please discuss the following, and share sources: 1. What key role does compliance play for any industry? Why do you believe is important? 2. Please explain your understanding of organizational policie
Neha Paul
Top of Form
1. Following compliance rules and regulations is particularly important for any kind for industry. It plays a vital role in many ways simply to enhance business performance, directly and indirectly.
Creates and establish brand loyalty: If we look from customer’s view, any organization which clearly following the compliance all through its working tenure, it would be looked upon as reliable and trustworthy. Shareholders/ stakeholders would not hesitate to invest or collaborate with that organization. It enhances the reputation among industry. All relevant investors, customers would remain loyal.(A.,2018)
Establishes better operational processes: For instance, Good record-keeping is a part of compliance program and makes an organization be looked upon as clean business operator not as a shady business. A positive feedback from auditors with good record keeping would be great help for business.
Less errors and improves consistency: Following compliance definitely brings consistency to any business operations and there is less room for errors which ultimately improves profit.
Importance: Compliance to any organization imperative, its directly associates with regulations, audits, inspections and laws which are made for improving the quality and functioning any business. And not following compliance brings in penalties and punishments in some form. On a bigger picture, compliance regulations are created for the betterment of business and it’s consumers.
2. Organizational policies for compliance are some set rules which needs to be laid and followed for smooth functioning of any organization. These can be some written rules which are to be followed by each employee to keep a safe and healthy working environment. The employer needs to make sure there are set written policies which are equal for everyone.These policies are established to guide everyone on their responsibilities, roles and to ensure healthy culture. (L.,2015)
3. Also known as CMMI, it is responsible streamlining and enhancing a project. It helps tp deliver the any project in a timely fashion. ken and developed goes through different phases. Using different intensive process of planning, designing and managing, it enables and ensures efficient delivery and it is cost effective with available resources. (D., 2016) CMMI model is responsible for building a project which goes through different processes.
CMMI increase the efficiency of the software and reduces the cost of software development. It leads to improvement in quality and productivity.
References:
Carrtegra, L. (2015, June 30). 8 Ways to Ensure Effective System Access Controls. Carrtegra, LLC. http://www.carrtegra.com/2015/06/8-ways-to-ensure-effective-system-access-controls/
Heim, A. (2018, July 3). Why Compliance is Important. Retrieved from https://www.aresriskmanagement.com/why-compliance-is-important/
Team, G. R. D. (2016, July 26). Top 6 Benefits of Adopting Capability Maturity Model. Retrieved from https://www.vizteams.com/blog/top-6-benefits-of-adopting-capability-maturity-model-cmmi-focus-software-companies/
Shamimul Islam
Top of Form
Compliance Within Organizations
Many regulatory entities and the government, often develop policies and regulations to govern the conduct of organizations. Enforcing compliance within an organization goes a long way in helping the organization prevent and detect violations of rules, which allows the organization to avoid lawsuits and legal litigations (Turetken & et al., 2011). Compliance defines the strategies put in place by an organization to ensure that it adheres to all regulations that govern its functionality. Typically, organizations create a dedicated department whose sole responsibility is to manage compliance issues within the organization. Failure to comply with regulations is often considered illegal and can lead to the organization's downfall. Similarly, it affects the quality of the organization's products and services or tarnishes its reputation with its customers.
A firm's ability to comply with all regulations relies heavily on its robustness policies for compliance. The organization should develop detailed guidelines on how all stakeholders should adhere to all rules and indicate the consequences of not adhering to them. The firm should create a dedicated team to ensure that all compliance issues are handled effectively. For instance, the firm should first evaluate how various regulatory entities influence their functionality and determine the ideal way to adhere to the regulations. The compliance team should also look for any updates on the regulations.
Implementing capability maturity model integration enables organizations to edge over their competitors by allowing the project's management teams to predict costs, schedule, and quality (Chouhan & Mathur, 2012). Such data helps the firm to have a better understanding of their projects. It also helps to streamline the execution of various processes and decrease risks in the project's implementation.
References
Chouhan, R., & Mathur, R. (2012). Role of Software Quality Assurance in Capability Maturity Model Integration. International Journal of Advanced Research in Computer Engineering & Technology, 1(6), 2278-1323.
Turetken, O., Elgammal, A., van den Heuvel, W. J., & Papazoglou, M. (2011). Enforcing compliance on business processes through the use of patterns.
Sruthi Kacham
Top of Form
Compliance is important in all the industries for a variety of reasons. For a start let us think about getting a license for the business. This is usually the first step and it is a form of compliance. We can define regulatory compliance as “making sure that any business or action conducted by a company is within legal parameters and/or that all "reasonable" actions have been taken in order to prevent incidents” (Malesky & Taussig, 2017). Compliance is important as it will help in avoiding legal problems. This can come in many ways. These are “ensuring that litigation does not occur by following regulatory compliance, or by providing evidence that all necessary and reasonable actions were taken in order to prevent an incident, this relates to everything from lawsuits to criminal investigations” (Malesky & Taussig, 2017). The second reason is that it will help in risk mitigation. This is because these regulations will have put plans in place and measures to be taken to reduce risk.
I think that policies in organizations help to ensure that the employees follow the regulations easily. This is because they will be ingrained in the employees’ minds and therefore become easy to follow.
There are several reasons for using the Capability Maturity Model Integration during projects. The first is that it allows for the team to focus on consistency. This way the project will forever be in motion and not stagnant. It also helps in process improvement in that it provides “a framework to standardize your processes, ensuring that your business’s best practices are captured, shared and adopted so that you can move staff around your organization and leavers won’t take business critical information away with them” (Saeed et al., 2017).
References
Malesky, E., & Taussig, M. (2017). The danger of not listening to firms: Government responsiveness and the goal of regulatory compliance. Academy of Management Journal, 60(5), 1741-1770.
Saeed, A., Usmani, R. S. A., Akram, H., Saqlain, S. M., & Ghani, A. (2017). The impact of capability maturity model integration on return on investment in IT industry. Engineering, Technology and Applied Science Research, 7(6), 2189-2193.
Bottom of Form
Bottom of Form
Bottom of Form