What are the key compliance issues that are affecting the organization?
Compliance has been a big challenge for the organization; however, there are numerous factors that have contributed to compliance issues. These factors include the fact that there are a lot of rules and regulations that the organization needs to comply with such as HIPAA among others (Vaidya, 2013). All these policies require fully trained and qualified personnel, and the organization is lacking the right personnel to spearhead the compliance. Therefore، it has been very hard to comply with the set rules.
What are some of the weaknesses of the company Corporate Compliance Plan?
The company corporate compliance plan has a lot of weaknesses, and that is why it has not been
…show more content…
performing as per expectations (Vaidya, 2013). Some of the key weaknesses include lack of strong leadership as well as enough control to ensure that there is full compliance. The leaders who lead the program are not committed to ensuring that the program succeeds. On the other hand, there are no well-defined control measures to ensure that the program is effective. Finally, we are going to apply SWOT analysis to improve the organization, through understanding these points: strengths, weaknesses, opportunities, and threats to improve the organization. How is the organization addressing the issues that are putting the company at a risk of Corporate Integrity Agreement?
At first, the organization has already set up a compliance plan, and it is committed to ensuring that it will comply with the entire set standards. To illustrate, it works effectively to recognize and predict any corporate integrity agreement risk in the organization. On the other hand, the company is committed to providing training to the employees on various issues (Vaidya, 2013). Also, there is a copy of corporate integrity agreement and policies related to it in each department, and there is a certified trainer does a round to explain any thing that is not understood in the agreement monthly.
What are the key issues affecting the Revenue Cycle function?
The revenue cycle has been faced with numerous challenges that have affected its performance. At first, the team working in the department is not qualified, and they lack the experience to handle the functions (IRS, 2015). Also, the rapid change in market is the second challenge that affects the revenue cycle. However, it is known that the revenue cycle is normally one of the first areas that organizations look at; therefore, the next step is going to be that is to reduce and probably control these
…show more content…
challenges. What should the organization do to ensure that the Revenue Cycle function, runs smoothly without any hindrance? The organization needs to hire qualified experts who will be entrusted with the function.
On the other hand, it needs to offer to train to the members so that they can get the right skills to handle the job (IRS, 2015). However, it has to have organized system chart that ensure revenue cycle runs smoothly.
How can officers in organization protect themselves against Responsible Corporate Officer Doctrine?
The officers in the organization should do their best to ensure that they address all the compliance issues. The officers should be in the forefront in advocating for training as well as compliance so as to ensure that all the issues related to compliance are addressed. Through the training, the chances of noncompliance will be minimized, and the leaders will not face the risk of Responsible Corporate Officer Doctrine (Lane, 2011).
What has the organization done to comply with the FDA Red Flag Rules?
The organization has already set up measures to ensure that there are detection and prevention of identity theft. It has a written program that ensures that identity theft is prevented and in case it occurs, it will be detected and mitigated (Vaidya, 2013). Undoubtedly, it has fully complied with the Red Flag rule to identify identity theft
issues. Does the organization have a strong Accounting control over Recovery Audit Adjustments? The organization accounting department exists, but it is not in full control of the recovery audit adjustments. It does not have qualified people who can be entrusted with the role. However, we are going to have strength account control over the recovery that will makes sure the transparency and efficiency in all organization’s transactions. Why should the organization comply with Privacy and HIPAA? There are many penalties arising from noncompliance. An organization complies so that it can avoid the penalties and fines for noncompliance regardless other benefits (Vaidya, 2013). Therefore, the organization can reduce the cost when being committed to HIPAA privacy and security rules
Compliance is pertaining to the adherence to laws and regulations that the company is subject. Raven Head Ranch did not follow this objective when they were writing checks approved by the same person and putting them in unapproved projects, for example the Volunteer Fire Department. The VFD had been receiving funds from misappropriate accounts for three years. Fifty individual disbursements were taken from the community checking account and had no proper recording, just charged to random accounts, which breaks the regulations and laws of proper accounting. One of the BoD members, Sam, was not even a resident of RHR and was on board supervising the employees with no legal right
The compliance plan should include a code of conduct. By establishing a code of conduct, the organization establishes a commitment to ethical and accurate coding practices that will follow all regulatory guidelines set forth.
Internal Compliance Departments: Compliance teams within the management of a company have a very important role to play in managing the risk that a company is exposed to. J P Morgan should concentrate on strengthening its internal compliance departments as well. Moreover, the internal compliance team must be organized in a systematic manner to monitor all the various business divisions within the company. If the compliance department raises an alert against any action that the company is taking, that might cause exposure to potential losses or penalties, its direction and recommendations must be given the utmost priority and put to action immediately. From the point of view of internal compliance teams, not only should laws and regulations be complied to, but also the general financial health of the company must be complied with. This gives the company a two-step risk management framework, one from within the risk management department itself and another through the functioning of its compliance team. The compliance team must ensure that there are certain standards and numbers that are always maintained constantly across all the business units of the
Although Hollate introduced a compliance program and code of conduct when it went public, the programs were put on “the back burner”. This outcome is not surprised for that the company does not pay attention to the programs. It is, therefore, important to “reinforce the values” and “employee a boundary system when actions are inconsistent with the code of conduct” for the purpose of early detection. Tyco provides a good example after its scandal, by initiating “mandatory annual compliance training for all its employees worldwide” and creating the Tyco Guide to Ethical Conduct to familiarize employees with company expectations and help them make ethical decisions. As tips is the most useful method for internal and external sources to detect frauds, the whistleblower hotline should be well communicated with encouragement on reporting any suspicious activity. In addition, to improve the effectiveness of the compliance program and code of conducts, Hollate should implement management monitoring and evaluation on a regular
The Impact of Online Identity Theft on Consumers and Organizations Internet fraud has become a major issue due to the ever increasing population of internet users, because the internet is such an easy solution to fast sufficient services readily available for busy lives that’s is why most of us are now dependant on the internet in some shape or form and each time we use the internet we input data that are related to use from our name, address and even bank details with the assurance that the site is safe and trustworthy, but this is not always the case because the security system implemented like all things in this world has weaknesses.
Now with all these rules and regulations in place to create a sense of trust in the business accounting community, within a year the first CEO was punished under the new set of laws. This means that these CEO’s knowingly signed off on fraudulent or untrue documents. “Chief Executive Officer Calixto Chaves and Chief Financial Officer Gina Siqueira settled the charges, with Chaves agreeing to pay a $25,000 fine. Siqueira cooperated with the SEC and will not be required to pay a fine. The two executives and the company itself agreed to be subjected to stiffer future penalties if they violate SEC laws again. The two, who are Costa Rican residents, did not admit to or deny the charges.” (Yun). These two executives were not deterred by the laws or
The purpose of the CMP is to solidify their organizational culture of integrity, ensuring that every person acts honestly and ethically in conducting everyday activities and making decisions. The CMP has three areas of focus: “The Compliance Management System, prevention of unlawful activities, and response to changes in regulations” (People 30). Throughout all departments are compliance teams that specialize in protecting the reputation of the company as well as individuals in the company through a process of “prevention, monitoring, and post-management” (People 30). Figure 1, below, is a graphic from the 2015 Samsung Electronics Sustainability Report, which illustrates how compliance management is incorporated throughout the organization (People
come up with ethical values to maintain structure and integrity of the corporation. Theft means to
...eputation of honesty, quality, and integrity. It is also each employee’s responsibility to report to the company any situation where the standards or the laws are being violated.
The revenue cycle must be managed . It should be mechanized with everyone in the operational chain understanding there role. There can be several steps in the management of the revenue cycle. They include he preservice management, to management of claims, denials and posting.
III. Thesis Statement: Identity Theft is rapidly becoming a national issue because anyone of us could be a victim of identity theft. How we protect our self, keep our information private, identify any signs of identity theft, and report and repair our credit is up to each one of us. We have to be vigilant about our protecting ourselves from criminals.
In an organisation there may have a tremendous impact on the state of the natural environment, advent of stricter legal demands, industrial best practices and prescriptive on their organisation network. Therefore, the topic of organisational compliance and elements in the organisational culture has become really important for both profit and not for profit organisations around the world. Organisational compliance can be related to various type and levels within organisation perspectives and context. Many researcher states that organisation compliance can be “international and domestic laws and regulations, industry-wide standards and best practices, organizational rules and procedures, and enterprise architecture principles” (Foorthuis & Bos,
A compliance officer is an employee whose responsibilities include ensuring that the company complies with its outside regulatory requirements and internal policies. It is crucial that a compliance officer possess and maintain a high ethical standards and honesty since they are responsible for making certain that a company adheres to required conduct of employees (Safian, 2009). When interviewing for a position in a facility to work as a compliance officer, the employer will be looking for certain skills and abilities that are required to do the job successfully. These include communication, leadership, organization and coordination skills, planning, analyzing and implementing. Employers are looking for people who have a master’s degree in
Managers and higher heads should make it their duty to keep each member of the organization abreast of all the operations of the business and the goals to be met. During the recruiting and training process of a job, there should be an orientation section that not only welcomes the new employees to the organization but also informs them of the values and goals that should be met. When employees are educated about the standards of the company, they will aim to reach similar levels. They will be eager to learn new techniques and accept responsibility. Furthermore, communication about the policies set for the expected behaviour among the staff is vital for the total efficiency and effectiveness of
In the contemporary society, unethical and illegitimate activities within organisations are increasing, in order to remain competitive. Examples of violations are disrespectful behavior, non-compliance to company’s policies, unlawful conduct such as misuse of company’s fund and sharing of confidential information. In fact, all these activities cost a lot and organisations have to bear the consequences. Such consequences include tarnished reputation of the company, loss of trust among its stakeholders and unable to recruit the best talents in the industry. Studies have shown that many companies only realize the importance of ethical business practice after their wrongdoings are made known to the public. (Green 1997)