Compliance Assignment - Pdf
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Added on 2020-11-12
Compliance Assignment - Pdf
Added on 2020-11-12
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COMPLIANCE
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1SECTION A.....................................................................................................................................11. Explaining the meaning of risk-based regulation and requirement to understand the same bycompliance professionals ......................................................................................................12. Compliance policy and its importance at workplace for the firm......................................23. Powers of regulator and their impact on expectation of regulators from the firm theyregulate...................................................................................................................................25. On the basis of Documentation published by the UK regulator of Food sector................46. Read the following scenario carefully and make appropriate reference to its content in theanswers you provide to questions a) - b)................................................................................5CONCLUSION................................................................................................................................6REFERENCES................................................................................................................................7
INTRODUCTIONCompliance is defined as the regulatory framework which provides guidelines for everyorganisation to work under those criteria. These are provided in the form of rules, laws, policiesand standards. These factors restrict the unethical or those practices which are prohibited bygovernment. It helps the firm in risk management and uncertainties (ERAS, 2015).SECTION A1. Explaining the meaning of risk-based regulation and requirement to understand the same bycompliance professionals Risk is considered as an objective concept. This is the factor that can lead to manydisadvantages to business owners and also, can harm them in financial aspect specially. Risk isuncertain and can harm the organisation negatively. The danger is monitored and controlledunder definite framework which is very important for flourishing any business under theboundary of various rules and regulations which have been decided by the government. Everycorporate works in a specified manner that does not create any problems related to severalaspects. These risks are needed to be identified along with the handling procedure must beadopted. This can make the operations of business activities under the policies framework ofgovernment. Regulatory policies are made with taking the advices of experts who have completeknowledge regarding this. These regulations result in keeping the focus on prevention of harmand promotion of respective outcomes with usage of perfect device. This can be beneficial fordetermining factors of risk which has led to affect the business in numerous ways (Chow, 2016).These regulations are necessary to maintain regulatory framework in food sector in order tominimise the unforeseen danger.Compliance is the term which means to work or perform any task in the providedlimitation and criteria under certain policies. The compliance professional should haveacknowledgement of all the risk based regulatory frameworks as they would be able to advicetheir clients effectively. This would lead to provide the right decision for any circumstanceswhich have been evolved due to certain factors and have potential risk. Regulatory compliance inthe food sector results in production of trustable product to customer and this determines itssuitability for satisfying the expectations and needs of consumers. They also lead to ensure thatcertain firm has appropriate system for internal control that helps to measure and manage1
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