Corporate Compliance Report Business Plan

Corporate Compliance Report
A case analysis for Whole Foods, focusing on enterprise risk management (ERM).
# 118607 | 1,743 words | 8 sources | APA | 2007 | US
Published on Feb 10, 2010 in Business (Law) , Business (Human Resources) , Business (Business Plans)


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Description:

This paper analyzes a manner in which a company can integrate enterprise risk management (ERM) with corporate governance by distinguishing among preventive, detective and corrective controls. It focuses on Whole Foods and determines a plan to implement enterprise risk management based on the Committee of Sponsoring Organizations of the Treadway Commission (COSO) recommendations.

Table of Contents:
Preventive, Detective, and Corrective Controls
Preventive Solution with Risk Mitigation
Conclusion

From the Paper:

"To conclude, one must state that risk management is a necessary element in the maintenance of a company's success. In the case of Whole Foods, it should ensure that it uses more so preventive controls before releasing detective and corrective controls. The company must also allow for a broader manner of communication in order to properly engage in risk management; this should occur amongst all parties including the senior management, auditors, and the board. Moreover, establishing a strong company framework by following COSO's recommended five components as a guide, will allow for the company to remain prepared to prevent and further mitigate any risks that may arise. With these combined strategies, Whole Foods will be able to strongly tackle its corporate compliance."

Sample of Sources Used:

  • CnnMoney.com. (2007). 100 best companies to work for. Retrieved December 18, 2007, from http://money.cnn.com/magazines/fortune/bestcompanies/2007/snapshots/5.html
  • Earthweb.com. (2007). Enterprises should emphasize preventive controls. Retrieved December 18, 2007, from http://itmanagement.earthweb.com/netsys/article.php/3524221
  • ERM.COSO.org. (2007). Enterprise risk management framework. Retrieved December 18, 2007, from http://www.erm.coso.org/Coso/coserm.nsf/vwWebResources/PDF_Manuscript/$file/COSO_Manuscript.pdf
  • Intraweb.Stockton.edu. (2007). Internal control. Retrieved December 18, 2007, from http://intraweb.stockton.edu/eyos/internal_audit/content/docs/icnote2.pdf
  • Ispca.com. (2007). Classification of controls. Retrieved December 18, 2007, from http://www.iscpa.com/classification_of_controls.htm

Cite this Business Plan:

APA Format

Corporate Compliance Report (2010, February 10) Retrieved September 22, 2020, from https://www.academon.com/business-plan/corporate-compliance-report-118607/

MLA Format

"Corporate Compliance Report" 10 February 2010. Web. 22 September. 2020. <https://www.academon.com/business-plan/corporate-compliance-report-118607/>

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