Task 2
A. 1.
The first step in the seven essential elements of corporate compliance is to establish standards and procedures. Standards and procedures are policies and guidelines which were implemented to keep and organization operating and functioning legally without breaking any laws. (Safian, 2010, p. 40)
The second step is to assign overall responsibility to a specific high level individual. The compliance officer will oversee all standards and procedures, they will deal with all issues and concerns. Compliance officers make sure all policies are being followed within the organizations standards. The Compliance officer will review, revise and update all policies and procedures as needed. The compliance officer makes sure all daily activities are being conducted ethically. (Safian, 2010, p. 40)
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This can be done by conducting pre-employment screenings. Federal and national background checks can be completed and checking the OIG list. Often checking references and calling previous employers may help. If an applicant is dishonest on his applications, it could lead to other fraudulent issues on the job. (Safian, 2010, P. 40)
The fourth step is effectively communicating standards and procedures to all staff. This step requires that all policies and procedures are clearly written out and distributed to all staff. Not only is it communicated in writing, it should also be clearly and verbally communicated. Most companies now do quarterly online compliance training. This way all staff are required to review the material, show that they are competent in the information provided and participation can be recorded by the corporation for future references. (Safian, 2010, p.
In the area of Background Investigations the FBI manages checks on anyone who applies for positions with the Department of Energy, Nuclear Regulatory Commission, the Department of Justice, and the FBI its self. When conducting these investigations on applicants the FBI will interview past neighbors, and coworkers of those who apply. Also they will check their criminal records and credit history. Doing so ...
Numerous departments use a polygraph, usually known as lie detector, to verify information submitted throughout the application process. Drug tests are routinely administered to check for the presence of illegal substances. Each agency establishes the type of test. Background investigators will review your employment history, character references, academic records, residency history, credit history and criminal history. Applicants can assume to take some sort of physical ability test during the hiring process.
The recommended policies must be sent to the management whether they are meeting the requirements of the organization or not. If they are not meeting the requirements they need to be modified.
The Compliance Officer, Renae Wagner, is responsible for analysis and disposition of any attempted or completed transaction that raise AML concerns. The Compliance Officer is responsible for analysis and disposition of any attempted or completed transactions that may require filing a SAR. The Compliance Officer is responsible for analysis and disposition of any attempted or completed transactions that raise an obligation to file a report to governmental officials or law enforcement. The Compliance Officer is responsible for providing Licensee with interpretations of the requirements of the AML/SAR Policy, and for resolving conflicts that arise.
Both roles should ideally be independent of operations, but corporate compliance in reality owns the compliance operation policies and procedures. Internal audits have to be completely Independent. Internal audits also bring attention to the need for monitoring as a result of their auditing function. Corporate compliance ensures that monitoring and auditing occur. As far as follow-up goes, corporate compliance is responsible for such things, while internal audit is just responsible for reporting whether management responded appropriate to obtained information. Both roles are involved in compliance risk. Corporate compliance creates and implements a compliance plan to ensure that compliance risks are addressed. Internal Audit on the other hand, addresses compliance risks as part of risk based audits.
Then the last part of this process is to Sustain. Enforce the guidelines set, keep things and people accountable, and follow up. Make sure that the choices made work, that your organization is working at its optimal level. And periodically revisit the first few steps and make the changes needed to keep moving forward.
The first reason profile checking is good because you can find out all the information about this person. Background checking is best; it shows what type of person they are outside of the workplace. Getting to know the inspects of the person that you are about to hire. You could check on the internet for any information that you feel will be helpful. Checking if they had any drug-related crimes that made it hard to get any previous jobs. As Keller states “…which establishes parameters affecting the scope of a potential employer’s inquiries about prior arrests, convictions, and other aspects of the applicant’s criminal history.” (Harris, P. & Keller,
Principles of conduct and codes of practice will be specific to each chosen organisation.an ensure all customer service feel valued and respect. All staff should feel valued and respect and must be keep all personal information is safeguarded in line with data protection. Always communicate openly and honestly with colleagues. If you need any advice guidance, can take from customer and
From a young age my parents goal for us kids were to teach us a good work ethic. From a very young age I was taught how to work hard, and how to try my best in everything I do. I started working for my Dad when I was five years old. Obviously, I didn’t work strenuous hours, but I worked enough to understand what I would be doing in the years to come. My father, and my uncle Doug have taught me many valuable life skills. My Family, and working at a young age has formed me into the person I am today, and will continue to be a huge driving forces in my life.
5. Apply your code of ethics to a written policy and procedure manual identifying the major rules for operating your business.
Standards and conduct (that an organis. sets itself in its dealings within the organisation and outside with its environment
Review the human resources policies and practices regarding training, evaluation, compensation, etc. to ensure a proper control environment.
The hiring process can be overwhelming for a company, but the organization needs to make sure all information is gathered in regards to an applicant. The company needs to investigate and take the time to fully get to know the applicant before and after a job interview. Just because an applicant interviews very well and he/ she states they are a loyal, respectful, and law abiding citizen, the potential employer still needs to investigate and conduct a thorough background and reference check. These two investigations can reveal a lot about the applicant and it will also give the potential employer the chance to talk to past employers about the individual to get an accurate account of the individual’s job performance. Background and reference checks are very important for companies to implement and the results could help the company gain a better understanding of how
Employee turnover in organization is one of the main issues that extensively affect the overall performance of a workplace (Tariq, Ramzan and Riaz, 2013). Various studies show that employee turnover negatively affect the overall efficiency at the organization (Tariq, Ramzan and Riaz, 2013). Xiancheng, (2013) mentioned the employee turnover is a method of personal issues who decided to stop associate with the company for better advantage. There are two types of turnover which are voluntary and involuntary turnover. Voluntary turnover can be defined as the termination of the official and the psychological contract between the employee and employer (Krausz, 2002; Macdonald, 1999; Mclean Parks et al, 1999; Rousseau, 1995) while involuntary turnover inescapably lead to direct negative results such as current job is insecurity, work difficulty, and status fluctuation (Gowan and Gatewood, 1997). However, other researchers such as Haven-Tang and Jones, (2012) concluded poor management, lack of salary, bad working environment and paucity of job opportunities could be the highest causes of turnover among organization. This statement was support by Kusluvan et al., (2010) where is they had stated that poor management, low payment of salary, work environment and lack of employees’ job opportunities on the organization will make employee want to quit from their job. Turnover intention situation will appear when labour had feeling that they want to quit from current job, so voluntary and involuntary turnover will become final stage for them as their decision (AlBattat and Mat Som, 2013) but it is different for researchers such as Mosadeghrad, Ferlie and Rosbenberg (2013) when they conclude that employee turno...
Psychology refers to the scientific study of human behaviour and mental processes. It revolves around how individuals think and how the mind works. Thus, it reflects to the behavioural of the person. The objective of this unit is to review the organizational psychology based on previous literatures and to discuss the scopes that it covers in the organizational Psychology. Furthermore, this unit also describes the history of the organizational psychology.