Corporate Compliance Report

1646 words - 7 pages

PAGE PAGE 1 Corporate Compliance
Running head: CORPORATE COMPLIANCE REPORTCorporate Compliance ReportUniversity of PhoenixMBA/560: Enterprise RiskNovember 7, 2007Week 6AbstractInternal control is an essential part of an organization. Without it, the company can face many risks and liabilities associated with lack of control. This paper attempts to provide a implement an enterprise risk management plan for First Data Corporation (FDC). Through research, the writer will point out preventive, detective, and corrective internal controls for FDC. Based on the research and current environment of First Data, a recommended solution will be made which will improve the overall risk management level and control process in the company.Corporate Compliance ReportSince the implementation of the Sarbanes Oxley Act of 2002, many companies have tried to clean up their act as it relates to compliance. Although the Act brings accountability to publicly held companies, there is still opportunity for growth. In this paper, the writer will discuss a plan to implement enterprise risk management based on the Committee of Sponsoring Organizations of the Treadway Commission (COSO). An organization will be selected for the compliance report, followed by preventative, detective, and corrective internal controls for the organization. Lastly, a recommendation for a preventative solution that incorporates risk mitigation for the organization will be stated.First Data CorporationFirst Data Corporation (FDC) is the selected organization for the compliance report. FDC first went public in 1992 (First Data Corporation, 2007). "Today, First Data provides payment processing services to the world's largest financial services providers, to the merchant around the corner, and to businesses and governments of all sizes in between" (First Data Corporation, 2007, para. 6). As a company, they have strived to uphold the highest ethical values, while safeguarding consumer information. A large part of meeting this goal is having internal controls. The Committee of Sponsoring Organizations of the Treadway Commission (COSO) can help First Data set some internal controls.The Committee of Sponsoring Organizations of the Treadway CommissionWhatThe COSO holds a distinct role in corporate compliance. According to its web site, "COSO is a voluntary private sector organization dedicated to improving the quality of financial reporting through business ethics, effective internal controls, and corporate governance" (COSO, 2006, para. 1). Not every organization is completely honest when it comes to its financial statements and what is reported to the Securities Exchange Commission (SEC). Enron, for example, showed the world that without internal controls within the organization, leadership could quickly go sour.WhyThe reason why COSO exists is due to companies like Enron who were not reporting accurate financial information. There was a need for companies to have internal controls put into place....

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