Discussion 1

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Northeastern University *

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Course

6002

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Information Systems

Date

Oct 30, 2023

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1

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Discussion 1 Strategic compliance management the name itself suggests an effective Compliance culture for the smooth operation of every organization, large or small. Every business and organization is required to abide by regulatory compliance requirements in order to support the development of the company, as well as to help protect assets and reputation and reduce risks. As stated in the article, Worldcom scandal was a major accounting scandal that came into light leading to a loss in stock of $200 billion. Accounting to the largest fraud in the past which was due to non- compliance. Thus, such activities expose a business to a range of dangers, including litigation, lawsuits, fines, lost revenue, clients, and employees, among other negative effects. Ethics in business is when your staff acts ethically, they don't just follow the law or comply with regulations; they go over and above to make sure that choices are made with the best interests of all parties in mind. Compliance guarantees that a business upholds appropriate standards and demeanour, adheres to a set of regulations and procedures, and is always open and honest. Being ethical in a company fosters total confidence amongst employees, establishes a standard of performance, and promotes workplace fairness. Thus, in my opinion I feel Compliance and ethics go hand in hand.
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