Compliance Report Assignment
I. OVERVIEW
Virtually all business activities conducted in the United States are highly regulated, not only by governmental entities, but by professional entities as well. Compliance with all federal, state, and local laws and regulations is a prerequisite to the long term health and survival of a business. Also important is compliance with standards issued by the professional and accrediting bodies responsible for licensing and certification. Certain industries are more regulated than others. For example, health care, financial services, and public utilities are all highly regulated with extensive licensing and operational standards. When a business fails to comply with all applicable regulations and standards, the business and the individuals who manage it can face a variety of sanctions, from loss of license and program certification, to civil and criminal sanctions, including monetary penalties and prison.
This assignment is designed to inform you about emerging careers in compliance.The compliance function is a critical function for management professionals. All businesses must comply with a variety of federal, state, and local laws and regulations, and failure to do so can result in severe negative consequences. To help you get acquainted with the compliance function, you will visit several websites providing a glimpse into the field of compliance. "This field exists to prevent harm at its source and to make powerful organizations safer and more ethical. Many people may expect their government can protect them from the harm corporations and large organizations can cause. But it is the nature of government and the legal system to always be reactive. Compliance and ethics professionals offer a link to the regulatory world that can allow government regulations to work." (Joseph E. Murphy and Joshua H. Leet, Building a Career in Compliance and Ethics: Find your place in the Business World's Hottest New Field, Society of Corporate Compliance and Ethics, 2007, ISBN 978-0-9792210-0-2. (To order this publication, contact Society of Corporate Compliance & Ethics, 1-952-933-4977.
II. LEARNING OBJECTIVES
By completing this assignment, students will accomplish the following:
A. Gainincreased awareness of the U.S. regulatory environment generally, and of the role of the compliance function;
B. Gain increased awareness about emerging careers in compliance and ethics, including job titles, job functions and salaries; and awareness of the tools available to assist management and compliance professionals in adhering to laws and regulations;
C. Demonstrate critical thinking (evaluation) skills by articulating the student's personal observations about, as well as reactions to, compliance as a component of professional business practice (as assessed by the College of Business Critical Thinking-Evaluation Rubric, included in the course syllabus and incorporated into the Assignment Grade Form);
D.Demonstrate effective written communication skills (as assessed by the College of Business Writing Rubric included in the Course Syllabus and incorporated into the Assignment Grade Form).
III. STEPS FOR COMPLETING & SUBMITTING THE REPORT
STEP 1. Learn about Compliance in the Context of corporate governance, risk management, and compliance (GRC).
For brief background information, read the items listed below. You do not need to read each one in detail, nor will you be required to include all of this material in your report. The purpose is to learn about compliance as an on-going essential business activity, and to find resources serving as a portal to primary sources for future use. I find them all very interesting, and after looking at each, you will have a good overview of the increasing significance of compliance functions for U.S. businesses.
A. Google GRC.
[NOTE: NEVERquote from or cite Wikipedia in any academic or professional paper; it is not a credible academic research source! It can be useful in locating quotable, scholarly, primary sources.]
Read the first page/section which defines the term "Governance, Risk Management, and Compliance."Have you ever heard this term before? You need to know what it means in order to understand the systems approach to compliance which is becoming the norm in today's legal environment of business.
B. An interesting federal government website is www.dol.gov. Put your cursor on Topics (at top of page) and a page of topic links will appear. Click Elaws. Elaws stands for employment laws assistance for workers and small businesses, providing a wealth of information.
C. Compliance is now a profession with thousands of certified professionals working in many industries. For information on the compliance profession generally, check out the two websites below:
(1) careerbuilder website (You may need to type this website address in as opposed to copy and paste). Type in the jobs box "compliance" (in the dropdown box, specific areas of compliance will appear) and type "Houston, TX" in the location box, then hit Search. Open up a few of the job postings to get an idea of what this emerging compliance industry is all about. Other job websites include Indeed (type in compliance in ‘what' and Houston in ‘where') and glassdoor (same instructions).
(2) Visit corporatecompliance to learn about this professional organization. Select the tab "About SCCE" and read this. Then select the tab "FAQ" and read these Q and As. This organization offers training conferences and tests that would permit you to earn your certification as CCEP, a Certified Compliance and Ethics Professional. Certification can be a stepping stone for career change and/or enhancement, regardless of the industry you work in now or seek to enter after graduation. There is also an international designation for positions in multi-national corporations, the CCEP-I, if International Business is your interest.
D. Some industries are more advanced in their compliance and ethics efforts than others. The health care industry is a perfect example. Check out the Health Care Compliance Association. Click on "About HCCA" and read the paragraph about this group. As you can see, there are associations of like-minded professionals who engage in continuing education and training so as to excel in their roles as compliance and ethics professionals.
E. There are numerous associations whose sole focus is assisting businesses in compliance activities. For example, the Open Compliance and Ethics Group is a large non-profit engaged in compliance and ethics support activities. Visit the website at oceg. This site will show you one of the tools available to compliance professionals. Also visit globalcompliance. These websites give you an idea of the education, training, and resources (many of which are free, some you must purchase) needed to thoroughly implement a compliance program.
STEP 2. RECENT COMPLIANCE PROBLEM & ENFORCEMENT ACTION
Part 1: Read about the current enforcement efforts by the U.S. government regulators. Many actions involve laws such as the Foreign Corrupt Practices Act (regarding U.S. companies who allegedly pay bribes overseas to obtain business), the False Claims Act (businesses contracting with the government), the Securities Acts (investments), and others. Recent articles are posted in the Report assignment folder to give you an idea about the approach to enforcement in our legal environment of business.
Part 2: Using one of the websites below (or other approved business website), read about a recent(within the past 30 days) compliance breach, enforcement action, agency and/or court decision, that took place in an industry of interest to you. Be sure to cite your website's URL so that I can locate the article. Answer the following questions:
A. Identify the industry in which the compliance problem occurred or was alleged to have occurred.
B. What is the non-compliant behavior? When did happen? What laws or regulations were allegedly not followed?
C. When did the regulatory agency and/or court take action on this behavior?
D. What penalties and punishments resulted from this behavior?
E. What steps will be taken by the company to prevent the behavior from happening in the future?
STEP 3. YOUR OPINION ABOUT COMPLIANCE
Think about the information you have read in the compliance websites in Step 1, and about the compliance breach and enforcement action you read about in Step 2. Answer these questions:
A. Prior to this assignment, did you know the term GRC? If yes, what is your understanding of GRC, or compliance, risk management, or governance specifically? How would you explain your understanding the role of compliance? Does it impact all business functions, and if so, how?
B. Prior to this assignment, were you aware that compliance is becoming its own industry?
C. What were some of the jobs from the Career Builder website? Do you think a job like one of the listed jobs might be in your future after graduation? Why or why not? What do you think about the salaries you were able to find?
D. Overall, what is your opinion about the role of compliance in business today? As a manager, how do you think you will approach the compliance function?
E. Do you have any additional thoughts about compliance (and/or GRC) in the U.S? Share those here.
STEP 4. REPORT DOCUMENT REQUIREMENTS: CONTENT & FORMAT
The report should be written and submitted in a manner consistent with the following specifications:
A. Use Complete Sentences and Correct Writing Mechanics
Use complete sentences, though listing of specific duties is permitted or requirements is permitted. See the Writing Rubric posted at the end of the course syllabus for guidance on writing mechanics to be assessed. To improve your writing skills, take advantage of the writing tutors. They are available for face to face meetings 3 afternoons and evenings per week at the Northwest campus. To schedule an appointment, go to uhd.mywconline.com, or call 713.237.5400, or visit uhd.edu/northwest. For tutoring in the downtown location, go to the Writing Center in the Academic Skills Lab (920N), but call 713-221-8669 for an appointment. If you review your draft report with a writing tutor prior to submission, and you submit documentation of at least one visit, no points will be deducted for writing mechanics errors.
B. Report Content& Format
The body of your report must be a minimum of 2-3 single-spaced pages (12 point Times Roman font, 1 inch margins for all margins). You may exceed the minimum length if needed. You may reference the websites within your text (as opposed to creating a Works Cited page).
Title Page - The Report's title page is separate from the body of the report and must contain the following information in the following format:
Format the body of the report with these subheadings and content(omit highlighting):
Recent Compliance Problem and Enforcement Action
Refer to Assignment Section III Step 2 Part 2 questions; your responses to these questionsgo here. If you cannot answer every question, simply state your article did not address that issue.
My Opinions of the Recent Problem and Enforcement Action
This is your opinion, based on the industry, the regulations, the non-compliant behavior, the resulting injuries/harm, etc.
My Opinions of the Role of Compliance in Business.
Attachment:- Compliance-Report-Assignment.rar