The American foreign corrupt practices’ acts are not so dissimilar to the Canadian act. There are two provisions namely anti-bribery provision and accountant regulations which tell the people to do not bribe and another more robust provision is the books and record provision. If the American government and the DOJ cannot prove bribery or can get to the quid pro at most time they can get an organization by failure to safeguard the books and records. And hit him an internal control environment this would prevent or detect bribery. So the FCPA Compliance and procedures and policies address the general risk of your company and also your compliance service. Some of the risk assessment is only that most people have difficulty doing because they do not know all the areas of risk in their organization.
Not only FCPA another law named LGRC. This law is found to set up the processes, systems that are used by the corporate departments. LGRC is commonly referring to the tools that are generalized for the management of a company or a corporation. It is classified into two types’ namely legal governance and illegal governance.
The legal governance act is to establish the interpretation process and the rules of legal governance put in the corporate departments to ensure the legal corporation.
Legal risk management
It is the process that evaluates the regulatory and non-regulatory risks. The legal realm process requires some knowledge about some social factors, knowledge of business, and also the economic factor. In the risk management process, the organization sets risk tolerance and identifies the potential risks that are based on particular organizations. According to legal compliance, every organization should follow the law and regulations and also the business rules. The complete definition of the law legal compliance is that the contexts of legal departments are expanded to understand the ethical code within the organization’s professions.
At first, the policies of the organization should be consistent with the law. And the second requirement to the law is, the policies should complete the law with full respect. These are two basic requirements of legal compliance law. The role of this law should expand to add self-compliance and self-monitoring.
Every company owner should follow the rules and laws that are said by the government. Every business transactions with their customers should always be active with the governance risk. If the company owner or the company related employees failed to follow the rules and law they might lose their clients and cannot be able to run their business. For every business, the legal act plays an important role. First, when you start your own company or industry you should register as per government law. When you partnered with the other clients they also should obey and follow the legal governance rules. Only following bye-laws, standard laws, and some other regulations are important. They should also follow the internal policies that are set by the government. Before starting your business first know about the laws and pros and cons of the law. If your company gets closed you will are not the only person affected your employer’s work in your company will also lose their jobs.