The law plays a major role in society and businesses, without laws and regulations there would be chaos and quality of life would suffer. Laws are set in place to protect all of the citizens and breaking the law can have major consequences both as an individual and businesses. Laws are set in place to protect and make sure that as a society there is accountability and due process. Accountability for actions that are not in the best interest of society has to be addressed and having laws in place is a way to ensure that policies and procedures are followed. Having laws for the business world will hold companies responsible for protecting investors, shareholders and employees. Laws are set of guidelines to help set standards and requirements to create a safe environment.
Though hard number data is used in determining credit ratings, assumptions on central bank behavior also factor in making the data qualitative as well as quantitative. Maybe not so much now but there was a time when companies had a lot more freedom and less accountability for some of their actions. For example the tobacco industry for a long time had little to no responsibility in the health consequences of smoking; the freedom to advertise has changed in recent years due to the increase is illnesses due to smoking. Now companies have more stringent guidelines in how they do business. According to Melvin (2011), Business managers and owners should be aware of the impact of constitutional law and protections of individuals and business entities across a broad spectrum of sectors. (p.27). In my place of employment it is crucial to follow the laws and regulations, healthcare has many branches of the laws we must adhere to. We are govern both by Federal and State laws. It is imperative that management has knowledge of pay standards, safety standards, and laws that are set in place to protect the communities we serve. Healthcare is held to so many standards and regulations, every day we must adhere to those standards to make sure no live is at risk due to not following standards. There are laws set in place to protect employees, such a pay practices, safety laws to make sure the staff is safe from any harm due to equipment, disease and infection. We must be aware of privacy laws to ensure that every single person who receives care has a right to privacy. Companies are held liable with steep penalties for wrong doing or intentional snooping. As a company, we must be aware that each employee is protected against any type of discrimination and we are required to train and making sure that the rules and regulations are followed. We are not in a position to say that we were not aware of such and such law; we are responsible in making sure all laws are understood and followed. The law plays a very important role in my company and it is very important that each employees know what their rights are, we take pride in educating and having an open door policy allows for employees to feel supported and that they are valued as an individual and as employee who commit to providing a much needed service to the community. Laws may change and there at times that it might not make much sense to an organization and we must work with those with the knowledge to interpret and guide us in following such a complicated and legal system we have. At the end of the day, it’s for the better of our society and after all we live in a Country with the best system legal system in my opinion. We must understand and must be facilitators for those who depend on us for protection and fair treatment under the law