Question

Governance,_risk_management,_and_compliance (business legal environment)

1) What role to you see for compliance functions in the next 5 to 10 years in the U.S. legal environment of business?

Answer 1

Business in US is one of the most important aspects that the government has to look after and therefore in order to make the business process convenient and free from various kinds of risk the government has implemented various programs as well in order to safeguard the Interest of the business organizations and the it will play quite and important role for the next 5 to 10. Years. In order to avail the benefits the organization has to first understand what legal obligations they need to meet and once they meet that the organizations will be protected by the government or the legal regulations to some extent. The benefits that the program will provide are:

1. The primary benefit is that the organization will be free from legal obligations and any violation that may lead to monetary penalty or total shutdown of business.

2. The rules and regulations in a business does not aim to make things difficult for the organization, rather it will make the operation related to business successful. For example, regulations regarding harassment and discrimination in the work place make the process of business transparent and thereby creating a positive work environment.

3. Public relations are made better because an employee meeting all the legal obligations can showcase such strengths while promotion and advertisement of the brand or a product or service of the organization.

4. There are various compliance regulations which ensure that the rights of the employees are protected as mush as possible and this will make the employees feel that they have job security and process of the organization seems to be trasnparent and fair for the employees working. The objective is to create a positive environment free from any discriminatory practices so that the none of the employees are affected.