Your upper management has just realized that the last time a compliance program was done was...

Your upper management has just realized that the last time a compliance program was done was over 15 years ago, and you are tasked with reviewing and revising it as necessary. How would you get started, and who would you include on your committee to get this done, since you have been given a deadline of one month? Do you need a compliance officer, and if so, who might you recommend to do this? Use your imagination! How is your INTEGRITY a core principle in your professional ethical behavior?

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Expert Solution

Compliance forms an important part of activities of any business house. Due to increasing legal impact and heavy penalties, including imprisonment for the Directors or Key Managerial Personnel, it is becoming more and more necessary and monitor and comply with all applicable laws and regulations.

In order to move forward with the Compliance Program, it is important to hire a Professional who may be equipped with the knowledge of all the rules and regulations and have necessary expertise and experience in performing Compliance Tasks. Such a professional may be ACCA or Secretary that may act as Compliance Officer.

Such compliance officer may report to the Board of CEO on a routine basis regarding the compliance done by him and any new developments.

Integrity implies truthfulness or strong moral principles. Integrity forms a core Principle in Professional Ethical behavior. It is one of the pillars for Professionalism and every professional shall have values like Integrity, Skepticism, Confidentiality and Ethical Behavior.

ekkarill92 answered 4 months ago

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