International law-Virtually all business activities conducted in the United States are highly regulated, not only by governmental entities, but by professional entities as well.

Compliance with all federal, state, and local laws and regulations is a prerequisite to the long term health and survival of a business. Also important is compliance with standards issued by the professional and accrediting bodies responsible for licensing and certification.

International law-1.ASSIGNMENT OVERVIEW
Virtually all business activities conducted in the United States are highly regulated, not only by governmental entities, but by professional entities as well. Compliance with all federal, state, and local laws and regulations is a prerequisite to the long term health and survival of a business. Also important is compliance with standards issued by the professional and accrediting bodies responsible for licensing and certification. Certain industries are more regulated than others. For example, health care, financial services, and public utilities are all highly regulated with extensive licensing and operational standards. When a business fails to comply with all applicable regulations and standards, the business and the individuals who manage it can face a variety of sanctions, from loss of license and program certification, to civil and criminal sanctions, including monetary penalties and prison.
This assignment is designed to inform you about emerging careers in compliance.The compliance function is a critical function for management professionals. All businesses must comply with a variety of federal, state, and local laws and regulations, and failure to do so can result in severe negative consequences. To help you get acquainted with the compliance function, you will visit several websites providing a glimpse into the field of compliance. “This field exists to prevent harm at its source and to make powerful organizations safer and more ethical. Many people may expect their government can protect them from the harm corporations and large organizations can cause. But it is the nature of government and the legal system to always be reactive. Compliance and ethics professionals offer a link to the regulatory world that can allow government regulations to work.” (Joseph E. Murphy and Joshua H. Leet, Building a Career in Compliance and Ethics: Find your place in the Business World’s Hottest New Field, Society of Corporate Compliance and Ethics, 2007, ISBN 978-0-9792210-0-2. (To order this publication, contact Society of Corporate Compliance & Ethics, 1-952-933-4977, www.corporatecompliance.org).
1. LEARNING OBJECTIVES
By completing this assignment, students will accomplish the following:
1. Gainincreased awareness of the U.S. regulatory environment generally, and of the role of the compliance function;
2. Gain increased awareness about emerging careers in compliance and ethics, including job titles, job functions and salaries; and awareness of the tools available to assist management and compliance professionals in adhering to laws and regulations;
3. Demonstrate critical thinking (evaluation) skills by articulating the student’s personal observations about, as well as reactions to, compliance as a component of professional business practice (as assessed by the College of Business Critical Thinking-Evaluation Rubric, included in the course syllabus and incorporated into the Assignment Grade Form);
D.Demonstrate effective written communication skills (as assessed by the College of Business Writing Rubric included in the Course Syllabus and incorporated into the Assignment Grade Form).

III. STEPS FOR COMPLETING & SUBMITTING THE REPORT
STEP 1. Learn about Compliance in the Context of corporate governance, risk management, and compliance (GRC).
For brief background information, read the items listed below. You do not need to read each one in detail, nor will you be required to include all of this material in your report. The purpose is to learn about compliance as an on-going essential business activity, and to find resources serving as a portal to primary sources for future use. I find them all very interesting, and after looking at each, you will have a good overview of the increasing significance of compliance functions for U.S. businesses.
1. Google GRC at http://en.wikipedia.org/wiki/Governance,_risk_management,_and_compliance.
[NOTE: NEVERquote from or cite Wikipedia in any academic or professional paper; it is not a credible academic research source! It can be useful in locating quotable, scholarly, primary sources.]
Read the first page/section which defines the term “Governance, Risk Management, and Compliance.”Have you ever heard this term before? You need to know what it means in order to understand the systems approach to compliance which is becoming the norm in today’s legal environment of business.

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