Corporate Compliance

1315 words, 6 pages

Intro Sample...


To be successful with this balance, it is important that the management team first understands how much risk the company can accept. “Enterprise risk management enables management to effectively deal with uncertainty and associated risk and opportunity, enhancing the capacity to build value.” (COSO Executive Summary, 2004, p.1) New Mexico Solutions will need to employ the different types of controls as they fit the organization. Achievement of risk management objectives fall into the following four categories: strategic, operations, reporting and compliance. Thus, the next step is to ensure that the risk management technique implemented satisfies the four major objectives. The technique has to be strategic in that the goals set will be aligned with the organization’s general mission. The technique will be operational in utilizing the company’s resources effectively and efficiently, while meeting the goal of reporting as required by compliance laws. This objective will also allow a system of checks and balances within the organization and will prevent potential fraudulent altering of documentation. This is a very important objective as reporting internal control problems allows the management team to learn of deficiencies that might have an effect on the entire company. The management team can determine deficiencies through the reports that are generated by an internal control system. Another method of learning of internal control problems will be through the evaluations performed by management or internal auditors. “Boards and managers react to pressure points, and they feel a great deal of pressure right now related to the integrity of financial control and reporting. That's where they want internal auditors to spend their time – to take the pressure off them." (Jackson, 2005, p.67) Event identification will be the next step. The management team m View More »

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