Mc Bride Financial Problem Solution Essay

3870 words - 15 pages

Problem Solution: McBride Financial Services PAGE \* MERGEFORMAT 1
Running head: PROBLEM SOLUTION: MCBRIDE FINANCIAL SERVICESProblem Solution: McBride Financial ServicesTerri GilbertUniversity of PhoenixProblem Solution: McBride Financial ServicesThe mismanagement and fraud created by corporations like Enron, WorldCom and Tyco forced Congress to enact the Sarbanes-Oxley Act (SOX). The law requires corporate governance includes financial reporting and disclosure. McBride Financial Services (McBride) has become a publicly trading company that needs to develop good corporate governance to meet the expectation of the investors. McBride needs solutions to resolve issues of noncompliance that could hurt the reputation of the company. This paper illustrates the situation and opportunities; stakeholders interest; values and ethical dilemmas; problem statement; end-stage vision; alternative solutions; analysis of alternative solutions; risk and mitigation; optimal solution; and evaluation of the results to create best practices in corporate governance.Situation AnalysisIssue and Opportunity IdentificationMcBride Financial Services (McBride) is a regional mortgage lender specializing in conventional, FHA and VA loans to purchase or refinance homes (University of Phoenix, 2010). The start-up company has become a publicly trading entity with Beltway Investments (Beltway) as the majority investor. Beltway wants McBride to use best practices in corporate governance and plans to rely on Institutional Shareholders Services recommendations about the company's business practices (University of Phoenix, 2010).Hugh McBride, founder and CEO, does not want interference from the board of directors or investors and plans to run the company his way. McBride has the opportunity to create charters and bylaws to place checks and balances by shifting power from the CEO to an independent board of directors. Another issue is the CEO has no knowledge about corporate governance and regulatory compliance. Hugh McBride wants the controller, Paul Thomas, to handle issues regarding corporate governance, Sarbanes-Oxley Act (SOX), and focus on internal controls. McBride has not submitted any quarterly or annual reports mandated by the SEC (University of Phoenix, 2010). McBride has the opportunity to improve internal controls' operations, financial reports, and regulatory compliance (COSO, 2010).Hugh McBride's decisions to become chairman of the board, place allies on the board, disregard regulations, manipulate compensation, and run the business without interference disregards the ethical standards Beltway Investment wants incorporated in corporate governance (University of Phoenix, 2010). McBride has the opportunity to create a Codes of Ethics to clarify responsibilities to stakeholders and employee compliance of the company's values and ideology (Hartman, 2004).Stakeholder Perspectives/Ethical DilemmasMcBride has to consider the stakeholders' interest, values, and ethical...

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