Assignment on Business International
11 Pages2963 Words371 Views
Added on 2020-10-05
Assignment on Business International
Added on 2020-10-05
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Compliance
Table of ContentsINTRODUCTION...........................................................................................................................1Question 1........................................................................................................................................1Question 2 .......................................................................................................................................4a) define the main elements of the crime, summarising how these activities can be detrimentalto both regulated firms and wider society...................................................................................4b) describe what regulated firms can do to minimise the possibility of such a crime occurringand why it is believed that such an approach will be effective...................................................6CONCLUSION................................................................................................................................6REFERENCES................................................................................................................................8
INTRODUCTIONCompliance is certification or confirmation that the individual who is doer of particularaction, supplier or manufacturer of the goods, legislations, specific standards, meet requirementof accepted practices or terms of contract. In simple term it can be said that compliance isconformation of rules such as particular policy, standards and laws (Bulgurcu, and Cavusoglu,2010). Below mention assignment is divided in two parts, first is explaining businessinternational along with their impact on business organisation. On the other hand, second sectioninvolve three financial crimes along with their impact on regulatory firms and wider society.Apart from this, what major an enterprise can take so that they can minimise such crime in theiroperations is also dissed in the following report. Question 1Business International – BI is an advisory and publishing firm which is dedicated forhelping American companies to operate in abroad. Business international was founded in 1953by Eldridge Haynes and his son who is named as Elliott Haynes. Moreover, former presidentBarack Obama work in BI as a college graduate. The same become an information source onglobal business with research, advisory functions, conferences and government round-table inadd-on to its publications. Headquarter of business International is in New York City at One DagHammarskjold Plaza, near the UN as well along with their major offices which is situated inLondon, Tokyo, Hong Kong, Geneva etc. and network of correspondents around the world. Thenafter, in 1986, Business International was acquired by the Economist Group in London and thesame is merged with Economist Intelligence Unit (Benbasat, 2010). It not only support onlyparticular sector companies but provide assistance to each and every organisation which need. Outcomes- focused Regulation – It is derivable by the general principles of goodregulation and law society is controlling as well monitoring development since implementationof SRA's which is a new outcomes-focused approach for regulating in October 2011. Outcomesfocused regulations move away rules based approach and focusing on high-level outcomesgoverning practices as well quality of results for clients or customers. There are 15 code ofconduct 2011 which assist start-ups in easy development and growth of their business. These aredivided into 5 sections are as follows :- Section : 1 You and Your client1
Chapter 1 Client care – First chapter includes all the standard which must be followedby the organisation while providing services to their customers. Along with this,company have to handle complaints of customers and solve their queries also. Forinstance, if any start-up business will care for their clients then they will get satisfiedfrom their services as well became loyal towards firm. Chapter 2 Equality and diversity – Every client is equal for the organisation so it isduty of employees who are working in business to treat equivalently their customers.Along with this there is requirement of diversity in services (ERAS, 2015). For instance,if an enterprise is providing equal services or treatment to their customers as per theequality Act 2010 then they can attract large number of clients with such services anddiversify goods. Chapter 3 Conflict of interest – It should be kept in mind by the employees that theyshow consider only client conflict not act on the personal issues of own. For instance, ifany start-up staff members start reacting on own issues with their customers then suchpractices gives negative effect on image of business in market area. Chapter 4 Confidentiality and Disclosure – This chapter involves that company shouldnot have to disclose confidential data of their customers with others. For example, if startups will not reveal data of their clients then such practices assist them in makingcustomers loyal towards them. Chapter 5 Your client and the court – In this chapter defined the variousresponsibilities and duties of clients and courts for the purpose of lawyer exercises whereact as an advocate (Erasmus, and Daha, 2010). This states as company have to be careabout the rules and regulation of court for avoiding the misleads. Chapter 6 Your client and introduction to third parties – This chapter is related withinteraction and references in which company referring clients to third parties. In thisprocedure, lawyers and non-lawyers are included for example financial servicesproviders. Therefore, it is necessary for organisation to have strong recommendations asper the clients’ interests. Start-ups have to maintain its independence for referring bestinterests of the clients in an adequate manner. Section : 2 You and your business2
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