-
Identifying questions that highlight an organization’s legal and reputational risks
QUESTION
The financial and reputational costs associated with legal non-compliance make it clear that legal compliance and adherence to best practices need to be addressed at a senior managerial level. discuss the types of questions that you could ask your chosen organization’s senior managers and general counsel to gauge the organization’s exposure to the risks associated with legal compliance, and the adequacy of their preparations.
Subject | Business | Pages | 3 | Style | APA |
---|
Answer
Risks Associated with Legal Compliance
To remain in business, an organization needs to follow all the necessary rules and regulations. Failure to conform results in fines and penalties among other unwanted outcomes. Any organization therefore ought to understand the risk associated with legal compliance. This paper highlights some questions that would be useful to gauge an organization’s exposure to the risks associated with legal compliance and the adequacy of their preparations.
What controls over the risks associated with legal compliance are in place and how are those controls conveyed to the necessary staff? Any organization needs some form of control over the risk it faces concerning legal compliance. Deutsch (2017) believes that these established controls ought to be tested periodically to ensure that the organization is protected. Moreover, it is not adequate to have controls over risks but how they are incorporated into the organization matters equally. Do they include the controls in the organization’s policies and procedures? These are some important questions that would gauge the organizations exposure to risk associated with legal compliance.
Are there any organizational weak spots that may expose the organization to the risks associated with legal compliance? Simple things that usually go unnoticed can put an organization at risk. Behaviors such as lack of transparency can put the organization at great risk (Deloach, 2017). Does the organization do a periodic review of its culture and policies to ensure there are no weak spots? Such questions are a great tool in gauging the organization’s exposure to the risks associated with legal compliance and the adequacy of their preparations.
In summary, an organization needs to follow all the necessary rules to remain in business. What controls over the risks associated with legal compliance are in place and how are those controls conveyed to the necessary staff? Are there any organizational weak spots that may expose the organization to the risks associated with legal compliance? These are some useful questions that can gauge an organization’s exposure to the risks associated with legal compliance and the adequacy of their preparations.
References
Deutsch, Gary. Posted on April 12, 2017. “Corporate Counsel Oversight of the Risk Assessment Process.” LexisNexis. https://www.lexisnexis.com/lexis-practice-advisor/the-journal/b/lpa/posts/corporate-counsel-oversight-of-the-risk-assessment-process( Accessed June 23, 2020). Deloach, Jim. Updated on February 18, 2018. “10 Questions You Should Ask About Risk Management.” Corporate Compliance Insights. https://www.corporatecomplianceinsights.com/ten-questions-you-should-ask-about-risk-management/(Accessed on June 23, 2020).
|
Related Samples
Student Budgeting & Money-Saving Tips.
Introduction Have you...
Creative Hacks for Taking Better Notes: Boost Your Learning with Effective Strategies
Imagine this you spend...
Conquering Presentation Anxiety: Tips for Students
Introduction Hook:...
Student Mental Health: Your Guide to Academic Success and Personal Fulfillment
Mental Health &...
Managing Time Like a Pro: Tips for Busy Students
The Importance of Time...