Uncovering Business Benefit From Regulatory - MyAssignmenthelp.com

Question: Discuss about the Uncovering Business Benefit From Regulatory. Answer: Compliance requirements: This section of the summary report presents various requirements for compliance systems including the external and the internal requirements. This section also includes the compliance requirements of the industry. internal compliance requirements: The internal compliances are followed for providing assurances for following to the policies, standards and codes in the internal environment of the company (Othman and Doherty 2014). In addition, the internal compliance is also responsible for providing a framework for assisting in the achievement of compliance standards. Figure 1: Internal compliance framework (Source: Othman and Doherty 2014, pp 24) The library of internal compliance requirements includes the policies and codes of the company. The code of conduct followed by Befesa is concerned with a legal and ethical framework to be followed by the employees, directors and executives. The library of key controls lies in conjunction with risk and control assessment. The company is subjected to regulations and laws corresponding to law and corruption. The company business process has to be analyzed for identification of the risk procedures. Attestation corresponds to the execution controls which are needed for complying with the policies. This involves detection of the non-compliance issues, investigation of them and execution for meeting the standards. External compliance requirements: The external compliances are set for meeting the various requirements externally (Ifinedo 2014). It is also in place for providing a framework for complying with the externally required materials. Figure 2: External compliance (Source: Ifinedo 2014, pp 75) The external compliance requirements are the same as the internal requirement list excluding the risk control aspects. The external compliance requirement includes the presence of external officers for monitoring the level of compliance in the company. The external officers will be responsible for the development of compliance questions for the company. This will then be passed to various business reports and the attestation questions will be developed. Industry compliance requirements: The industry level requirements of the compliance policy need to achieve success and a strong business ethics. In addition, it also includes the protection of staffs and the reputations of the company (Braithwaite 2016). The customers of the company are also to be secured by the compliance policy so that the business process is not hampered. Compliance effects: This section discusses about the various effects where the compliance will have its impacts. Areas affected: The main areas impacted by the compliance policies are the legal and financial aspects of the company and the environment of the company. This helps in efficient use of resources and also helps in meeting the requirements of the customers. Risks: The major risks of the company are the environment laws and regulations. As the company is involved in environment management, there are specific amount of risks that are always considered by the company. According to this, all the legal policies are to be complied by the company and their subsidiaries. Penalties: The compliance policy is to be maintained and all the business units are to be complied with the policy. Failure to comply will result in various penalties. Risk minimisation: The risks of the company will be minimized by the compliance policies. This will result in long term success and efficiency of the company. Compliance systems: Available systems: The major systems to be discussed are the risk management systems. This involves setting up of a risks mitigation plan that will be helpful for the staffs to follow the set standards. Parameters: Cost: The cost effectiveness of the risks systems has been complied with the business process. Effectiveness and efficiency: The effectiveness and the efficiency of the compliance system are supposed to increase the success of the company. Feasibility and organizational culture: The risk management of the company has been made for analyzing the anti-money laundering systems of the company. Recommended systems: The company needs to consider the adoption of identity checks in their system. In addition, the analysis of the customer information is also to be emphasized so that the business can be effectively measured. References: Braithwaite, J., 2016. Law and Corporate Behaviour: Integrating Theories of Regulation, Enforcement, Compliance and Ethics by Christopher Hodges. Bhr, D.L. and Seitz, C., 2015. From compliance programme to compliance management systems: International convergence and standardization.Business Compliance,4(2), pp.28-42. Ifinedo, P., 2014. Information systems security policy compliance: An empirical study of the effects of socialisation, influence, and cognition.Information Management,51(1), pp.69-79. Othman, A. and Doherty, N.F., 2014, April. Uncovering Business Benefits From Regulatory Compliance Systems. InUKAIS(p. 24).