BA 3301 Legal Environment of Business

Compliance Report Assignment *

Associate Professor Lee Usnick, JD, BA 3301 Lead Professor

I. ASSIGNMENT OVERVIEW

What is compliance?

You will have a solid answer to this question once you complete this assignment. Until then, start with the basics. Virtually all business activities conducted in the United States are regulated, not only by governmental entities, but by professional entities as well. Compliance with all federal, state, and local laws and ordinances is a prerequisite to the long term health and survival of any business. And compliance with industry and professional practice standards can be equally important, especially when mandated for accreditation and government contracts qualification.

Certain industries are more regulated than others. Some highly regulated industries include health care, financial services, accounting, oil and gas, and public utilities. When a business fails to comply with all applicable laws, regulations and standards, the business and the individuals who manage it often face a variety of sanctions. Sanctions can range from the loss of an operating license and/or program certification, to civil and criminal sanctions including monetary penalties and fines (corporate and person), to prison sentences.

Is a compliance report reality-based and relevant to todays business practices?

YES! This assignment is designed with two purposes in mind: (1) to increase your awareness of the depth and breadth of compliance activities (and challenges) in todays business environment, and (2) to inform you about emerging careers in compliance relevant to all BBA majors.

The compliance function is a critical function for management professionals. To help you learn about compliance generally, you will visit several websites which provide a glimpse into the evolving field of compliance. This field exists to prevent harm at its source and to make powerful organizations safer and more ethical. Many people may expect their government can protect them from the harm corporations and large organizations can cause. But it is the nature of government and the legal system to always be reactive. Compliance and ethics professionals offer a link to the regulatory world that can allow government regulations to work. (Joseph E. Murphy and Joshua H. Leet, Building a Career in Compliance and Ethics: Find your place in the Business Worlds Hottest New Field, Society of Corporate Compliance and Ethics, 2007, ISBN 978-0-9792210-0-2. (To order this publication, contact Society of Corporate Compliance & Ethics, 1-952-933-4977, www.corporatecompliance.org).

II. ASSIGNMENT LEARNING OBJECTIVES

By completing this assignment, students will accomplish the following:

A. Gain increased awareness of the U.S. regulatory environment generally, and of the role of the compliance function;

B. Gain increased awareness about emerging careers in compliance and ethics, including job titles, job functions and salaries; and awareness of the tools available to assist management and compliance professionals in adhering to laws and regulations and industry standards;

C. Demonstrate critical thinking (evaluation) skills by articulating the student’s personal observations about, as well as reactions to, compliance as a component of professional business practice (as assessed by the College of Business Critical Thinking-Evaluation Rubric incorporated into the grade rubric for this assignment); and

D. Demonstrate effective written communication skills (as assessed by the College of Business Writing Rubric incorporated into the grade rubric for this assignment).

NOTE: The grade rubric will be available to students in the assignment folder. Please review the rubric prior to writing your paper, then use it to self-assess your work. In other words, score yourself on the grade rubric. Does your paper do what it needs to do to achieve a top score? Use the rubric to answer this question.Type of paper Assignment

Subject Business

Number of pages 4

Format of citation Other

Number of cited resources 0

Type of service Writing

Assignment instructions and grading rubric attached. Article to be used: http://www.fcpablog.com/blog/2018/3/1/deloitte-pays-150-million-for-blown-mortgage-company-audits.html

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