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Compliance Systems: Reducing The Risks Of Customers

1606 words - 6 pages

According to the Merriam Webster Dictionary, (p.147) “compliance is the act of complying to a demand or a proposal” and to comply (p. 148) with is to “yield to or to conform to” specifics. In the Gilbert Law Summaries Law Dictionary (p.54), compliance is the “Act of complying, obeying, or submitting to someone or something as “compliance with the law.” In the corporate world we look more than to ethics of just doing what is right, but further for the protection of others.
Secondly, compliance systems and policies are designed to reduce the risk of loss of the consumer/customer/client. As the consumer/client/customer is at risk, government regulations are made to protect the consumer and the corporations must follow the guidelines. Most often the laws are not put in place until after an incident has occurred.
Finally, becoming compliant is conforming to guidelines and procedures that will reduce the risk of loss to the shareholders. When the corporation yields to the rules laid down by higher authorities which, “regulate the disclosure and use of authorized intercepted communication.” (Wiretap Act P.1of 3 Title 3 Omnibus Crime Control and Safe Streets Act of 1968) As disclosures are communicated orally or in writing the company is compliant to regulations. Meaning they have put in place the rules and guidelines within the corporation that employees must follow in order to protect the consumer/client/customer. Employees do not realize that when they protect the consumer/client/customer, they are also protecting themselves from becoming accused of breaching laws or even fraudulent complaints.

II. Intent of Compliance:
a. Credit card security protection is imperative to the consumer and corporation. The major credit card companies are Visa, Discover, Master-card, American Express and debit cards are accepted as long as it has a Visa-Master-card Logo. Each one of the companies have guidelines that corporations are to follow in order to receive consumer credit card approvals and to accept this consumer information. They must have a license and policies must be put in place with the intent of high standards of consumer protection. The consumer protection policy is distributed by way of the human resource and information technology department of companies to all employees.
b. All employees must take a compliance class informing employees of the importance of the client and their fiduciary duty to protect the client. The primary intent is to protect the consumer, by all means necessary. The employee then signs a form acknowledging that the training was taken. Failure to comply with industry standards can result in termination to the employee and fines to the employer. The negative impact this has had is when employee’s steal the consumers private information and use it for purposes not intended.
c. Oftentimes, we hear that the call will be recorded for quality assurance purposes or training. Once the person is informed of this and they reply, “ok”...

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