...Compliance Regulations IT Governance 2/8/2015 Table of Contents Regulatory Compliance. Role of IT in Corporate Compliance. 3 Senior Management ignoring compliance mandates. Fines and Penalties 4 References 6 Regulatory Compliance. Role of IT in Corporate Compliance. Regulatory compliance intent is sometimes, to protect investors and their investments or how an industry-specific company handles private information. Also there regulations designed to provide transparency in the handling of the company´s finances and operations. Regulatory compliance also enforces ethical behavior, accountability, legal responsibilities and also penalties for companies and their senior management. The Gramm-Leach-Biley Act, or GLBA, also well known as the Financial Modernization Act of 1999 is an example of a federal law to control the way that financial institutions, institutions that exchange people´s financial information and “any institution that works with people´s money” (Chaple), manage private information of their consumers and customers. This act has different provisions relate to customers and consumer´s information: The Financial Privacy Rule and the Pretexting Provision are concern with the collection, access and disclosure of private financial information. The Safeguards Rule dictates that financial institutions must implement security programs to protect private information (In Brief: The Financial Privacy Requirements of the Gramm-Leach-Bliley Act...
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...Task 1 Heart Healthy Information Security Policy: A. 1. The policy for information security has two different sections – first is managing passwords and second is new user policy. They are discussed in detail as below: New Users: When a new user enters the organization, depending upon the roles and responsibilities assigned to the person, he will be given corresponding access rights. With the help of these access rights the person would be able to access the required files and data necessary for his tasks. When these access rights are assigned the user should sign a document, which will list his roles and responsibilities. This document will be co-signed by his supervisor as an agreement. If a user requires elevation in privileges, he will need to get permission from the respecting manager. When new people join organization they will be taken through an orientation program which will give information on security policies, work culture, work place, information security practices etc. Besides orientation program the users will also be trained on topics like remote device protection, password management, content management, file downloads, access levels and its importance and acceptable use of internet and email. These trainings will be mandated for all the new users and after completion of training this will be documented and stored. As per HIPAA guidelines unless all these mandatory trainings are completed they are not given access to the company data and records (HIPAA...
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...detrimental impact on an organization from a legal and operating perspective. One of the primary preventive controls that provide an organization with many operational benefits is continuous log management policies. In addition to helping solve network security related issues, logs can be extremely beneficial in identifying unauthorized access and behaviors. Security logs assist in identifying policy violators, fraudulent behavior, real time operational problems, and provide necessary data to perform auditing, transaction back tracking and forensic analysis. In addition to the many benefits of having policies in place for continuous log analysis, standards and regulations have increased business awareness of the requirements for archiving and reviewing system logs as part of daily continuity. Some of the influential regulations that reference log management and other information security task include the following. • Federal Information Security Management Act of 2002 (FISMA) requires entities to ensure the development and execution of organizational processes and internal controls designed to secure information systems. Health Insurance Portability and Accountability Act of 1996 (HIPAA) encompasses information security benchmarks for protecting consumer health information. Violation Penalties can range from $100-$1.5 million per violation and 1year-10year criminal sentences. ISO 17799 is an audit checklist...
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...Restaurant Kitchen Regulations and Compliance The restaurant industry is heavily regulated by local, state and federal health and safety codes. Specific local rules for conforming may vary by county and state, but the codes are standard. Owners and management are responsible to be sure their restaurant kitchen complies with numerous regulations for the overall health and safety of employees and dining patrons. It’s their duty to know the specific codes applicable to operating a restaurant. An initial heath inspection is required prior to opening a restaurant. There are several organizations that set requirements, and health inspectors must look for specific violations. They include the Food & Drug Administration (FDA), US Department of Agriculture (USDA), Center for Disease Control (CDC), National Sanitation Foundation (NSF), Occupation Safety & Health Administration (OSHA) and Americans with Disabilities Act (ADA) (http://www.foodservicewarehouse.com/restaurant-equipment-supply-marketing-articles/how-to-start-a-restaurant/restaurant-health-and-safety-codes-/c28292.aspx). Actions for Compliance Prior to the inspection, there are several steps a restaurant can take to make sure they comply with the various regulations. All kitchen employees must be in good health and well groomed. If they are ill, they should not be working directly with food. Hair nets are recommended but not required. A sink for employee hand washing must be provided in the kitchen area. Employees...
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...ISOL 633 Legal Regulations, Compliance and Investigation Course Paper Table of Contents Titles Page no 1. Introduction 3 2. Code of Ethics 4 3. Information Security and Framework 5 4. Privacy of Personal Data 6 1....
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...Term Paper: Security Regulation Compliance Giancarlos Guerra Strayer University CIS 438 - Information Security Legal Issues Abstract: In this paper I shall provide an overview that will be delivered to senior management of regulatory requirements the agency needs to be aware of, including: i. FISMA; ii. Sarbanes-Oxley Act; iii. Gramm-Leach-Bliley Act; iv. PCI DSS; v. HIPAA; vi. Intellectual Property Law. Describe the security methods and controls that need to be implemented in order to ensure compliance with these standards and regulatory requirements. Describe the guidance provided by the Department of Health and Human Services, the National Institute of Standards and Technology (NIST), and other agencies for ensuring compliance with these standards and regulatory requirements. Term Paper: Security Regulation Compliance Introduction In the day-to-day operations of information security, security professionals often focus the majority of their time dealing with employee access issues, implementing security methods and measures, and other day-to-day tasks. They often neglect legal issues that affect information security. As a result, organizations often violate security-related regulations and often have to pay heavy fines for their non-compliance.” A Chief Information Officer in a government agency should realize the need to educate for senior leadership on some of the primary regulatory requirements, and realize the need to ensure that the employees in the agency...
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...Compliance Interview and Report Assignment BA 3301 Legal Environment of Business Associate Professor Lee Usnick, JD I. ASSIGNMENT OVERVIEW Virtually all business activities conducted in the United States are highly regulated, not only by governmental entities, but by professional entities as well. Compliance with all federal, state, and local laws and regulations is a prerequisite to the long term health and survival of a business. Also important is compliance with standards issued by the professional and accrediting bodies responsible for licensing and certification. Certain industries are more regulated than others. For example, health care, financial services, and public utilities are all highly regulated with extensive licensing and operational standards. When a business fails to comply with all applicable regulations and standards, the business and the individuals who manage it can face a variety of sanctions, from loss of license and program certification, to civil and criminal sanctions including monetary penalties and prison. In this assignment, you will learn how a person working in your selected industry meets the challenges of current compliance requirements. It is not necessary to address all aspects of compliance in this industry or selected company. Rather, you should educate yourself in broad terms about the kinds of governmental and industry standards covering your interviewee's business, then select a few key aspects to explore in depth with your...
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...BA 3301 Legal Environment of Business Compliance Interview and Report Assignment Associate Professor Lee Usnick, JD I. ASSIGNMENT OVERVIEW Virtually all business activities conducted in the United States are highly regulated, not only by governmental entities, but by professional entities as well. Compliance with all federal, state, and local laws and regulations is a prerequisite to the long term health and survival of a business. Equally important is a business's compliance with standards issued by the professional and accrediting bodies responsible for licensing and certification. Certain industries are more regulated than others. For example, health care, financial services, and public utilities are all highly regulated with extensive licensing and operational standards. When a business fails to comply with all applicable regulations and standards, the business and the individuals who manage it can face a variety of sanctions, from loss of license and program certification, to civil and criminal sanctions that include monetary penalties and prison. In this assignment, you will learn how someone in your selected industry meets the challenges of current compliance requirements. It is not necessary to address all aspects of compliance in this industry or selected company. Rather, you should educate yourself in broad terms about the kinds of governmental and industry standards covering your interviewee's business, then select a few key aspects to explore in depth with...
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...BA 3301 Legal Environment of Business Compliance Interview and Report Assignment Associate Professor Lee Usnick, JD I. ASSIGNMENT OVERVIEW Virtually all business activities conducted in the United States are highly regulated, not only by governmental entities, but by professional entities as well. Compliance with all federal, state, and local laws and regulations is a prerequisite to the long term health and survival of a business. Equally important is a business's compliance with standards issued by the professional and accrediting bodies responsible for licensing and certification. Certain industries are more regulated than others. For example, health care, financial services, and public utilities are all highly regulated with extensive licensing and operational standards. When a business fails to comply with all applicable regulations and standards, the business and the individuals who manage it can face a variety of sanctions, from loss of license and program certification, to civil and criminal sanctions that include monetary penalties and prison. In this assignment, you will learn how someone in your selected industry meets the challenges of current compliance requirements. It is not necessary to address all aspects of compliance in this industry or selected company. Rather, you should educate yourself in broad terms about the kinds of governmental and industry standards covering your interviewee's business, then select a few key aspects to explore in depth with...
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...Introduction The 21st century started off with the prosecution of several large corporations for unethical financial practices. In response to this, the SEC developed new, more detailed regulations and punishments for failure to comply with ethical financial behaviors. Currently, ethics and compliance play a very critical role in how organizations operate daily. Learning Team C will be identifying the role of ethical compliance within Lowes. Learning Team C will do this by evaluating how the organization complies with SEC regulations. LTC will also calculate the financial ratios of Lowes to verify the status of the health of the Lowes organization. Processes used to stay in compliance with the SEC Public traded companies have to comply with the regulations set by the Securities and Exchange Commission (SEC). One of the guidelines set requires Lowes to notify all shareholders when the organization files their financial reports to the SEC. This includes quarterly and annual reports. Lowes ensures that they are always in compliance with the SEC regulations through internal software and technologies, outside independent auditors, Audit Committee, Compensation Committee, and Governance Committee. Lowes has been found to be in total compliance with all regulations set by the SEC thus far. When the company makes any SEC filing, they are listed by category for the public to see on the company website at anytime. The purpose of the Audit Committee is to ensure all financial...
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...Introduction All internal audits carried out are carried out in compliance with Internal company standards and procedrues has been assessed by the National Safety Authority (Railway Safety Commission) as part of the submission for safety certification under Commission Regulation 1158/2010. Our internal audit processes meets the requirements of section S of the Common Safety Method Directive (CSM) by demonstrating that there is an auditing system that is • Independent • Impartial and transparent • Planned and revised dependant on results of previous audits • Procedures are in place for competent auditors • Management of recommendations and communications of findings to persons who have accountability to implement findings. This requirement is not dissimilar to the obligations imposed on UK railway undertakings under Schedule 1 (k) of the Railways and Other Guided Transport Systems (Safety) Regulations 2006 (ROGS). However from July 2013 the CSM for monitoring will require more defined processed for monitoring to enable effective management of safety in the railway The risk is that without audit structures which define the role, purpose and processes of auditing, the benefits of auditing and the potential outcomes of not carrying out diligent audits is not understood by the management team. This paper will attempt to clarify the role, purpose and processes involved in auditing its value to the organisation if carried out to appropriate and transparent standards. ...
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...Corporate Compliance Plan: Riordan Manufacturing Corporate governance can be thought of as the overall umbrella of control and direction under which a corporation operates. Enterprise Risk Management (ERM) is “a process, effected by an entity's board of directors, management and other personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect the entity, and manage risks to be within its risk appetite and to provide reasonable assurance regarding the achievement of entity objectives,” (BusinessDictionary.com, 2008). Ideal management of risk involves mitigating negative risk while taking advantage of positive risk. The board of directors is responsible for establishing an enterprise risk management philosophy that guides senior management when implementing an enterprise risk management plan for the company. Internal controls are a subset of ERM. “Internal control is broadly defined as a process, effected by an entity's board of directors, management and other personnel, designed to provide reasonable assurance regarding the achievement of objectives in the following categories: effectiveness and efficiency of operations; reliability of financial reporting; compliance with applicable laws and regulations” (COSO, 2008). Internal controls assure accuracy of reporting of information and objectives. To develop a corporate compliance plan for Riordan Manufacturing, the three areas of concern should include the proposal...
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...ethical level are of the utmost importance to Louise’s Finance. All those who affilliates with Louise’s Finance will conduct business fairly, ethically and in compliance with all laws and regulations. Louise Finance is committed to ethical behavior and has a code of ethics that will be at the enforced on every level of our business. We will keep this code of ethics current by reviewing it annually. Standards and Procedures Louise Finance employees are responsible for the integrity of their own work. Each employee must acknowledge receipt of our Conduct and confirm that they will follow the standards. This will measure the implementation of or company code of conduct and how well the value of integrity is integrated into the culture at Louise Finance. It ensures that our Code of Conduct is being applied uniformly and provides a channel for employees to raise issues. Since our Code of Conduct and the supporting policies and procedures may change from time to time, our employees are responsible being up to date with the current laws, rules, regulations, standards, policies and procedures that govern their work. They are also individually responsible for reporting wrongdoings. If a law or company policy has been broken, employees are required to report it promptly. If an employee fails to comply with applicable rules and regulation, he or she risks being terminated. All employees will avoid any action, that might create the appearance of: * Using our status or office for private...
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... Introduction: The compliance department within the brokerage of firm Mercy Securities Corporation ensures that the firm is operating within all laws, rules and regulations. The department is responsible for monitoring sales to ensure that it complies with FINRA and SEC regulations. Compliance officers have the ability to reduce legal problems and improve public relations. Compliance department is very important in a brokerage firm because it builds the firm's integrity and reputation. Objective: The objective of this report is to explain how the compliance department operates within Mercy Securities Corporation, which controls methods should be in place. The report includes a in detailed look into two forms of control; internal control and management control systems. Conclusion: The compliance department is especially important in a brokerage firm. The compliance department can benefit from implementing internal control and management control systems. There are three types of internal controls - preventative, detective and corrective. The compliance department can be fortified by implementing all three. It is recommended that the compliance department implement management control systems by practicing both personnel and action control. Personnel control builds employees natural tendencies to control or motivate themselves. Action control is a very strict form of management control. It provides more assurance that employees within the compliance department will be loyal...
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...response to an assignment that has been given by the International Compliance Training for the International Diploma in Governance, Risk and Compliance. It looks at the factors surrounding financial services compliance along the industries lines of legislative, economic, industry driven, political, environmental and possible scandals relating to all of these areas. The information has been gathered from the British Virgin Islands jurisdiction from sources such as Financial Services Commission, British Virgin Islands Government and internationally, from the International Monetary Fund, the Organization for Economic Co-operation and Development and the text, International Compliance Training Ltd. The research is basically theoretically driven to ascertain if the industry would be better off with regulation or left for participants to operate freely. Introduction: Scandals (such as Enron, WorldCom), the September 11 attack and financial crisis of 2007 and 2008 brought attention to loopholes of legislation that market participants have been taking advantage of for years. It was never the intention of regulation to cause market abuse, insider dealings or loss of investments or tangible properties. This paper details the shortcoming of legislation but also highlights how an effective regulatory environment can be achieved. What is Regulation? Regulation is defined according to the International Compliance Training Ltd as a set of binding rules by a public or private body...
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