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”...

Find Another Essay On Compliance Systems: Reducing The Risks of Customers

The Risks of Cosmetic Surgery Essay

1673 words - 7 pages Shortly after the horrific death of Donda West, son Kanye West appeared on the Dr. Phil show to discuss the risks of getting plastic surgery. Donda died the following day after a tummy tuck and breast reduction surgery. Her plastic surgeon, Dr. Jan Adams is to blame. In another case, young Lori also went under the knife of Dr. Jan Adams and also appeared on the Dr. Phil show after a frantic experience. In Lori’s case, she wanted to fix one

The Risks of Unprotected Sex Essay

663 words - 3 pages them in good standings with his or her significant other. “Sometimes, teenagers believe that unprotected sex enhance their experience of intimacy with their boyfriends or girlfriends, also wrongly believing that this is the best way to show their true love. When the mood strikes the last thing on their minds is safe sex. When engaging in unprotected sex there are risks involved. Some of these risks include unintended pregnancies and the

The Health Risks of Smoking

653 words - 3 pages The Health Risks of Smoking Every year nearly one in every five US deaths are related to cigarette smoking, that means that every year 440,000 people alone die from cigarettes. Deaths caused by alcohol, car accidents, suicide, AIDS, homicide, and illegal drugs combined are actually less than the number of deaths caused by cigarette smoking. Being the grandchild of a grandpa who died of lung cancer from smoking, I know and understand what

The Benefits of Reducing World Population

1002 words - 4 pages The Benefits of Reducing World Population Scientist Julian Simon asserted in 1992 that population growth, perceived by many to be a growing crisis, was in fact a huge boon to society. Simon countered the common argument that overpopulation would result in miserable, deteriorating living conditions by postulating that "population growth, economic growth, and a resource-rich world coupled with modern technology will produce greater prosperity

Reducing the Power of an Oligpoly

756 words - 3 pages , cheating, recession, potential entry into the market or industry, and legal obstacles such as anti-trust laws.If one of the firms within the oligopoly continually presents opportunities for costs savings for its customers, without a reduction in service or product, it is certain to out perform its fellow providers. Such a situation clearly presents a circumstance in which the cost difference is a key factor. A similar statement can be made

Integration Celebration: Reducing the Harms of Prohibition

513 words - 2 pages enforcement or treatment agenda. In our view, both systems support invasive and harmful interventions into the lives of free-thinking people, based on an ill-informed presumption that drug use can only be bad.In our "integration celebration" approach, we seek to support one another in finding value in our own intuitive sense of what may be right for us in a given situation. While encouraging increasing awareness and individual responsibility for the

Reducing the Time and Expense of Proposals

1229 words - 5 pages Reducing the Time and Expense of Proposals TABLE OF CONTENTS EXECUTIVE SUMMARY 1 BACK GROUND INFORMATION 2 PROBLEM AND OBJECTIVES 3 RESEARCH METHODOLOGY 4 ESTIMATES OF COST AND SCHEDULE 6 QUALIFICATION OF REASEACHER 8 APPENDIX 9 EXECUTIVE SUMMARY AUTOMATING TO MEET THE NEEDS OF XYZ CONSTRUCTION COMPANY Proposals are extremely important tools in construction, sales and marketing efforts but they also pose some serious

My paper discusses how applied information management systems have a variety of risks and the different types of security you can get.

2007 words - 8 pages 1) Chapter four, or Personal, Legal, Ethical, and Organizational Issues of Information Systems, mainly touches on different information technologies and organizational issues. There are many risks that are associated with information technologies, which "can be misused to invade users' privacy and commit computer crimes" (57). The first way privacy can be invaded is by using cookies, which "are small text files with a unique ID tag that

The importance of building a connection with your customers

3287 words - 13 pages The importance of building a connection with your customers Introduction Undoubtedly, nowadays the customer is the king and this is the result of production overcapacity. It is well known that customers are extremely important to any company because a customer is the one and only individual that can tell you how well you are doing. Not by growth charts and sales figures, but by telling you exactly how it feels to be in the position of a buying

Commitment to focus on the needs of our customers

2769 words - 11 pages and total employee of 67,000 around the world. Roche is famous for producing vitamin products, he is the first industrial scale producer of Vitamin C - a very useful anti-oxidant already in 1930's. He is now the leading company in the vitamins business worldwide with the reputation of supplying all kinds of vitamins into one package to the customers. The company has a strong vision that is to "Bring the best in Nature into Human life".Since 1992

The Needs of Different Customers at Drayton Manor Park

1312 words - 5 pages The Needs of Different Customers at Drayton Manor Park All the customers that come to Drayton Manor Park have their own individual needs. Each individual customer likes to be provided with different services to make them self feel more comfortable. Some unpredictable situations would be that if there was a security alert that would affect each individual customer in Drayton Manor Park. If a customer was on a ride

Similar Essays

Risks Of Non Compliance In Corporate Governance

2295 words - 9 pages Risks of Noncompliance PAGE \* Arabic 1 Running head: RISKS OF NON-COMPLIANCE IN CORPORATE GOVERNANCERisks of Non-Compliance in Corporate GovernanceRisks of Non-Compliance in Corporate GovernanceCorporate governance describes the broad set the rules, processes, or laws in which mandates controls for select businesses. In some cases, it clearly defines the parameters of businesses' operation, regulation, and control. According to Tech Target

The Benefits Of Reducing Homework Essay

874 words - 4 pages The Benefits of Reducing Homework “My dog ate my homework,” is a famous, desperate excuse theoretically used by students who have failed, out of a lack of self-discipline, to complete homework assignments. Although several people believe that doing homework consistently leads to success in life, it is often placed by high school students in the same category as chores; mundane and difficult. While it is true that completing homework can

Risks Of Single Sign On (Sso) Password Systems

2881 words - 12 pages service can have dire consequences since more high-value personal and institutional data as well as business systems within many organizations are diverting into cloud computing. If their SSO protections are not strengthened, personal and confidential information will end up being exposed to the whole world. The anticipation of a secure SSO service is that it prevents any unauthorized person from accessing the account of any user on the website

The Risks Of Vaccinating Children Essay

1082 words - 5 pages , juvenile diabetes, etc or to SIDS, death itself. If this is true, the number of vaccine-related deaths per year may well outnumber the deaths from vaccine preventable illnesses. "many of the benefits of vaccines are overshadowed by their perceived risks. As more children receive vaccines, the total number (not necessarily percentage) of real and perceived adverse events increases." (Calandrillo, 2004, p. 19) According to fact sheets put out by the