Business Law Reflection - 693 Words

Learning Team Reflection Amin Vohra, Michael D. Thomas, Ryan McCullum, Joe Nguyen, Shantel Singh LAW/531 February 8th, 2012 Mr. James Blevins Learning Team Reflection This learning team reflection will discuss the compliance issues associated with the Foreign Corrupt Practice Act of 1977 (FCPA). What is Foreign Corrupt Practice Act? For those who don’t know might ask, well, the Foreign Corrupt Practice Act of 1977 which was introduced in the U.S Senate as S.303 by Mr. William Proxmire (D.W) and signed into law by president Jimmy Carter on December 19, 1977 is a United States Federal Law known primarily for two of its main provisions. One that addresses accounting transparency requirements under the Securities Exchange Act of†¦show more content†¦So how does a company manage compliance risk as per FCPA? Today professionals responsible for compliance often are constrained by limited budget in tight economy. Compliance officer of an organization need to nail down the â€Å"must-haves† in FCPA programs: Written compliance policies and procedures to implement them; written records of the education and training provided to employees, third-party agents and intermediaries and due diligence records. The FCPA compliance program must also consider where the company uses third parties such as agents and independent contractors, who might be more difficult to control and over see them, the company’s own employees, the company’s gift-giving and entertainment practices that might be perceived as bribery; and where the company’s operations require government approvals or licenses creating an opportunity to give bribe. (Aguilar, 2010) The challenge for many companies is how to identify and reduce the FCPA risks posed by employees and non-employees who may not understand the many nuances of anti-corruption and anti bribery laws and policies. There are web-based risk mitigation tools on the market that will not only identify compliance risk at the level of the individual employee, but also instantly mitigates identified risks by automatically assigning training and other remedies, while delivering notification toShow MoreRelatedEssay about Traditional Learning Content1378 Words   |  6 PagesThe learning bond between the teacher and student evolve at this point. This reflection paper will help lend understanding to the adult learning environment and develop learning approaches to promote adult learning. Traditional Learning Content In the quest to earn my undergraduate degree I was required to take a Business Law class to fulfill the Minor in Business that I was pursuing. The lecture combined all Business Majors which totaled over 300 students. 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