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MANAGEMENT

COMPLIANCE WITH LEGAL, REGULATORY, ETHICAL AND SOCIAL
REQUIREMENTS
STUDENT NAME
INSTRUCTOR NAME
DATE

ABSTRACT Good Governance and management of organizations are one of the best ways of ensuring its prosperity. social and legal requirements. INTRODUCTION AND LITERATURE REVIEW According to Hopkin (2013). ethical. regulatory. My case study is a credit department in Winky motor vehicle assembly where I used to work a year ago. Without following the responsibility requirements in the administration of the organization then its objectives will not be achieved at easy. management of any organization must follow the legal. and good management must be based on compliance with the ethical. These legal requirements must be followed since its violation may lead to discontinuation of the operations of the company. ethical and social requirements that strained its resources. regulatory. Legal obligations are the guidelines stated by both the laws of that given state or the organizations’ constitution on how the organization should operate. Non-compliance with the obligations leads to poor management and therefore the poor performance of a given organization. . Any evaluation that is made in an organization is first based on its management. regulatory and social obligations of the organization under question. The company ignored complying with some legal. ethical and social obligations for it to succeed. regulatory. The management needs to be in line with the legal.

I had to comply with the rules made by financial regulators. I carried out research in my department to check whether I complied with some of the legal. They interviewed the workers in my department to obtain vital information and at the same time used observation on the situational requirements. Since I was managing a financial department. regulatory and social requirements. I developed self-assessment forms which I used in data collection for the purpose of analysis. The data obtained is shown in the self-assessment templates as shown below. Cross analysis was done and the reporting later on. Social requirements-this are the requirements demanded to ensure good relations among workers and to the stakeholders. I was assisted in data collection by my staff that used two main methods in collecting the data and filling the self-assessment forms given. The financial profession has its code of conduct regulations which need to be followed by all those working under it.TASK 1 Legal requirements – this involves working in agreement with the obligation of the law. These legal requirements need compliance for the smooth running of operations in a given institution. There are many laws that govern the operations of any company or department. Regulatory requirements. The regulatory rules set by the regulator need to be followed by the department in question. ethical.each department has got a regulatory authority that is mandated in controlling its operations. Ethical requirements-this are requirements that are demanded by the code of conduct of each profession. .

This demand s that all activities are done under the consider ation of complia nce and reliabilit y of the law. Ensuring complia nce for the wellbein g of the organiza tion is necessar y. Ther e was the comp liance with the laws and no contr adicti ons obser ved. ment. All decisions made by the firm are based on set regulatio ns. There was the complia nce with the laws and no contrad ictions observe d. ment. To ensure that all legal procedu res are complie d to and respectiv e internal rules reliable. Some procedur es are complie d with while in some. Each part and the member of the organiza tion is aware of the roles he/she has to play as per the law requirem ent. . Comme ntary There is no complia nce.Compliance toward legal responsibilities Standar Function d/ 's Legislati Expectat Responsi on ion bilities Legal Legal liability Legal complia nce. No decisi on is carrie d out witho ut legal proce dures being follo wed. There is interfere nce by the licensing bodies. Depart mental procedu res in relation to legal complia nce and reliabilit y. No contradi ctions in laws This requires the laws must be followed at any given time. Smooth running of the operatio ns of the departm ent. Actio n (as requi red) Main tenan ce of relian ce on the statut ory provi sions at all times. The legal compl iance needs to be maint ained in the organ izatio n. No complia nce. There are some decision s made where law provisio ns are ignored. Impact (with justifica tion) No decision is made without legal procedu res being followe d. Complia nce Measure ment Outc ome Ensure that the compan y relies and depends on both internal and external laws in making decisions . The legal No proce interferen dures ce from Smoo need the law th to be monitorin runni follow g bodies ng of ed for as all the the the legal operat better procedur ions ment e is of the of the complied depart depart to. Ensure that each the rules are complie d to by all member s of my departm ent. the law is ignored.

The policy requires that Auditing should be done in companies to check how resources are being used. some of the finances that were used for different purposes were not recorded. Legal liability has become a problem in the department as some of the decisions made are not based on the legal requirement. regulatory. This has brought about legal complications as per the act. ethical and social responsibility can lead to both positive and negative impacts. The compliance of the legal.this affected the department greatly since the department in question is a credit department in Winky motor vehicle assembly. Winky Credit Company was affected in the following ways. This has resulted in imbalanced financial reports that were questionable. regulatory.TASK 2 IMPACTS OF BOTH COMPLIANCE AND NON-COMPLIANCE TO THE DEPARTMENT Compliance and non-compliance of legal. It took a lot of time . regulatory. ethical and social responsibility can lead to the following: Impacts of non-compliance Due to the non-compliance of legal. Some of the departmental procedures are done about law provisions while some ignore it. This has brought about several problems as there are complaints from the legal bodies about the non-compliance. ethical and social responsibility. In the department that I was managing. the legal procedures must be duly followed when making any decision. Bank statements.

I have adhered to this personally. The safety of workers is not regarded. In my credit department. My department failed to comply with this ethical requirement which made some of our clients to walk away from our company. This was important since. Some were dissatisfied with the then conditions which resulted in them seeking to employ to other places. His greatly affected my department when it came to the hiring of credit officers and casual workers. In our financial department. Security also can be defined as the assurance of workers that they will be working for the company on long term basis. This affected us significantly as some relevant information about our clients' financial reports was to remain confidential. in most organizations and financial departments. This led to commotions as some went to file cases in court to seek protection by the employment laws that called for the job security of the workers. Safety can be based on the working conditions. It is important to comply with these financial statements requirements to avoid problems when the finances are audited. Winky company lost many skilled workers many of who had worked for the company for decades. This also affected the company as some workers detected them being retrenched.my department was also affected significantly by non-compliance with this accountability requirement. This is one of the requirements that are demanded ethically and socially.this is one of the virtues that most workers lack in an organization. all workers need to feel safe in the working environment. there was some confidential information that was made known not only to the other departments within the company but also to our clients and the general public as a whole.for the auditors to make a follow up on how each coin was spent so as to clear our department. I was obliged to ensure that workers in my department were satisfied with the working conditions. Integrity. finances are allocated for the wrong purposes leading to budget deficits. The . Accountability. Integrity starts with the leaders where I must lead in its implementation. The regulatory authorities demand that the management should be accountable all the time with whatever that they are undertaking.

. Compliance with this ethical requirement made it easy for my department to perform as expected. Compliance impacts The company was aware of some other ethical. Each member was aware of his/her responsibility. The employment laws demand that the management of any given department should ensure that all workers are aware of the rules. Some of the effects of compliance were as follows. and they even reminded each other for the betterment of my department. They gave me ample time to supervise them. Time working was the order of the day as all workers were obliged to work as a group. Another scenario was when giving out tenders. Adherence to the employment laws.this was one of the requirements that all workers need to be aware of. Responsibility. They were responsible in all that they were doing. regulatory and social requirements that made it succeed in offering services. The law demands that tendering in any department should be done by a special tendering committee and that was not the case in my department. This was complied with by workers in my department. This was strictly followed by my department under my guidance since I ensured that several posters bearing the laws were placed in different notice boards located at different points of my department for easy access. The posters bearing the employment laws should be placed in the place accessible to all workers at a given time. This was not the case in my department as the hiring was done by heads of the different departments only when the need arose. Noncompliance with this requirement affected my department greatly. This made my department to be accused of lack of accountability and openness. legal.law requires that hiring should be done by a special committee selected by the company to take part in that role and not an individual.the professional code of conduct demands a sense of responsibility from call workers in a given department.

These have been beneficial to the company as the departmental activities are not interrupted by the concerned regulatory bodies. ethical and social requirements in the credit department of Winky Motor Vehicle Assembly Company. regulatory. From the assessment. regulatory. All the activities of my department are done by the provisions of the companies act. The report has self-assessment templates of the research that were done to evaluate my functions and its effectiveness. ethical and social responsibility. regulatory. This paper consists of a report that was obtained from self-assessment research that I did to assess my functions about compliance with legal.The companies Act and the accounting standards are complied with. it was evident that I did not meet most of the requirements in my position as the manager of my department. Parts that experienced non-compliance ranged . This has affected the company activities as the relationship between my company and the company managing bodies is maintained. The template was first prepared and all the questions that I sought to know about my compliance with legal. the accounting standards are high and are maintained as per the law provisions. After the research and self-assessment procedures had been completed. the results were separated to identify the parts that were complied with and those that received non-compliance as a whole. ethical and social requirements is necessary for any department. I was assisted by my other employees to collect the relevant data for my assessment which included observations and interviewing those under my management. On the other hand. The results obtained were recorded in the shown template. TASK 3 EXECUTIVE SUMMARY AND THE ACTION PLAN Executive summary Compliance with legal.

This attracted a lot of legal complaints from the regulatory bodies which affected the running of activities in my department. auditing of financial accounts and interests of the major stakeholders. The requirements include that of integrity and responsibility of workers. Other requirements that were complied with include that of proper financial statements. Some of the requirements were complied with. Compliance has got a lot of benefits to any given institution like in the case of my department. ethical to social responsibilities.from legal. Other requirements that did not comply with include fairness among employees. First. All these were the findings although there was a great problem as per the assessment since those issues and requirements that experienced non-compliance were many as compared to those that were complied with. Am I personally responsible? These virtues motivated my staff as they struggled to master their roles which led to smooth operations in my department. An immediate action needed to be done to ensure that all the requirements that were not complied with in the department were corrected for the betterment of the company. Compliance to them affected the company positively. ethical and social requirements. and different steps are done to ensure compliance. Legal procedures were not duly followed when departmental decisions were made. This was a plus to my department as now all the requirements were complied with. regulatory. The above steps were followed when the action plan was being implemented. high accounting standards company act adherence and maintenance of healthy relationships with the community and some stakeholders. regulatory. An action plan was made. The relationship between the company and the . there was no legal liability and completeness. All the actions that needed to be fixed succeeded and hence compliance with all the legal.

Action plan From the self-assessment evaluation that I did to check for the effectiveness of my functions about adherence to legal. regulatory. a lot need to be done for the future wellbeing of the department. those responsible for ensuring that the operation is implemented by taking the action step. the regulatory bodies and all other relevant agencies is improved. The aspects of non-compliance overpowered that of compliance with the demands. ethical and social requirements are adhered to. ethical and social requirements. This leads to the smooth moving of activities in the company. The action plan consists of the action to be taken. ACTION STEP (What should be done) PERSON RESPONSIBL E (Who will take the action step?) REQUIREMENTS (What is need for the work to be completed) POTENTIAL CHALLENGE S (any possible challenges that may impede operation progress ) RESULTS (Was the action step successful?) . regulatory. This calls for an immediate action that will ensure that the parts that were not complied with are corrected. stakeholders. the results obtained as the struggle towards compliance is obtained. I developed an action plan that will be used in ensuring that all legal. the requirements of the work to be completed. the challenges that were experienced in the course of the implementation and finally.workers.

are missing. recruitm committee was created Revision of the ent hiring committe and the rules and procedures. The accountants of my department     This action step was successful. corrected and both internal and external auditing done hence compliance with the legal Development of procedures to be followed in decision making to ensure legal compliance and liability. e and procedures revising of hiring of the proceedi changed. The legal procedures were now followed in all departmental decision that was made.    Financial statements and audits. Hiring procedures to promote fairness. . was attained. take a lot the legal compliance of time. completed Financial Some records although it statements of concerning past took a long the previous financial usage time. financial Invitation of statements external auditors were for clearance.  The manage ment under my leadershi p The human resource of the finance department. The years done. be complete. This process Internal auditing This process may take long to was to be done. ngs may With these.Legal liability and compliance. The responsible for up a hiring. It may take a long time to develop the required procedur es. This step Creation and  This was empowering of process a committee of setting successful.

These procedures were completed although they took a lot of time. Employmen t laws The management of my department. requirements . Ensuring safe working conditions for all employees in my department. This may take minimum time since workers already know some of the provisions of employment laws. regulatory. All the actions that needed to be fixed succeeded and hence compliance with all the legal.   The signing of contracts with all workers. It is expected to take a short while to accomplish these. Compliance with this to ensure healthy relationships was attained at easy.Work safety The management of my department. The above steps were followed when the action plan was being implemented. All employees were now aware of the entailment of the employment laws. Printing of posters with all the employment laws and ensuring that they are available to all workers at any given time. Legal compliance was therefore achieved. Relationship with stakeholders . A lot of time may be spent in signing the contracts will all workers to ensure job security. The management of my department Ensuring validity of the departmental activities to ensure that the stakeholders who are not satisfied get convinced. This requirement was attained with the minimum time as expected. ethical and social requirements. This was a plus to my department as now all the .

regulatory. The conflicts that had existed among the finance department workers reduced and that of the company and the stakeholders was now better. all the legal. stakeholders. ethical and social responsibilities. regulatory and the social requirements were now complied with. This was advantageous to the department as the problems that it was facing were put to an end. This leads to the smooth moving of activities in the company.requirements were complied with. Hiring and tendering was now done by following the due procedures and employees were paid at the right time. . After the implementation of the action plan. Compliance has got a lot of benefits to any given institution like in the case of my department. the regulatory bodies and all other relevant agencies is improved. The relationship between the company and the workers. They were also given an addition amount of the good work that they did. The relationship of the department with other departments within Winky motor vehicle assembly improved. These experiences act as a prove of the importance of complying with the legal. ethical.

And Thompson A. Mcgraw-Hill Irwin ISBN 9781259094842 Hopkin. (2015). Koran page. Risk management. Management: a concise introduction. 1st ed. (2012). the quest for comparative advantage. (2013). Palgrave Macmillan ISBN 9780230285354 Peteraf M. 4th ed. Essentials of strategic management. ISBN 9780749468385 . For international students. P.REFERENCES Pettinger R.