CLAW2208 Business Regulation, Risk and Compliance

The international agreed standards of regulation are important because it contains important provisions relating to achievement of an ordinary standard for continuous or repeated use. This is done so that an optimum level is reached for obtaining a certain degree of order. Some important benefits of having an international standard of regulation includes helps in the promotion and fostering of mutual understanding amongst the member states, it helps in maintaining compatibility, harmonization of diversity, clarifying doubts in a collective manner about the quality of products, achievement of policy objectives and removing barriers to trade[1]. Thus, it can be said that despite having so many differences the world trends in proper standardisation in pursuit of the aims similar to ours, the countries of the world help in forming the national standards.

The countries who are part of the European Union wanted to unify the national standards belonging to the EU, improvising the quality of every country’s products, expanding markets and improving the competitiveness of international goods. The ISO 9000 is the standard when dealing with quality control and supervision. The objective is to provide the users the power to use services and goods and materials with quality assurance. Having standardised international agreements at both national as well as jurisdictional level has many benefits such as it helps in unifying the different standards that differs from state to state. This also allows the maker of the product to export it to all the parts of the world once the inspection stage is passed and confirms with the standards laid down in both state as well as jurisdictional level. International standards are the only link that helps the developed countries to unify the demands of different countries. The best way of following a proper procedure for the developing countries is that they work in a unified conforming to the international standards[2].

Implementation of legislation in Australia dealing with vibration in the agency

The member states of the EU have an obligation of implementing the directives issued by EU dealing with human vibration at the place of work. In the year 2005, Australia achieved this by issuing the Control of Vibration at Work Regulations, 2005. This rule states the action levels and exposure rules similar with those that are laid in EU directive. To support the implementation of the rules, the HSE has formed a website to deal with matters related to human vibration. The website plays an important role for the employers, hygienists and workers. It is therefore clear that the HSE considers easy access to information so that there is encouragement to follow the rules related to vibration. Some important duties of the employer stated in the Control of Vibration include examination of the exposure to both whole body as well as hand arm vibration, identification of the steps to remove the risks from the exposure to vibration to safeguard the employees from different risks. An effective regulatory regime in other countries should also be followed so that the vibration at the workplace can be regulated[3].

With regard to enforcement, he HSE has clearly stated that the inspectors should prevent any type of damage to the health of the workers and they have the obligation to comply with law. There have been several occasions in which the examples have been seen. In one case the company was fined for not following the rules and two notices for compliance was issues and in some other cases the company acted on the notice of improvement. The regulatory framework for work health and safety rules in the Australia is very much same to the UK rules. The HSE is a very advanced and well developed agencies in Europe in relation to the adoption of the vibration rules. Some important rules that have been formed in relation to vibration include, Hand Arm Vibration Regulatory Controls and Whole Body Vibration Regulatory Controls. The implementation of the rules in the Australia focusing on machinery directive has shown a lot of advantages of the manufacturers requiring to produce data on the levels of vibration for their plant and equipment. The Australian vibration rules have shown the duty on the employers to limit the exposure to vibration by their employees and the same has also been included in the model of work and safety rules[4]

Isolated Work Safety (WHS) Policy Directive (Australia)

The SA body of work should take reasonable steps to make sure that the local health networks have proper mechanisms at place to make sure that the employees at workplace are safe. The health workplace should use identification of hazardous processes and management of the same so that there is management of effective health and risk control processes. This should be done in line with the EU directive policies for management of health and safety at workplace. The Australian law makers should take a proper risk management approach so that the hazards are identified easily and the risks linked with the isolated work can be identified and separated.

Remote or isolated work is explained as work that is isolated from the help of other persons because of the location, nature and time of work. This includes and is not subject to the home and community visits after hours of work for different health services in different areas of state, country and field trips.  The SA shall be taking proper steps under the risks and hazards related to isolated work and ensure that the workers are safe even when working from isolated place. The employers are also to make sure that there is proper implementation of safety treatment  [5]

There should also be proper risk communication method which is also part of the legislative requirement in Australia. The directive policy supports the commitment of SA health including the implementation of the Health Practitioner Regulation National Law Act 2010. This is in relation to the guidelines that outline the risk control measures for the remote work situation. The SA health policy directive is implemented in line with the directives issued by the EU. Therefore, the rules relating to isolated work and health place safety should be in line with the directives issued by EU[6].

The financial sector in Liechtenstein provides important services relating to wealth management, banking, trust, fiduciary duties and important investment management and life insurance. The industry is expanding and the same is inclusive of non banking areas especially investment insurance and proper undertakings. The formation of Financial Market Authority (FMA) as an unified independent regulator in the year 2005 was a very huge step for the success of the financial services sector. The regulator assessment had shown that there are substantial progress achieved in forming the modern supervisory and regulatory rules. The ability of the FMA to share information with both foreign as well as regulatory authority’s works quite well in practice and the capability and need to cooperate has been shown in the interactions by the FMA and other authorities with the counterparts[7].

The FMA and the other authorites have been quite powerful in implementing most of the recommendations that was laid in the year 2002. The mission team had discovered a very high standard of compliance and its review showed that the Base principles and IOSCO were being followed. The IAIS insurance core principles were not assessed however it clearly shows the capacity limitation at the FMA for proper supervision in light of the important growth in the insurance sector. In this regard,  and for other areas requiring supervision, the FMA had to take into consideration the demands to make sure that it is able to properly sustain quality supervision. This assessment recommends that there has been an increased capacity to conduct inspections on different firms. The development of this capacity, along with the demands to implement the EU shall mean that the resources will require to be kept under proper scrutiny to make sure that there is sufficiency as much as needed.

The authorities and the industry continue to make important efforts to bound the anti money laundering regime and that there is a lot of work yet to be done. There have been great improvements since the year 2002 the most importantly while making sure that there is high amount of awareness by the financial services industry. The IMF assessment showed the progress that had been made against the before task action plan and standards relating to anti money laundering. The present assessment was done with compliance, which is now even more rigorous as the FATF standard shows different steps needed to achieve a higher level of compliance.

Some of the important findings of the regulator assessment include great amount of progress in executing the recommendations from the year 2002 in different field of financial sector. Likewise, proper planning should also be taken into consideration so that future resource requirement is covered and is properly observed. The strategy should taken into account different requirements for supervision and future demands on the FMA more importantly from the implementation of the directives issued by the FMA. The IAIS insurance core principles were not assessed however it clearly shows the capacity limitation at the FMA for proper supervision in light of the important growth in the insurance sector. In this regard,  and for other areas requiring supervision, the FMA had to take into consideration the demands to make sure that it is able to properly sustain quality supervision.

Conducting regulatory assessment in the field of financial sector is very important as it provides different wealth related services which requires scrutiny and examination of compliance from time to time[8].

Performance of economy has a great impact on the retail sector, it is therefore very important that the economy is in good shape and balance so that the retail sales can be very high. The US economy in the year 2009 passed through the worst of its times. People had less income to be disposed or spend during the time of poor performance of the country. However, the economy in the present times has shown great improvement.

 The signs of recovery of the financial department showed its results soon. Whenever a country sees economic down turn, the operating regulation in the retail sector gets impacted driving the overall rate of sales very low. The role of a proper regulatory rules helps in the promotion of growth and development of the country. Not only does it help the country belonging to a particular jurisdiction improve the present work condition economically it also helps in forming a proper regulatory regime. Formation of a proper regulatory regime is not just a technical development rather instruments concerned with providing quality services.

Regulation is just one of the ways that can help the government to interfere in the economy of market. Other important ways to help the government is fiscal policy. Sadly, the government does not take proper help and support to understand the impact of regulation on retail sector. The retail sector represents different sub sectors such as groceries, furniture, clothing and more. Each sub sector faces their own regulatory problems as far as implementation is concerned though all the retailers are impacted by labour impositions such as overtime pay and minimum wages. The regulation of government adds to the costs of compliance and other legal abilities to the retail sector. The federal bodies that deal with the retail sector in the US include the following:

• US Department of Labor or DOL
• Federal Trade Commission or the FTC

The retailers have to deal with their labour related problems almost every day. To begin with the amount of work the workers can do and the amount of time they can spend while working. The Labour department in the US imposes other certification processes making it easier for the retailers to be brought to the court by the present employees. The FTC is solely one body that takes care of both the jurisdiction at national as well as the state level. If the labour department plays a major force in consumer relationships then it is the FTC  that intervenes and solves the issue.  Thus, it can be said that when situations such as inflation or other scandals take place then the process of development of a regulatory regime gets impacted as people fail to comply and follow the policies so formed.

Almost all business is aware of regulatory compliance, despite this we often come across violations relating to compliance and fines being by the bodies. Implementation of regulatory compliance is a very difficult task as it requires every shareholder or stakeholder to be part of the business process. The employees who work in the front line dealing with the customers should be cognizant with the compliance needs of the organisation. It is after them that the upper responsibility falls on the manager to be compliant with the regulatory regimes.

An organisation can make improvement in its regulatory compliance at different levels and with the help of multiple approaches such as a proper regulatory intelligence, better compliance scrutiny and streamlining the workflow dealing with compliance and regulation of the organisation. In the past few years, we have seen the manner in which technology has contributed to the management and commitment of regulatory regime. Each sub sector faces their own regulatory problems as far as implementation is concerned though all the retailers are impacted by labour impositions such as overtime pay and minimum wages. Training and development are some of the most important ways to enforce regulatory compliance just as how accessibility is to compliance. The employees forget the need to reference compliance that is linked to documents from time to time.

Any corporation wanting to follow compliance in a better manner should ensure that such information is properly available at every pint of the business. Likewise, as a compliance manager I also want the new employees to understand the concept of enabling the compliance consultancy. This means that organisations should aim to improve their communication with the industry and with the front line employees of the compliance department. In many companies it is thought that the compliance department is the one that polices the front line employees. This idea has developed because the compliance department gets connected with the front line employee so that they receive proper training and rectify their mistakes.

The efficiency of the compliance regulation increases if the relationship is formed with one of the consultancies. The people working at the front line should have the option to seek for advice and help from the compliance department. Moreover, corporations should also take part in surveys so that there is proper compliance management and in case there are failure issues then investigation for the same can be done easily. This may make them feel bad and also hurt as it might impact their career however asking of questions may help them to solve issues pertaining to compliance. The retailers have to deal with their labour related problems almost every day. To begin with the amount of work the workers can do and the amount of time they can spend while working. The Labour department in the US imposes other certification processes making it easier for the retailers to be brought to the court by the present employees. The FTC is solely one body that takes care of both the jurisdiction at national as well as the state level. If the labour department plays a major force in consumer relationships then it is the FTC  that intervenes and solves the issue.

The real world containing of public administration is featured by different by accountabilities and transparencies formed and enforced in different ways and taking place in different number of actors. For instance, the international organisations are not just supposed to be accountable to the various departments of government but also to their shareholders or stakeholders. Moreover, the accountability does not need to be legal but it can also represent different type of responses that demand to be legitimate and based on reputation. Likewise, regulatory and other regimes have become internationalised involving different type of relationships depending on different type of power relationships.

Thus, the question of who is responsible to whom and for what are said to have become very important. The understanding of accountability that is conventional in nature mostly deals with the demands of the agent reporting some activities and the ability to impose punishment in case of non compliance. Thus, the idea of accountability is intrinsic to any given system. As it has been already noted, a regulatory rule helps in controlling the different elements such as detectors, effectors and standard setting machinery. These elements are considered very important and help in controlling the system within the preferred set of rules. The followining aspects are not related to the element specified above but they raise important issues relating to accountability and transparency:

• The process of decision making involves both accountability and transparency and the rules for the same should be followed
• The rules of transparency should be followed
• The activities of the regulated actor should be followed
• The system of controls working within the scope of transparency and accountability should be followed
• The feedback processes for transparency as well as accountability should be followed

The regulatory bodies operating in the United States work to serve the people helping them to live together in a community. The people have the right to know and understand that different regimes have the duty to bring to them most important information to the people whom they serve and this is how the idea of accountability begins. A good and well working regime keeps the best interests of the people and also makes sure that the rules are transparent and clear so that everybody can understand and follow[9].

When the people see that the regulatory bodies are working with the government in a proper manner they automatically tend to trust the regimes more. This is important in most of the aspects such as government policies, enforcement rules and requirements from the board meetings but when it comes to regulatory regimes then it becomes even more important

Likewise, it also helps in showing integrity if the regulatory bodies are able to show that they have acted keeping in mind the best interests of the people. In the same way, it also helps in building confidence in the bogies allowing the community in which it operates to work freely. People tend to form trust and respect for the bodies understanding and believing the fact that there is someone who can take care of them when things go really wrong.

The rise in the field of technology has led to increase in the amount of information that the local governments form. At the same time, this has led to the creation of new tools making the information that is new to be easily managed. To fulfil the promise of openness and transparency, the regulatory regimes help to balance technology as it makes processing of information easier and manageable like how it is expected to be in the present age. The understanding of accountability that is conventional in nature mostly deals with the demands of the agent reporting some activities and the ability to impose punishment in case of non compliance.

Therefore, conclusively it can be said that to boost the factors of accountability and transparency within the regulatory regimes it becomes important to share information in a quick and easy manner. It helps in building trust, confidence and also ensures transparency within the operations of the regulatory bodies[10].

Reference:

2019, July. Smart IT Governance, Risk and Compliance Semantic Model: Business Driven architecture. In 2019 Third World Conference on Smart Trends in Systems Security and Sustainablity (WorldS4) (pp. 297-301). IEEE.

Choubey, S. and Bhargava, A., 2018. Significance of ISO/IEC 27001 in the Implementation of Governance, Risk and Compliance. International Journal of Scientific Research in Network Security and Communication, 6(2), pp.30-33.

Govindji, S., Peko, G. and Sundaram, D., 2017. A context adaptive framework for IT governance, risk, compliance and security. In Context-Aware Systems and Applications, and Nature of Computation and Communication (pp. 14-24). Springer, Cham.

Gozman, D. and Currie, W., 2015, January. Managing governance, risk, and compliance for post-crisis regulatory change: A model of IS capabilities for financial organizations. In 2015 48th Hawaii International Conference on System Sciences (pp. 4661-4670). IEEE.

O’Neill, A., 2014. An action framework for compliance and governance. Clinical Governance: An International Journal.

Ritchi, H., 2017, November. Embedding governance risk and compliance (GRC) elements in business process modeling. In 2017 International Conference on Information Management and Technology (ICIMTech) (pp. 100-105). IEEE.

Spanaki, K. and Papazafeiropoulou, A., 2016. The implementation of governance, risk, and compliance IS: Adoption lifecycle and enterprise value. Information Systems Management, 33(4), pp.302-315.

Zammit, C., Grima, S. and Kizilkaya, Y.M., 2020. A Maturity Evaluation of Governance, Risk Management and Compliance (GRC) within the Maltese Public Sector1. In Contemporary Issues in Public Sector Accounting and Auditing. Emerald Publishing Limited.

[1] Zammit, C., Grima, S. and Kizilkaya, Y.M., 2020. A Maturity Evaluation of Governance, Risk Management and Compliance (GRC) within the Maltese Public Sector1. In Contemporary Issues in Public Sector Accounting and Auditing. Emerald Publishing Limited.

[2] Zammit, C., Grima, S. and Kizilkaya, Y.M., 2020. A Maturity Evaluation of Governance, Risk Management and Compliance (GRC) within the Maltese Public Sector1. In Contemporary Issues in Public Sector Accounting and Auditing. Emerald Publishing Limited.

[3] Choubey, S. and Bhargava, A., 2018. Significance of ISO/IEC 27001 in the Implementation of Governance, Risk and Compliance. International Journal of Scientific Research in Network Security and Communication, 6(2), pp.30-33.

[4] Choubey, S. and Bhargava, A., 2018. Significance of ISO/IEC 27001 in the Implementation of Governance, Risk and Compliance. International Journal of Scientific Research in Network Security and Communication, 6(2), pp.30-33.

[5] Ritchi, H., 2017, November. Embedding governance risk and compliance (GRC) elements in business process modeling. In 2017 International Conference on Information Management and Technology (ICIMTech) (pp. 100-105). IEEE.

[6] CHERGUI, M., CHAKIR, A. and MEDROMI, H., 2019, July. Smart IT Governance, Risk and Compliance Semantic Model: Business Driven architecture. In 2019 Third World Conference on Smart Trends in Systems Security and Sustainablity (WorldS4) (pp. 297-301). IEEE.

[7] Ritchi, H., 2017, November. Embedding governance risk and compliance (GRC) elements in business process modeling. In 2017 International Conference on Information Management and Technology (ICIMTech) (pp. 100-105). IEEE.

[8] Spanaki, K. and Papazafeiropoulou, A., 2016. The implementation of governance, risk, and compliance IS: Adoption lifecycle and enterprise value. Information Systems Management, 33(4), pp.302-315.

[9] Spanaki, K. and Papazafeiropoulou, A., 2016. The implementation of governance, risk, and compliance IS: Adoption lifecycle and enterprise value. Information Systems Management, 33(4), pp.302-315.

[10] Gozman, D. and Currie, W., 2015, January. Managing governance, risk, and compliance for post-crisis regulatory change: A model of IS capabilities for financial organizations. In 2015 48th Hawaii International Conference on System Sciences (pp. 4661-4670). IEEE.

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