employees who will be engaged in the process providing them with the same information previously given to the higher-ups. “Identify appropriate managers with sufficient authority to assure that effective equal employment opportunity and affirmative action plans, programs and practices are developed and implemented, and measured at least annually” (“Fair employment practices,” 2000). Having......

Words: 1002 - Pages: 5

Ethics and Compliance

...Starbucks Corporation Ethics and Compliance Michelle Anderson, Deida Camacho, Michelle Garcia, Adam Orndorf FIN/370 May 28, 2012 Joseph Potts Ethics and Compliance Starbucks was established in Seattle, Washington, by Jerry Baldwin (English teacher), Zev Siegl (history teacher) and writer Gordon Bowker (Funding Universe, (n.d) Starbucks is famous for its distinctive roasted coffee flavor and its incomparable taste. Starbucks is known worldwide and based on its success more than 17,000 branches in over 55 countries (Starbucks Corporation, 2012). The following paper will review annual report data (2010 and 2011) and will also discuss the SEC filing for this corporation. This paper will also address the role of ethics and compliance for Starbuck financial environment. A description will be given on how financial markets work in the United States. This paper will also discuss the procedures the Starbucks has put in place to ensure ethical behavior and will also identify the process used to ensure that the business complies with the SEC regulations. Based on the 2010 and 2011 reporting, calculation on current ratio, debt ratio, return on equity ratio, and days receivable will be presented. Ratio movement/changes will provide business financial health information based on the two-year period. Business Ethics and Compliance Business ethics and compliance is important to Starbucks. Starbucks believes that conducting business ethically and striving to do......

Words: 2232 - Pages: 9

Compliance Auditing

...Project: Compliance Auditing | Final DraftAdvanced Auditing | | | | | OUTLINE I. Compliance Audits a. Objective, Scope, and Methodology b. Regulations II. Features & Benefits a. Assessment of overall security b. Exposures that create the greatest risk c. Internal Controls III. The Compliance Audit Process d. Interviews and Reviews e. Preparation f. Procedural Component IV. Conclusion Compliance Auditing Compliance auditing determines whether a process or transaction has or has not followed applicable rules. If rules are violated, the auditor determines the cause and recommends ways to prevent future deviations. The rules being tested can be those created by the organization for itself through corporate by-laws, policies, plans, and procedures; can be those imposed on the organization through external laws and regulations; or can be those external standards that the organization has chosen to follow. In addition Compliance auditors gather evidence regarding fraudulent or abusive activity affecting governmental entities. Their audits are designed to detect and deter the misappropriation of public assets and to reduce future fraud risks. (Associates, 2003) Compliance auditors must have the skills to research issues effectively using authoritative materials, understand how to apply the knowledge gained to the circumstances being tested, and be able to explain to the......

Words: 1780 - Pages: 8

Ethics and Compliance

...Ethics and Compliance Team C has chosen Lowe’s as our organization. The role of the ethics and compliance in Lowe’s financial environment will be assessed and the procedures the company has in place to ensure ethical behavior will be described. An explanation of how the financial markets work within the United States, identifying the processes that Lowe’s uses to comply with SEC regulations. Attached are the annual report and SEC filings for the past two years. With the financial information from Lowe’s, Team C will select one ratio from each of the ratio categories to include liquidity, asset management, debt management, profitability, and market value. It will be discussed the trend for each ratio and whit it says about the organization’s financial health. Lowe’s values it reputation for maintaining high ethical standards in its workplaces and around the world where ever they do business (Lowe’s, 2012). The company states that integrity is one of their core values and that every employee must comply with all governmental laws, regulations and rules while acting on behalf of the company. All employees of Lowe’s should avoid in any conduct that is inconsistent with the company’s ethical principles, even if it is legally permissible. Lowe’s also requires all vendors and suppliers to comply with their code of conduct and business ethics, failure to do so will result in termination of the business relationship. Lowe’s requires all personnel (including family......

Words: 2692 - Pages: 11

Bustier Corset Waist Cincher Belt Body Shaper Underbust Girdle Control Tummy 220$12.99 12d left | Ackley Bridge | Legend of the Condor Heroes 2017 - 射雕英雄传 2017Legend of the Condor Heroes 2017