Barclays pays sec 6 3 million to settle referral hiring fcpa violations

Document Type:Thesis

Subject Area:Business

Document 1

com/blog/2019/9/27/barclays-pays-sec-63-million-to-settle-referral-hiring-fcpa. html?fbclid=IwAR2ulF5jHqkbnGQGAeef7X_gB2XBeoW39Vkr8FMx1kFePWQSBgUwJIrakHE Date Article Last Visited: October 22nd, 2019. Compliance Report Recent Compliance Problem and Enforcement Action Nowadays, the business environment is highly monitored not only by the federal or state government but also by professional entities. Therefore, adhering to the set standards, regulations and rules is no longer a company’s wish but rather a duty. Currently when one engages in business, there are a number of rules, laws, standards and regulations or rather ‘forms of compliance” that his or her company together with the employees ought to conform with. As per SEC report, a couple of such job candidates hired who are either the relatives or friends of government officials and Barclays non-governmental customers were hired as a individual benefit to those officials and executives with the anticipation that the bank would gain investment banking businesses.

Sign up to view the full document!

Besides, through an internal administrative, SEC also charged Barclays with violating the FCPA’S books and records as well as internal accounting provisions. Moreover, Barclays’ APAC workers forged records so as to hide the true identity of the person or entity requesting that a particular candidate be hired as well as the underlying reasons for hiring. For example, in April 2009, a senior bank executive within the Asia Pacific Region approved an “unofficial intern” program for Barclays South Korea which was totally distinct from the normal formal Barclays’ internship program. Through such program candidates related to the government officials and bank executives were hired. Some law experts often say that “ethics and compliance are essentially different sides of the same coin. ” Whereas compliance is undertaking what the law says, ethics entails undertaking what is right despite what is specified in the law.

Sign up to view the full document!

Compliance is something that the government’s regulations, laws, rules, standards as well as professional entities require you to undertake. However, ethics is that right action that a person chooses to undertake. For instance, lot nations have environmental regulations or laws which require that products ought to be labeled in a particular manner which might comprise of front requirements, ingredients, placement rules and others. As I earlier stated, ethics and laws are interrelated and intertwine in purpose and hence in my view I think that ethics escalates conformity to the set rules, regulations, laws and standards. In other words, it makes it easy to comply with the set rules, laws, regulations and rules since such rules, regulations and standards are inculcated into the organization culture.

Sign up to view the full document!

The employees therefore fully understand what is right and wrong and they are willing to undertake. Orientating new employees about the organization’s culture and ethical standards are some the things that each human resource department of any organization does. The failure to explain to them the expected rules, practices, standards and organizational regulation might make them to violate the set laws and regulations and hence it is indeed very essential for the manager to make it a priority. Some of these opportunities are Ethics officer, Ethics and Risk Assessment Analyst, Clinical Ethics officer, Economic and Social Ethics officer as well as Global Compliance & Ethics Associate just to mention a few. Ethics field just like compliance field is complex and requires rich educational background and experience.

Sign up to view the full document!

Similar to compliance field, the minimum requirement for an ethical officer with the United States is a bachelor’s degree. However, the degree fields various depending on the job responsibilities and accreditation requirements or in other words the ethical standards needed. In terms of wage, the average wage per year is slightly higher than those of compliance officer standing at around $65,096. Most importantly, compliance helps businesses to establish a line that protects individuals from performing unnecessary tasks by evaluating potential risks as well as costs of non-compliance and the estimated costs of achieving compliance. However, as I aforementioned that compliance and ethics are not separate and that ethics helps improve compliance, I do not think that compliance is an issue left in the hands of a single person, but it should inherently be cultured into organizational values so that everyone within the organization learns its significance (Robert, 2009).

Sign up to view the full document!

From $10 to earn access

Only on Studyloop

Original template