Corporate Compliance Benchmarking

Corporate Compliance Benchmarking

Running head: CORPORATE COMPLIANCE BENCHMARKING








Corporate Compliance Benchmarking

Abstract

Corporate compliance is important to any company who remembers the likes of Enron. The SEC has changed its base of regulations required by companies in terms of corporate governance. This area of business is still evolving as we have seen with several more companies following the path of Enron. Still the new, stricter regulations show some firms are paying attention. This paper will discuss corporate compliance, the Sarbanes-Oxley Act of 2001 and other governing requirements firms are legally responsible for. This paper will also share the experiences of benchmarked companies against the issues facing CareNetWest and CEO Tad Smith.














Corporate Compliance Benchmarking
Team Overall Analysis
Key Corporate Compliance Concepts –
Regulatory changes over the past 10 years came in the wake of corporate scandals and corruption has created a number of changes in how businesses manage corporate governance. Webster’s New World Finance and Investment Dictionary defined corporate governance as “the policies, procedures, and rules that determine how a corporation is managed, as defined by the company’s bylaws, corporate charter, policies, and applicable laws.” (yourdictionary.com, 2009)   The Sarbanes-Oxley Act (SOX) of 2002 established mandatory guidelines that affect executive compensation and the monitoring of shareholders and the board of directors.   With the establishment of the SOX, the CareNetWest Companies, Inc is unprepared to meet the strict compliance demands associated with the act or have the right personnel in place to meet the challenge. In order for CareNetWest to begin developing an effective management team, the company needs to fill all the key positions with talented people.
Using the best practices from CareNetWest can establish a Corporate Compliance Council or Enterprise Risk Council that monitor and...