How do you foresee the role of compliance

Assignment Help Business Law and Ethics

Reference no: EM133418835

QUESTION 1

Use the following questions to share your reflections:

Has your perception of compliance changed since you started with the course until the end of the course? If so, which factors led to this shift?
Have you been able to apply any principles from the course to your environment yet? Try to think of an example and describe what happened.
How do you foresee the role of compliance in your organisation changing in the near future?

QUESTION 2

Much of what is considered a normal part of the workplace has been a result of many iterations to improve controls, increase business efficiency, safeguard employees and customers, and maintain an ethical organisation that adheres to legal requirements and policy.

However, ethics and compliance are not quite the same. While compliance can be described as pertaining to the law itself, ethics are best thought of as the "spirit" of the law - moral principles that guide behaviour rather than attempting to force conformity via threat and sanction. Where ethics are concerned with values, compliance focuses on rules. It is therefore possible to make ethical choices that violate the law, or for decisions to be compliant with the law but lacking in ethical foundation.

For this question, briefly, think of an example of an ethical failure in an organisation that you may have come across in the news, blogs, or journal articles. Alternatively, conduct some research on ethical failures. Share the example, and discuss how a greater appreciation for ethics may have prevented this ethical failure.

In your discussion, speak briefly to the following points:

What kind of behaviour resulted in the ethical failure?
What kinds of tension or conflicts manifested as a result of the ethical failure?
As a compliance officer, do you feel that you would be able to hold the stakeholders accountable for the ethical failure, even in the case where it was technically not a breach of the legislation?

QUESTION 3

Compliance officers bring their experiences, thought patterns, and individual biases to their work. One of the most challenging parts of the role is trying to find the blind spots and gaps in the monitoring process. Essentially, as a compliance officer, your work is detail-driven and focused on identifying what is missing or what can be improved.

The role of compliance requires the compliance officer to take the lead in implementing, evaluating, and reporting on controls. Any preconceptions the compliance officer may have regarding these responsibilities may be perpetuated in the organisation's compliance culture.

In preparation for this entry, take a moment to reflect on your idea of the ideal compliance officer based on what you have learnt throughout your course. How do you think personality-type will affects the role? It might be helpful to consider the following:

What personality traits do you consider integral to the monitoring and reporting process? Why?
Which of those traits do you feel you possess? Are there any barriers to cultivating these traits in your work?
Do you think you have any characteristics that may work against you in the field of compliance? How could you turn these potential weaknesses into successes?
Do you think personal ethics affects risk management? If so, how?
Consider your role in compliance monitoring and reporting. How do you think your own personality, biases, and lived experiences will affect your work?

Reference no: EM133418835

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