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Ethics and Compliance Paper

In: Business and Management

Submitted By jwetzbach
Words 444
Pages 2
Ethics and Compliance Paper
Joe Williams (Team “A")
FIN/370 Version 7
January 15, 2014
Ms. Nicolla Tebao

Ethics and Compliance Paper

Walmart is obligated and committed to following the rules and regulation of U.S. Securities and Exchange Commission (SEC). To understand Walmart’s compliance process, we must first examine the company's three basic beliefs. These beliefs have allowed them to become a valued-based and ethically led company. These three beliefs are “Respect for Individuals, Service to our Customers, and Striving for Excellence”. Based on these beliefs Walmart has established guiding principles for its stores in many countries throughout the world to follow. The guiding principles that influences the process of this company used to comply with SEC regulations are; always act with integrity, follow the law at all times, be honest and fair, reveal and report all information truthfully, without manipulation or misrepresentation. Because Walmart is listed as a U.S. public company, and a global business it must consider the laws in other countries when implementing any form of compliance policy and procedures. Walmart has made improvements to its compliance programs around the world in reference to its processes, procedures, and people. Though Walmart is addressing only 14 compliance subject matters in every business, these areas are common everywhere Walmart does business. The 14 compliance subject matters are “anti-corruption, food security, anti-money laundering, antitrust, pharmacy, labor & employment, environment, privacy, consumer protection, licenses & permits, health & safety, trade, product safety, and ethical sourcing. Walmart will hire Chief Compliance Officers (CCO), and Anti-Corruption Directors with a full staff, within every business and region they operate in To address the 14 compliance subject matter areas previously mentioned. Walmart will also implement common compliance systems, and conduct regular risk assessments using standardized tools. They will increase training, and designate global compliance subject matter leaders for each of the 14 compliance subjects. Walmart’s Audit Committee and the Board of Directors composed only of independent directors that closely supervise the internal investigation of alleged violations of the U.S. Foreign Corrupt Practices Act (FCPA) and the enhancement of Walmart’s global compliance program. Committed to becoming an even better company, Walmart and there Board of Directors and independent Audit Committee, with the assistance of outside professionals, are providing their guidance and oversight to ensure that they meet these enhanced compliance goals by fully cooperating with all related investigations by the U.S. DEPARTMENT of Justice and Securities and Exchange Commission.

References

Walmart Global Compliance Actions Steps. (2013). Retrieved from http://news.walmart.com/walmart-global-compliance-action-steps
Walmart Statement of Ethics. (n.d.). Retrieved from http://ethics.walmartstores.com/StatementOfEthics/BasicBeliefs.aspx

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