Corporate Compliance Report Essay Example | Topics and Well Written Essays - 1750 words

Corporate Compliance Report - Essay Example This model was basically implemented in order to improve upon the effectiveness and efficiency of organizational operations, increase the credibility and reliability of financial information as well as insuring compliance with regulatory laws and regulations. The Committee aimed to achieve above by implementing a uniform set of standards which provided best practices to be used in order to create an environment of internal control which involve board of directors and higher management of the firms so that the potential risk elements associated with weak internal controls can be effectively controlled. This report will outline a plan to implement the enterprise risk management in Apple Computers. This plan will however, be based on the recommendations of COSO in order to ensure compliance with the model. 1) Control Environment which comprises of elements such as integrity and ethical values, commitment to competence, board of directors and audit committees, Management's Philosophy and operating style, Organizational structure etc. COSO model on internal controls roughly covers above parameters an... 4) Information and Communication includes quality of information 5) Monitoring includes On-going monitoring, Separate Evaluation as well as reporting deficiencies. COSO model on internal controls roughly covers above parameters and attempt to outline different policies and procedures which must be adopted in order to effectively monitor and manage internal control environment within the organization. It is also important to understand that the firms may not need to implement the whole document verbatim however the same may have studied and customized to suit the organizational needs and structure while at the same time keeping the real essence of the model intact. The above mentioned components also work to produce a combine impact on implementing a better and more efficient internal control environment within an organization and laid the foundations for the development of systems and procedures which ensure that the organization not only meet the requirements of the model but also put in place a systematic environment within the organization which ensure transparency within different functional and operational areas of the organization. Enterprise Risk The above prelude suggested that the COSO was active in implementing effective internal controls within the organizations however as the complexities of the business grew, COSO developed a separate framework for enterprise risk management for organizations. According to COSO, an enterprise risk management is "a process effected by an entity's board of directors, management, and other personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect the entity, and manage risk to be within its risk

Case Study Based Report - Performance Management Essay

Case Study Based Report - Performance Management - Essay Example Based on the drawbacks, a new system is developed. The impetus for the new system of performance management was driven by the arrival of a new CEO in the organisation. His mission is the creation of a culture which is completely based on performance and the creation of a proper career path for the operational staff. Answer to Question 1 Review of the organisation’s previous approach to performance management The previous performance management system for the senior operational staff was meant to evaluate the performance of the employees against the set standards of performance. This would consequently help in the development of action plans for addressing the gaps identified (David, 2009, p.288). Since they were senior operational staff in the organisation, their performance were indirectly accountable for the performance of the personnel working under their supervision. The first step in the system included identifying the personnel’s performance dimensions. ... He is responsible for completing his assignments on time through the performance of his subordinates. He is supposed to demonstrate budgetary controls, monitor the subordinates’ activities, initiate the effective and timely corrective actions and suggest budgetary recommendations (California State University, p.1). Certain pitfalls have been identified with regards to the performance management system for the senior operational staff in the organisation. Firstly, the system is not found to promote or enhance productivity in any way. Moreover, it is not a favourable system which drives commitment in the workforce or motivates employees towards continuous improvement of performance (Montebello, 2004, p.1). Firstly, there are divergent goals and objectives. In other words, the goals are not very defined and do not provide a proper guideline to the operational staff for proceeding in his work activities. Secondly, there are loopholes in the implementation plan of the system. The s ystem is not implemented aggressively. Moreover, the technology used for implementing the plan is not based on the latest technology which allows errors and loopholes in the system. There is lack of transparency in the system which eventually causes improper performance appraisal. Inefficiencies creep in and at times, there is biasness in the appraisal system. The performance appraisal forms are constructed poorly. This implies that the factors for rating are not well defined and allows ambiguity. The rating scale also contains certain problematic terms. Thus, it is difficult to evaluate whether the performance meets requirements, exceeds it or is at par. The problem that arises because of this is that the process lacks validity and value and is considered to be impractical. The forms