As we have reviewed throughout this course, there are many compliance tools available to managers in order to help ensure that their business transactions are conducted in a legal and ethical manner. In this assignment, we will demonstrate our critical thinking skills by linking specific compliance tools to the laws we have discussed in each module. Additionally, we will be selecting ten different compliance tools that we will use as managers in the future. This assignment will highlight different tools and laws that fall under them, accompanied by the description and the managerial action.
Law: Business Transactions
Description: A certificate of need is a regulatory approval required in many jurisdictions to establish or expand healthcare facilities. The rationale for CON laws is to contain healthcare costs by preventing duplication of services and unnecessary construction of facilities.
Managerial Action: As a manager, you will need to be aware of CON laws in your jurisdiction and ensure that any proposed expansion of healthcare facilities complies with the relevant regulations.
Law: Business Transactions
Description: Antitrust laws are designed to promote fair competition by preventing anti-competitive practices such as price-fixing, monopolies, and other forms of collusion.
Managerial Action: As a manager, you will need to be aware of antitrust laws and ensure that your business practices do not violate these laws.
Law: Business Transactions
Description: State incorporation laws govern the formation of corporations. These laws vary from state to state, but all states have laws that regulate the incorporation of businesses.
Managerial Action: As a manager, you will need to be familiar with the state incorporation laws in your jurisdiction and ensure that your company complies with these laws.
Law: Business Transactions
Description: Non-profit organizations are exempt from federal income tax, but they are still subject to other taxes such as property tax and sales tax. In addition, non-profit organizations must comply with federal and state laws governing their activities.
Managerial Action: As a manager, you will need to be familiar with the tax laws that apply to non-profit organizations and ensure that your organization complies with these laws.
Law: Business Transactions
Description: The Sarbanes-Oxley Act is a federal law that imposes strict requirements on publicly-traded companies. The law was enacted in response to a number of corporate scandals, and it requires companies to establish internal controls and disclose any material weaknesses in those controls.
Managerial Action: As a manager, you will need to be familiar with the requirements of the Sarbanes-Oxley Act and ensure that your company complies with these requirements.
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