Mba560 Corporate Compliance

2263 words, 10 pages

Intro Sample...


Finally, the company will use a problem solving approach to determine which solutions to implement into the compliance effort. The company will begin to implement its enterprise risk management system by developing an appropriate internal control and corporate governance system.
Develop Internal Control and Corporate Governance System
For a company to ensure complete corporate compliance, it is important that there is a developed internal control and corporate governance system. To develop a functioning internal control and corporate governance system, strategic planning and development is required. This strategic planning includes developing preventive, detective, and corrective controls to cover the aspects of the corporate compliance.
The initial step a company must take while developing an internal control and corporate governance system is developing preventive controls to avert a possible compliance violation. Preventive controls include developing guidelines and responsibilities to conduct reviews of ethics policies, conflict-of-interest procedures, and updates in corporate compliance procedures that will protect and position the company to prevent a possible compliance violation. An associate of the company's preventative control measures include comparing the organization's current conflict-of-interest policy with industry regulations regularly, reviewing recent government filings, and evaluating the company's current compliance program. If these control steps are proactively taken regularly in the organization, the company will have taken preventative steps to avoid a potential future compliance violation. (Maltz, 2003)
The second control procedure that a company must take to ensure corporate compliance is a detective control. This control will enable the company to detect if a possible compliance violation occurred or is in future risk to occur. The company will assign an associate or group of associates t View More »

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