Regulatory Compliance for Business Operations: Identifying Sources, Risks, and Policies, Study notes of Effective CV Writing

Download Regulatory Compliance for Business Operations: Identifying Sources, Risks, and Policies and more Study notes Effective CV Writing in PDF only on Docsity! The Star Sydney Identify sources of information for compliance with laws and licensing for business operations - The Star practises the responsible service of alcohol. Guests must be aged 18 years or over to enter the casino. Help is close at hand Gamble Aware. Evaluate areas of business operation and determine scope of compliance requirements. - regulatory compliance is when a business follows state, federal, and international laws and regulations relevant to its operations. The specific requirements can vary, depending largely on the industry and type of business. Ref: reciprocity.com/heres-regulatory-compliance-important/ Identify risks, penalties and consequences of non-compliance. 1) Hefty fines and penalties. Businesses that are out of compliance face fines and penalties from a number of regulations. ... 2) Reputation damage. Fines and penalties aren't the only damage you might incur from noncompliance — your business reputation is on the hook as well. ... 3) Legal action. Assess any need for specialist legal advice. - Getting legal advice is an important part of running your business. As a business owner, you may need to consult a legal expert in areas such as contracts, debt collection, business law, insurance, and intellectual property Develop and clearly articulate regulatory policies and procedures in a format readily accessible to all personnel. - As your organization’s leaders create and enforce policies, it’s important to make sure your staff understands why following policies and procedures is critical.When everyone is following policies and procedures, your organization can run smoothly. Management structures and teams operate as they’re meant to. And mistakes and hiccups in processes can be quickly identified and addressed. Example of policies and procedure Drug and Alcohol (abuse) Policy Harassment at workplace Policy Purchasing Policy Customer service Equal opportunities Corporate and social responsibility Code of conduct Quality of goods and the cleanliness of the environment Nominate the roles and responsibilities of personnel for regulatory compliance in policies and procedures. -Personnel from within the organisation or external candidates may be elected to oversee and enforce compliance with regulatory policies and procedures. This person may be given the title of ‘compliance officer’ or ‘compliance manager’. The roles and responsibilities of the compliance officer may include: ➢ To identify risks, i.e. where regulatory policies and procedures are not being fulfilled ➢ To prevent risks, i.e. to put control measures in place to manage compliance with regulatory policies and procedures ➢ To monitor and report on the effectiveness of these control measures ➢ To address non-compliance where it occurs ➢ To report back on compliance issues to the organisation and to advise on compliance issues. https://cookmyproject.com/blog/nominate-the-roles-and-responsibilities-of-personnel/ List what types of information updates can be issued to personnel to ensure their knowledge of roles and responsibilities meet legal compliance. - List which regulatory authorities the business needs to communicate with when planning business operations and what type of documentation is required for submission? - Government Contractors - Product Recalls - Safety and Health Inspections - Utilities - Liquor Licences