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7 pages/≈1925 words
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APA
Subject:
Law
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Coursework
Language:
English (U.S.)
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Topic:

Regulatory Compliance and Legal Concepts Practices

Coursework Instructions:

Final Comprehensive Assessment

Instructions. Please select five (5) legal concepts and/or compliance practices and describe their relevance to your current duties or responsibilities (or to those that you will undertake in the type of employment that you wish to pursue in the future). For each one, please describe how and why it is relevant and write at least one paragraph for each legal concept/compliance practice. You should be as concrete as possible and provide examples. Length: 5-7 pages; Spacing: single or 1.5. Examples of legal concepts:  Contracts: o Offer-Acceptance. o Condition o Mistake o Reliance o Breach o Remedies 
Torts: o Negligence o Duty o Strict Liability o Vicarious Liability o Respondeat Superior o Scope of Employment 
Regulatory Compliance o Distinguish between the role of Compliance and the roles of the Legal Departments and Risk Management Department and articulate how they may interact. o Distinguish between corporate policies and corporate procedures. o Identify the elements of an effective corporate compliance program. o Identify the tools necessary to manage and monitor the effectiveness of a compliance plan. o Define the purpose of an internal audit. o Identify criteria for internal audit programs.o Define the purpose of an external audit. o Identify criteria for external audit programs.o Determine the regulator’s authority. o Analyze the scope of a regulator’s audit. o Prepare for the regulatory audit. o Evaluate whether remediation measures are required. These are just some examples. You should feel free to choose other legal concepts or compliance practices from Contracts, Torts or Regulatory Compliance, or from any other course that you have taken in the program. As a reminder, in each case, you should describe the legal concept or regulatory practice in the context of your current or expected professional responsibilities.
*FYI – I work as a Due Diligence Officer for a financial institution.

Coursework Sample Content Preview:

Regulatory Compliance and Legal Concepts
Student's Name
Institution
Define the purpose of an internal audit
One of the important functions in many organizations is internal audit. Internal audit serves a very crucial role in not only protecting the organization from risk but also assuring investors that their investments are safe. According to Raiborn, Butler, Martin, and Pizzini (2016), the main purpose of an internal audit is to evaluate the internal controls and the processes of an organization. The evaluations are continuous, and the results of the evaluations help determine whether the organization is complying with the laws and regulations, both at the local and international levels. The audit committee and the management, who are some of the primary users of the internal audit assessments, use the information to identify areas of weakness. Kabuye, Nkundabanyanga, Opiso, and Nakabuye (2017) indicate that internal audits are used to make proposals on how the organization's internal controls can be made stronger. They also identify areas of weakness and make recommendations for change.
One of my responsibilities as a due diligence officer at my current workplace is to assist in fraud management. Financial institutions face a high risk of fraud, especially in the age of technology, where the adoption of online and mobile banking has been high. This is the area that I've been assigned by my employer, and I usually identify red flags in the company's financial systems. Internal audits have been very instrumental in this role because they have identified loopholes in the system that could be used by fraudsters. As Kabuye et al. (2017) reveal, when organizations have well-established internal audit programs, they are more likely to identify how the systems and controls put in place can be manipulated by fraudsters. An effective internal audit program can also be used to detect fraud. As a due diligence officer, I verify the identity and credentials of customers and examine their digital presence. Internal audits have helped me become more competent in verifications because I know what to look for and what factors or aspects I should consider as red flags. It is through these internal audits that the due diligence process at the company has been strengthened and made efficient. Through a competent due diligence process, the company I work for has been able to prevent fraud. For instance, I have been able to detect identity theft through online alert services based on changes made to a client's account. It is also worth noting that in some cases, internal auditors take up the role of due diligence (Kabuye et al., 2017), and I have had the privilege of working with some of the best internal auditors, and their insights and work ethics have helped me perform my duties better.
Identify the elements of an effective corporate compliance program
Organizations are expected to put in place effective compliance programs to establish a culture of compliance with laws and regulations at all levels of the organization. The following elements must be present for a compliance program to be considered effective (United States Sentencing Commission (USSC), 2018; Root, 2019):
* Written internal policies and procedures
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