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BCBCOM603 Plan And Establish Compliance Management Systems

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Course Code: BCBCOM603
University: Victoria University

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Country: Australia

Question:
Describe the Compliance management system.

Answer:
Introduction
Compliance management system (CMS) is an integrated system which is the collection of all the documents, processes, functions, controls and tools that the organization required to comply with the legal requirements. The system is integrated into every functional part of the organization that helps in the minimization of the risk of violation of the laws.
The charity-care is last nonprofit Charity organization that requires a compliance management system. The organization is limited by guarantee under the Corporation Act 2001 and is registered under Charity act of Queensland and collection act 1966. The following acts are required to be safeguarded while performing the functions of by the organization. The chart is also registered for GST and has an Australian business number which requires it to pay taxes and information to the government about its operations. For the implementation of good compliance management system, the compliance requirements of the organization are required to be discovered. Through the requirements, the relevant risks of the organization are required to be addressed. The problems and issues of the organization are required to be mitigated by the compliance management system. It ensures the safety of the organization and its customers by meeting the compliance obligations.
Budget for Compliance

Objective

Regulations

Budget

Year

Annual financial recording

ASIC

$24000

2017

compliance monitoring

ASIC

$22000

2018

Risk management

ACNC

$16000

2018

Research methodology
The research methodology used for the compliance requirements analysis of the charity-care is literature review to get to know the current trends and advancements in the compliance management system. It ensures the system is up-to-date and accurately stratified by the standards of the organization.
Tools to capture the organizational data
The organizational data is recorded from the survey made from the direct interview with the members of the organization that provide the data about the functional areas of the organization and the requirements of each area. These areas are studied according to the legal standard to determine which information to include in the system of the compliance management system. The interview also provides the information about the capabilities and the budget that the organization is like to invest in acquiring the CMS for functional usability and aid in the legal process.
Compliance Requirement
The compliance requirements focus on 3 environments for the discovery of the needs of the organization to meet its expected functionality. Environments affect and control the organization functions and require to be managed by the compliance system to meet the obligations of the law.
Internal compliance requirements
Organisations manage the internal compliance requirements with the help of the board of directors. Through the meeting, the new requirements are discovered and updated bylaws. The information of the updation is provided to the stakeholders, documenting all the process and its compliance (Koetter et al., 2017). Fulfilling internal compliance requirements ensures the operation organization by-laws for the operating agreement. It also ensures that the organization is free of corruption and maintains its integrity while maintaining a transparency in its operations.
The internal complaints of Isa Framework for the organization concentrate on achieving its desired compliance according to the laws (Umeda & Shirahada, 2016). The internal compliance requirements of an organization require  

Maintenance and observing internal policies
Inspection of the functional areas and using a checklist for compliance
Alignment of the checklist with Quality Assurance of the organization (Comuzzi, 2017).
Using standard as directed
Screening of the employees and the recipients
Maintenance of a licensing system
Record Keeping and privacy policy
Compliance with employment legislative.
Controlling components of compliance management
Reporting factors important to compliance management

External compliance requirements
The external compliance requirements of the organization ensure that the organization complies with the external entities and materials required for it to maintain its? operational functionality. Through the external compliance requirement framework, the organization is able to comply with legal laws (Mustapha et al., 2018).   The external compliance requirements include the following that is directed by the state government.

Franchise tax. The tax paid by the organization to pay for its operation and also because it is registered with GST norms. The amount is calculated as per the asset value, the funding collection and the expenses made.
Annual statement- is mandatory for organizations to show the financial records to the legal agencies hand under the government of the state.
Implementation of laws and Standards- organization need to document and show the record for their fulfillment related with the laws and regulations set by the standards made from the various charity and organizational Acts (Sarwar et al., 2015). The standards are responsibility regulations that are exercised by the government on the organization that it keeps its operational functions under the limits of the government interest.
Compliance with fundraising laws, charity Arts
Knowledge of the total cost and expenses incurred in the compliance process.
Knowledge of the compliance events or the invoice for the new obligations.

Industry compliance requirements
Industry compliance requirements to maintain the operational personality of the organization in the particular industry under which degree and license. There are very sexy mums which are required to be compiled by the organization to maintain its operational functionalities. Images documents required produced before the government for the sustenance of the organization in the industry (Reczek & Benson, 2016). Following are the industry compliance requirements of the charity-care Organisation.

Compliance with the license, legal agreement, and lease agreement.
Charity registration number management
Complying with partners association, agency and contracts agreements
Having relevant insurance for their Assets and employees having liability insurance.
Maintenance of accurate and secure financial reports complying with income tax regulations and national insurance.
Management of the bank accounts Finance and investments made according to the license agreement.

Compliance effects
The charity organization request fulfills the compliance comments in order to safeguard the information of the organization and protect the data of the donators and supporters. The study below provides the information about the effects of the compliance Regulation and requirements and the possible Areas where compliance is most required (Sweeney, Danaher & McColl-Kennedy, 2015).
Area affected 
Charity organization maintains the user data of many donators and supporters of the organization who provide the funds required by the organization. The fundraising operation of the organization collects a huge amount of user data which is required to be managed by the organization to provide consistency, sustainability, and monitoring of the functions operated by the charity care. The two areas that are affected by the compliance are

The legal structure of the organization affects the internal compliance.
Tax concession and fundraising affect the external compliance (Omar, Sell, & Rover, 2017).

Risk
Assessment of the risk is faced by the charity fancy management of the risk. The risk involved with the compliance is weight the charities funds and assets. It includes the information about the trustees and donators of the funds collected by the charity. The risk that is faced by the charity are:

Investment fluctuation
Termination of the funds from trustees or donators.
Rising demands of the services and compliance
The operational risk with security issues
Conflicts in the structure of the organization
Roles and responsibilities of the important position.
Non-compliance with any legal action for an operation
Frauds in data provided and fundraising (Fabrikant et al., 2017)
Changing policies of the government or the organization

There is a various risk which affects the charity organizations. Therefore it is required that the organizations follow the standards provided by the government to ensure their compliance safeguard the operational objectives and functions of the organization (Baugh et al., 2017).
Penalties 
The noncompliance with the legal term along with the risk also issues penalties on the organization if they fail to comply with the legal term required for the charity organization. The penalties vary and depend on the location of the charity organization as the penalties are an issue from the state or the act under which the charity organization comes. The penalties can occur due to the inaccurate filing of the paperwork and records, tax forms, Annual statement. The penalties for the non-compliance are discussed as follows.

$20 fine every day until the compliance is renowned.
A maximum of $5000 penalty for additional delay.
A $2000 fine for each violation of the compliance norms.
The fines if avoided can reach maximum Upton $50000 annually.
Revoking of the non-profit status from the IRS.

Risk minimization
The risks identified in the previous study requires a good compliance management system to ensure that the organization does not face any legal issues related to finance or license (Irby et al., 2016). Minimization of the risk involved management of the finance and Core functionalities of the organization. Management theories are possible through the compliance management systems that cover the record of organization and maintenance and files required to be filled to ensure its compliance with the charity organization (King, 2015). The risk management involved in the system are discussed below.

Recording of the financial details in documents and storing them in databases
Sharing the data with the third parties and partners through insurance or outsourcing
Prevention of the activities that create the risk for the organization
Risk management through mitigation of the risk
Ensuring compliance and aid through the government or other NGOs
Funding of the core activities from the trustees
Reducing the cost of the operation

Compliance system
There are many compliance management systems for various organizations but for non-profit organizations only a specific few that satisfy the needs and the requirements for charitable organizations. The system ensures that the legal documents and the records of the financial statements are filled and sent to the government as there required events for autonomous management of the legal procedures of the operations (Drummond et al., 2015) It thus avoid the risks and the penalties that the organisation is liable to in case of a failure.
Available systems
Compliance management systems which dynamically monitor the changing policies and organizational functionalities provide the most dynamic and flexible support to manage the legal documents for the organization (Comuzzi, 2017). Based on the standards provided by the ANCN it is an internationally acclaimed management system for managing your compliance or an organization.
Continuous compliance testing that is data-driven and based on the Standard provided by the Asic (Awad,  Sakr & Elgammal, 2015). Best and approved by the Australian security and information compliance agencies this compliance management system ensures the perfect balance for compliance Management for the organization (Steffens, Lichter & Moscher, 2018).
Components
The major components of any compliance management system involve these four elements. Observing the implementation of these four components system ensures risk management and successful compliance of the organization with the legal standards.

Alignment of the compliance system. Policy and procedure
Training
Monitoring
Failure response generation

The components provide the design guidelines for the development of the system. These are the core functions of the compliance management system. They keep the consistency in the system and ensure the data is entered at the required intervals and after processing is submitted to the required government agency for the compliance of the organization.
Standards
The two standards are provided for each compliance management system according to which the guidelines of the system are provided for ensuring the correct implementation of the system. Satisfying the standards manages the risks and the failures of the organization. The standard the system adheres to is discussed as follows.
ANCN- American Charity for Nonprofit Commission is a fruit fiber Australian government who looks after the registration and compliance of the charity and other non-profit organizations. The registered charities are required to follow the regulations provided by the ACNC which are.

Guidance and support of the services providing education about the use and processes involved in the system.
Assisting the compliance with the legal system
Proactive and dynamic compliance with monitoring the changing future.
Sanctions and Compliance agreement
Revocation of agreement
The purpose for nonprofit nature
Accountability to members
Suitability of a responsible person

ASIC- Australian Security and investments commission is a regulatory board that manages the investments and financial statements of the organization. The charity that is registered in the ASIC report is much effective as compared to the ACNC. The regulations set by these body requires the organization to manage their financial statements and Secure the data of the donators and supporters through which the fundraising process is carried out.
Comparison of system
Comparison computing systems are based on the following parameters through which a suitable system is decided and recommended for charity care.
Cost
The cost dynamic system is comparatively more because of the dynamic and flexible nature author system requirements for a rigorous and aggressive monitoring of the data that is processed and exchanged in the organization. It ensures that strict standards and law are compiled while observing the system. This increase the cost and operational Complexity of the system
The data-driven compliance management system is cheaper and easier to manage because of its function occurring in the moment of the data insertion or data exchange. This kind of monitoring is less expensive and requires managing the consistency of the data (Steffens,  Lichter  & Moscher, 2018). The automation of the data for the filling of the legal forms is made easier with the system. The monitoring of the data only works at the events and matches with the previously recorded and the change introduced to verify the consistency of the data. It reminds the for the taxation and manages the fundraising data along with the donator information strictly complying with the Australian Security norms.
Effectiveness
The first system is proved to be more effective in managing the changes that are introduced in the economic environment and is easier to adapt to the change as the management is done through dynamic processing. The data is more crucial and accurately monitored within specific time interval incorporating the changes in the system. The second system is more effective in the management of the consistency of the data with minimum resources and is able to accurately record and file the data to the required agency.
Efficiency
The first dynamic systems are a lot more efficient than the data-driven as it can autonomously manage and incorporate the changes in itself. It is, however, complex and is time resource-heavy process. It is able to secure and prevent data breaches with a standard set by the regulatory boards.
Feasibility
The feasibility of the system is found to more for the data-driven approach. It is easier to implement and requires fewer resources to fulfill the few requirements that are required by the compliance management system for the organization. The dynamic system requires experienced professionals with the organization to be able to operate which makes it less feasible. Moreover, its cost is also high relative to data-driven CMS.
Match to organizational culture
Charity care manages the fundraising data and the computer care information which is based on fixed data categories that are required by the organization and so all the process is managed with the data itself. Applying a monitoring on the data records and the management of the filing procedures for the data the culture of the organization is suitable for it adoption.
Recommended system components
With all the above points compared and analyzed it is found that data-driven Compliance is cost-effective, feasible, and matches the culture of the organization for smoother implementation that enables the organization for compliance management. 
References
Awad, A., Sakr, S., & Elgammal, A. (2015, April). Compliance monitoring as a service: Requirements, architecture, and implementation. In Cloud Computing (ICCC), 2015 International Conference on (pp. 1-7). IEEE.
Baugh, C. M., Kroshus, E., Perry, K. I., & Bourlas, A. P. (2017). Concussion management plans’ compliance with NCAA requirements: preliminary evidence suggesting possible improvement. The Journal of Law, Medicine & Ethics, 45(2), 231-237.
Comuzzi, M. (2017). Alignment of process compliance and monitoring requirements in dynamic business collaborations. Enterprise Information Systems, 11(6), 884-908.
Drummond, M. F., Sculpher, M. J., Claxton, K., Stoddart, G. L., & Torrance, G. W. (2015). Methods for the economic evaluation of health care programmes. Oxford university press.
Fabrikant, R., Kalb, P. E., Bucy, P. H., Hopson, M. D., & Stansel, J. C. (2017). Health care fraud: enforcement and compliance. Law Journal Press.
Irby, M. A., Wadhwani, R., O’Connor, B. E., McClung, S., Poddar, K., Murray, T. C., … & Venkataraman, A. R. (2016). U.S. Patent Application No. 14/561,767.
King, O. (2015). Bridging the gaps between USA regulatory heritage and Australian model work health and safety major hazard facility compliance requirements. In the Asia Pacific Confederation of Chemical Engineering Congress 2015: APCChE 2015, incorporating CHEMECA 2015 (p. 21). Engineers Australia.
Koetter, F., Kochanowski, M., Weisbecker, A., Fehling, C., & Leymann, F. (2014, September). Integrating compliance requirements across business and it. In Enterprise Distributed Object Computing Conference (EDOC), 2014 IEEE 18th International (pp. 218-225). IEEE.
Mustapha, A. M., Arogundade, O. T., Vincent, O. R., & Adeniran, O. J. (2018). Towards a compliance requirement management for SMEs: a model and architecture. Information Systems and e-Business Management, 16(1), 155-185.
Omar, O. A., Sell, D., & Rover, A. J. (2017, September). THE INFORMATION ASYMMETRY ASPECT OF AGENCY THEORY IN BUSINESS COMPLIANCE CONTEXTS: A SYSTEMATIC REVIEW. In International Congress of Knowledge and Innovation-Ciki (Vol. 1, No. 1).
Reczek, K., & Benson, L. M. (2016). A Guide to United States Imported Motor Vehicle Equipment and Parts Compliance Requirements (No. NIST Interagency/Internal Report (NISTIR)-8120).
Sarwar, A., Boland, G., Monks, A., & Kruskal, J. B. (2015). Metrics for radiologists in the era of value-based healthcare delivery. Radiographics, 35(3), 866-876.
Steffens, A., Lichter, H., & Moscher, M. (2018). Towards Data-driven Continuous Compliance Testing. In Software Engineering (Workshops) (pp. 78-84).
Sweeney, J. C., Danaher, T. S., & McColl-Kennedy, J. R. (2015). Customer effort in value cocreation activities: Improving quality of life and behavioral intentions of health care customers. Journal of Service Research, 18(3), 318-335.
Umeda, K., & Shirahada, K. (2016). Global technological knowledge compliance management: action research on organizational transformation in three Asian countries. International Journal of Transitions and Innovation Systems, 5(2), 140-157.

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