Corporate Compliance and Ethics

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Business Finance

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Unlike revenue making departments within an organization, compliance and ethics programs generally have limited resources and budgets. However, having an effective compliance program in place can save a company a tremendous amount of money in fines, penalties and legal costs when there is a need to show evidence and the effectiveness of a strong compliance and ethics program. In order to be effective, a compliance program should have an adequate budget and resources. Having adequate resources is evidence of the commitment on the part of leadership and demonstrates a steadfast tone from the top. Unfortunately, the allocation of adequate resources for a compliance program can be difficult, as the value of investing in a compliance program is rarely understood or deemed necessary. Unless a company experiences a regulatory or legal compliance problem, which could have been or was mitigated due to the existence of a strong compliance program, the need for budgeting is often limited and deemed minimally necessary. As such, compliance officers often need to be creative in development of their compliance strategies and determining how to accomplish their program goals with limited resources. Questions: Please include references 1. Identify two creative processes that you could implement, leveraging minimal corporate compliance resources, to (1) audit your compliance program; provide 2. Identify two creative processes that you could implement, leveraging minimal corporate compliance resources, to (2) improve your compliance program; and 3. Identify two creative processes that you could implement, leveraging minimal corporate compliance resources, to (3) expand compliance communications and cultural outreach. Be sure to provide complete and logistical responses to and examples for all three compliance activities.
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Corporate Compliance and Ethics
“No one ever succeeded in compliance without failing along the way.” Sheryl Pessah. An
effective compliance is a vital tool in the accomplishment and development processes in every
corporate business. Therefore, officers in charge of compliance and ethics while minimizing their
resource utilization should establish a creative and effective compliance strategy to audit,
improve and expand a compliance program.
While auditing a compliance program, correctional processes should be adopted to
enhance the compliance program (Henkle, 22). It involves addressing of previous misconducts
that were conducted within the organization. With adequate and proper processes having been
applied to abode such malpractices and unethical behaviors, the same methods can be used while
generating a more useful compliance program that might be recurring within...


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