MBA Corporate Compliance - Corporate Compliance 1 Abstract...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
Corporate Compliance 1 Abstract Companies need to evaluate the many risks that can be encountered if controls are not in place or unethical business decisions are made. A company needs to have a strategy that is well thought out and complies with legal regulations through constant monitoring. A strong plan and good company values need to be analyzed to ensure the best interests of all stakeholders are kept in mind. Enterprise risk management benefits companies such as The Bank of New York Mellon by minimizing risk.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Corporate Compliance 2 Corporate Compliance Report Addressing risk through having a plan that explores different options with the risk of each alternative is crucial to ensuring the least amount of risk is encountered by a company whenever possible. Some risks of choosing the wrong option or having compliance issues may include decrease in employee performance, legal issues, and declining revenue for companies. The purpose of this paper is to outline a plan for The Bank of New York Mellon to deal with enterprise risk management to improve financial reporting through implementing more controls. “Corporate scandals and diminished confidence in financial reporting among investors and creditors have renewed corporate governance as a top-of-mind priority for boards of directors, management, auditors, and stakeholders” (Reding & Sobel, 2004, p. 29). The Institute of Management Accountants (IMA) is a member of the Committee of Sponsoring Organizations of the Treadway Commission (COSO), which was created in 1985 to support the National Commission on Fraudulent Financial Reporting (White, 2004, p. 6). Since implemented internal controls have become an industry standard; they have been integrated into policies, rules, and regulations in organizations. Management accountants need thoroughly to understand this work so they can help their companies analyze and manage financial and operational risk. Management accountants can help managers at all levels by looking beyond their present problems and positively as well as proactively supervising their opportunities with less risk and greater success. The Bank of New York Mellon, an investment company, has an accounting department in the Lake Mary, Florida area that prepares daily, monthly, and yearly work for 401K plans for clients throughout the world who outsource their accounting. The Bank of New York Mellon completed their merger in the summer of 2007 between The Bank of New York and Mellon
Background image of page 2
Corporate Compliance 3 Financial Corporation. Since this merger The Bank of New York Mellon is exploring new controls to ensure that no errors occur as a result of lack of controls. “In contrast to risk management by department or function, enterprise risk management encompasses all business risks and opportunities” (Levinsohn, 2004, p. 55). The enterprise risk management (ERM) guidebook was created in 2004 to help an organization determine the right amount of risk for the value one is trying to create as well as how best to protect and enhance that value. When handling a regulatory issue, a comprehensive investigation is needed in order to
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 09/06/2011 for the course MANAGEMENT n/a taught by Professor N/a during the Spring '07 term at University of Phoenix.

Page1 / 13

MBA Corporate Compliance - Corporate Compliance 1 Abstract...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online