BSBCOM603 Task Assessment 1
Assessment task 1
Compliance or acting according to a set of rules is a fact of doing business whether you are a business owner, executive, HR manager or sales representative. Navigating the path to compliance requires proactive planning and organization but doesn’t have to be overwhelming.
1. Compliance Requirements:
Human resources covers a vast amount of important issues and requires a compliance deep dive. Failure to comply with even a single human resource policy can land your company in a legal mess. Review your human resources policies and procedures at least once per year to assure they are in compliance. Keep up with changing Affordable Care Act (ACA) provisions and if your company is growing, find out at what number of employees your compliance requirements change. Stay current on what constitutes a workplace and telecommuting, marriage equality and benefits, and preventing harassment and discrimination in the workplace.
The Occupational Safety and Health Administration (OSHA) is a national public health agency committed to protecting workers from hazards at work. This means your office, retail or manufacturing space must meet all applicable local and federal guidelines for safety. Conduct regular safety checks, fire drills and inspections by the appropriate governing agencies. In addition, train employees to meet any operational guidelines or your workplace will not be compliant.
Financial services regulations should be at the top of your “compliance” list. Failing to pay your withholding, workers comp or quarterly income tax is the fastest way to land on the radar of the I.R.S. and other governmental taxing authorities. Unlike private corporations to whom you owe money, the government can shut down your company.
The objectives of external compliance are to:
External compliance may be achieved using a range of approaches. At the more basic level, periodic manual sign off by management of compliance with external requirements is used. More comprehensive approaches involve regular compliance attestations by a wide group of management andstaff together with inclusion of non-compliance risk into the ongoing risk and control self assessment process.
Industry compliance requirements
More and more companies are seeing increased value in investing in strong compliance programmes because these programmes not only prevent infringements, but may also serve to mitigate fines if an infringement has been committed. A tailored compliance programme, targeting the business’ risk areas, is important in helping companies navigate the pitfalls without imposing unnecessary restrictions.
Of course, embedding these compliance policies into a company’s culture requires further, practical measures. Having compliance policies but not enforcing them may be almost as harmful as not having them at all. The most effective way ...
Questions each company should ask itself
2. Compliance Effects:
Some of the key challenges that buy-side and sell-side firms currently face and must consider when developing their risk infrastructure include:
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