Compliance Management System Assessment 3

This task focuses on understanding the implication of the compliance management system implemented within the business prospect of the company. It discusses the reasons for implementing such a system, the components of the compliance management system, and the duties and responsibilities of personnel involved. It also explores the importance of monitoring the operations of the compliance management system and evaluating the associated risks. The assignment concludes with an executive summary and recommendations for managing compliance in the company.

Running head: COMPLIANCE MANAGEMENT SYSTEM ASSESSMENT 3
Compliance Management System Assessment 3
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Task – 3
Discussion
In this task, it is actually required by the business to understand the implication of the
compliance management system implemented within the business prospect of the company.
The actual reason behind such implementation of the such compliance management system is
to avoid the tax in the business. The upper level management of the organization actually
takes care of the issues regarding the compliance management for the purpose of
minimization of tax.
The management accounting of the business must have strong focus on the
organizational goals of the business (Kaplan and Atkinson 2015). The management accounts
must be evaluated and reviewed on an interval basis further to enhance the overall financial
accounting system of the organization. The annual reports of the company is further based on
the statutory returns of the business along with the tax associated with it.
In Response to Question 1
A.
There are actually certain techniques which must be adopted by the upper level
management or rather the CEO of the organization. The components of the compliance
management system is that the expectation from the board of the members regarding the
overall financial performance of the company. The systematic changes in the internal
management system of the company where the board of directors actually deals with the
components of the compliance management which actually includes the changes in the
policies and procedure, monitoring and audit and further the consumer complaints responses.

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The compliance program in that case includes the framework of the written policies
and procedures. It actually includes the training, monitoring and consumer complaints
management which actually falls under the management training program of the organization.
B.
There are actually the key personnel which includes in the Charity Care and the
responsibility of the Charity Care also varies based on the position held by the personnel
accordingly. Each and every personnel actually manages the respective work based on the
provided objective of the concern. The objective of the concern is to accomplish the overall
business prospects of the company and it is only possible if each and every employees in the
business achieves its own objectives (Holling 2017).
C.
The duties and responsibilities of the persons with the Charity care of is provided and
after that the detailed evaluation of the performance of each and every employees within the
organization. There are actually certain tools and techniques by the help of which the
performance of the individual employees can be identified. The tools through which the
performance is negotiated by adopting the key tools like the KPI’s and scorecards,
questionaries’ and surveys, oral questions and many more.
The overall performance of the company is achieved if the individual targets of the
employees are met accordingly. The reports regarding the performance of the employees
must be prepared so that the upper level management of the company can evaluate the
process.

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In Response to Question 2
A.
It is actually significant for the business to monitor the operations of the compliance
management within the management system of the company. The performance of the
personnel actually matters and further the operation which is conducted by them must be
identified and further monitored by the company. Monitoring the performance is significant
for the company in order to understand the progress in the overall financial management
system (Laudon and Laudon 2016).
B.
The risk associated with the quantitative and qualitative compliance management
must be must be strictly identified by the company. The upper level management of the
company on the other hand must evaluate qualitative risk management in order to examine
the highs and lows. The potential risk is actually involved while taking the projects and in
that case, the NPV of the projects must be evaluated accordingly (Schaltegger and Burritt
2017). The qualitative risk management of the company must be evaluated accordingly
through the process of the examining the various factors. The parameters in that case are
further identified by the top level managers and in that case certain assumptions regarding the
same are made.
In Response to Question 3
Executive Summary
The assignment deals which the compliance management theory which is actually require to
be examined by the management of the company. In that case the company needs some of the

4COMPLIANCE MANAGEMENT SYSTEM ASSESSMENT 3
tough and critical analysis. The stakeholders of the company in that case must identified the
changes in the system and respective decisions are made by the company.
Establishment of System
The system of the company must make the systematic changes in the intern al management
system of the company and accordingly the systematic changes in that case are made (Ansoff
et al. 2018). Constant upgradation of the system must be identified by the company and based
on that the upper level management of the company must make the relevant decisions of the
company. If the management system of the company is regulated in a proper manner then the
employees of the firm must be able to perform their work in a proper manner. It is further
needed by the employee of the company to understand the critical aspects of the firm. The
significant strategic changes will help the company to prosper in the near future. The current
and the past performance of the company must be measured and accordingly the relevant
changes are made by the firm.
Monitoring Methodology
The methodology in that case must be identified by the top level management of the
company and monitoring the change in that case are needed by the company. The systematic
changes in that case muist be made by the company and substantial changes in that csea are
made.
Results and Analysis
The process of monitoring the changes are based on some of the specific business
conditions and further the typical aspects of the firm must be noted by the company and
accordingly the changes must be done in that case (Cooper, Ezzamel and Qu 2017).

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The situational analysis of the company is done accordingly and further the aspects
are located by the top level management. The changes in that case are made by the board of
directors of the company and further the management must be helpful for such kind of
significant support (Fayol 2016).
The result must be evaluated by the top level management of the company and further
the aspects of the business must be taken care of the management system. This is needed by
the company to identify the significant changes and further recommendation in that case are
made by the company in a definite process (Otley 2016).
Conclusion
The compliance of the system in terms of managing the business propsects of the
concerns area idebntifoed and further the changes are identified as per the significant
business aspects. Highlighting the changes are allocated from the top level management of
the company are identified by the company and further based on the ceratin aspects of the
firm the regulatory of the management are made.
It is important for the business to upgrade the systems of the company along with the
various business prospects of the firm. The main point to identify the significant business
glitches of the company rather than considering the other aspects of the business. The certain
assumptions of the business is made accordingly by the firm in this particular case study. On
the other hand, the shareholders of the company must identify the financial statement of the
company.

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References
Ansoff, H.I., Kipley, D., Lewis, A.O., Helm-Stevens, R. and Ansoff, R., 2018. Implanting
strategic management. Springer.
Cooper, D.J., Ezzamel, M. and Qu, S.Q., 2017. Popularizing a management accounting idea:
The case of the balanced scorecard. Contemporary Accounting Research, 34(2), pp.991-1025.
Fayol, H., 2016. General and industrial management. Ravenio Books.
Holling, C.S., 2017. Adaptive environmental assessment and management.
Kaplan, R.S. and Atkinson, A.A., 2015. Advanced management accounting. PHI Learning.
Laudon, K.C. and Laudon, J.P., 2016. Management information system. Pearson Education
India.
Otley, D., 2016. The contingency theory of management accounting and control: 1980–2014.
Management accounting research, 31, pp.45-62.
Schaltegger, S. and Burritt, R., 2017. Contemporary environmental accounting: issues,
concepts and practice. Routledge.