Former ceo sentenced to prison for defrauding food and drug administration and distributing adulterated drugs

Document Type:Thesis

Subject Area:Business

Document 1

Compliance Report Recent Compliance Problem and Enforcement Action Today, business environment is highly regulated not only by the federal or state governments but also by professional entities. Hence, conformity to the set standards, laws and regulations is no longer an organizational desire but an organizational obligation. For any enterprise to succeed in today’s environment regardless of its size, it has to comply with the set rules and regulations. On September 19th, 2019; the U. S Department of Justice announced the sentencing of Paul J. As a result, the patients especially infants were injured. For instance, according to the article on the evidence presented, after the nurses in Indianapolis hospital administered morphine to the infants in the pediatric unit unknowing that it was 2460 percent super potent, the infants encountered adverse effects from the narcotic overdose.

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The prosecutors led by Josh Minkler, U. S. Attorney of Southern District of Indiana claimed that it is the responsibility of the pharmaceutical manufacturers such as Pharmakon to make sure that they are manufacturing correctly formulated and safe drugs for public use and thus any violation of such ethical noble will absolutely lead to prosecution. The only standout difference between these two systems is their implementation to ensure Ethical Corporation. The compliance-based system utilizes legal obligations, training , rules of conduct as well as well as punishment for violations to ensure that the people concern conform with the set rules, standards, laws and regulations. Conversely, the value- based system or in other words corporate culture depends upon self-policing and motivation instead of coercion to ensure ethical adherence (Weaver & Linda, 1999).

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A corporate culture strengthening compliance perspective of law adherence and ethics might be become a legalistic culture. Legalistic culture might detrimental for creating or sustaining a value-based corporate culture or in other words a culture I where organization’s norms and practices mirrors dedication to ethical values rather than preventing legal penalties. However, within the compliance department/industry ; some of the available jobs comprises of the Trade Compliance Manager, Corporate Governance and Compliance Analyst ,Environment Compliance Manager, Cloud Security and Compliance Manager, Compliance officer as well as Senior Marketing Compliance Analyst just to mention a few. As aforementioned, compliance is a huge area in business which involves adhering to the set laws, standards, regulations and laws. Because of that, any compliance personnel have to have adequate knowledge and skills about laws, regulations and professional standards and practices.

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Although legal field varies, one key component for any compliance officer is a legal background. In terms of educational requirements, the minimum education qualification for a compliance officer with the United States is a bachelor’s degree; however, having a master’s degree and PhD is an added advantage. The main responsibility of this position is to carry out compliance reviews in business units and processes. This job offers a great platform to learn as well as apply the knowledge I gained through the education system. Also, the wage rate is good, with most companies paying a of $22 per hour or over $72,000 per year. Although the average wage rate for most compliance jobs is slightly lower than those of ethical jobs, some like this position attract comparatively higher salaries because of the crucial role it plays in the industry in all business functions.

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Prior handling this assignment, I had not encountered GRC, and hence, I did not understand the role of compliance in business. For instance, Alexander’s activities were independently monitored by the compliance commission, an organization that operates in a different sector altogether. Open Compliance and Ethics Group and the Society of Corporate Compliance and Ethics are examples of organizations in the compliance industry assisting other firms from multiple sectors to adhere to be compliant to established standards. Compliance is an integral part of all business functions today. It is part of almost every business, and most employers expect their employees to understand the compliance issues surrounding a specific job. However, if an assigned position does not have a compliant clause, it is likely that I will deviate from the standards and end up not following regulations in place.

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