International Diploma In Governance, Risk And Compliance
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Question 1: Explain, as if to a new member of staff who has no previous compliance or regulatory experience, the approach to regulation adopted by the regulator of a firm in a sector of your choice.
Answer: Omantel is one of the leading telecommunications organizations in Oman, well known for its regulatory framework. It is mentioned inside Chapter 2 of Omantel Telecommunications Regulatory Act & Amendments, company is bound to follow the telecommunications services, and prices need to be controlled for emergency services, directory services and several other important sections (Omantel, 2018). Nevertheless, encouraging telecommunications services through the features of global markets and information is considered as another aim of the regulatory authority of Omantel. An approach of towards regulation meets the quality goals and provides a wider acceptance as an outcome. Transparency is an important factor for the telecommunications services development and Omantel aims to ensure visibility of auditing, accountancy and other services for the growth of an organization (Omantel, 2018). However, frequency spectrum selection plays a major role in the telecommunications services that has been ensured to reach an optimal level for Omantel. Concern firm have been focusing on the relationship with service and strengthen the development plan in effective way. Need to meet the quality od adudting to manage the service with development with growth plan.
Besides this, research and development are encouraged by OmantelTelecommunications Company. Moreover, promoting commercial activities are considered in a parallel way with the telecommunications services of Omantel. This initiative of the company provides an opportunity for the new entrants to meet the competency level with the wise choice of competitive environment (Omantel, 2018). Alongside, within section 2 of Article (8), it is mentioned that telecommunications equipment without specifications can be categorized with special approval category. Nevertheless, through this regulatory authority, Omantel has ensured access to the internet and relevant terms & conditions are imposed for the access. Similarly, distribution of frequency spectrum using collateral bands is also specified within the regulatory authority of Omantel.
Question 2: Identify a regulatory initiative that has been implemented, or is in the process of being implemented, in a sector of your choice. Consider the implementation process and illustrate, through the use of practical examples, how this has impacted upon your chosen sector and on a particular regulated firm within that sector.
Answer: Provision of gender equality is a new sense of responsibility that Omantel aims to implement in the future. The implementation of this initiative is in the process as this issue is highlighted to be achieved by 2030 by National Centre for Statistics and Information (NCSI) of Oman (muscatdaily.com, 2016). The issue sheds light on the fifth goal of seventeen objectives that enlisted by Sultanate of Oman as Sustainable development Goals. The report by Royal Decree 101/1996 aims to diminish gender barrier among citizens (mola.gov.om, 2015). By observing the timeline of implementation of this initiative it can be inferred that this process will take time in a conservative county like Oman. The implementation process needs to be done in different stages, and a sense of right to equality has to be implemented into the employees of Omantel. In this repeats, it helps to determine the implication over the people that this process will take time in a conservative county. However, certain rules and regulation have been implemented over the changes in discrimination rule within the workplace.
The impact of implementation of this initiative will lead towards sustainability for not only the Omantel but also the entire telecommunication sector of Oman. In fact, this initiative originally aims to change the perspectives and outlook of the entire Oman economy. Removal of discrimination in the workplace will reduce brain drainage and thus, Oman can be developed at a rapid pace that it was previously. Education barrier has been already removed from the Omani Society and thus more and more women are getting fundamental education. Many of these women are also taking higher education from well-established universities. Thus, it can be inferred that women of Oman are well educated and well trained and ready for any kind male-dominated job. Thus, it can be inferred that implementation of this initiative at Omantel will give them potentially trained recruits and thus business sustainability can be achieved in shorter time.
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Question 3: Illustrate, through the use of examples, the possible risks and subsequent consequences that are likely to impact on sector of your choice, and on firms regulated in that sector, if they are used for financial crime purposes.
Answer: The prime need for the telecommunications industry is ensuring the security of data, which may emerge as a risk or a challenge for Omantel. According to the fundamental rights, intervention in the internet searching of individuals is strictly restricted. Hence, usingOmantel networks anonymous may conduct terror activities. Likewise, anonymous hackers may collect information using Omantel network, whereby the mass of Oman can face threats (tasil.omantel.om, 2018). This can be considered challenging to handle issues that are data breach. In this situation, Data breach in telecommunications industry have been increasing and affecting the risk related issues accordingly. Moreover, transferring the personal information of individual, wrongdoers can grab huge funds for resolving their material interests. Meanwhile, Omantel has signed a pact with EY for offering improved cyber security to its clients (Muscatdaily, 2018).
On the other hand, gender discrimination is considered as one of the leading issues in middle-east nations. In order to reduce the impact of gender discrimination in the workplace, Omantel has started conducting workshops with the assistance of UNICEF (Muscatdaily, 2018). This may incur threat for Omantel in the future since gender discrimination is intensely related to cultural aspects of the nation. However, according to Omantel, this can help in their CSR score elevation thus reputation of organization can be escalated thereby. Opposing this fact, Omantel may face an issue as this practice is against the community practices of the middle-east nations (Muscatdaily, 2018). It is important to determine the condition and handle the cultural aspects that lead future since gender discrimination in workplace. Hence, it is mandatory for Omantel to convince people of society for the advancement of women. Hence, using women empowerment strategy, Omantel can accelerate its growth in the future.
Question 4: Reflect on the purpose of regulatory compliance and illustrate, through the use of supporting examples, how activities linked to understanding and addressing behaviours - rather than focusing only on rules and procedures - can support achievement of these within a regulated firm.
Answer: Compliance consists of several factors (transparency, regulations, policies, rules, law, standards and others) related to organizational growth. Hence, to determine the best-fit approaches for the business, implementation of regulatory compliance can be considered as a vital aspect (Oman Section, 2019). Moreover, regulatory compliance delivers insights into the guidelines of an organization and punishment for the breach of regulation. As for an example, behavior with client plays an essential role in the business development of firms whereas inappropriate behavior can reduce the consumer number of the company. Thus, using regulatory compliance as a tool, companies can enrich the knowledge of employees and organizational support can be elevated thereby (Omantel, 2014). On the other hand, regulatory framework can develop by understanding employees in respects to meet the requirements of the firm. Using knowledge, commitment, is important to analyse the situation and provide the quality service in effective growth.
In a similar vein, operational management of the organization can be improved through the wise implementation of regulatory compliance. Understanding the needs of an organization, an employee can accelerate the commitment, which can ensure the quality of services of organization (Omantel, 2016). However, it is mandatory to follow effective leadership framework within the company that can enhance the efficacy of workers. Apart from this, leaders need to convey the ethical needs of business to their subordinates, which can demonstrate the requirement of business ethics in front of employees. In this regards, ethical operation that required handle the quality of services of organisation by conveying ethical policy of the firm. As for an example, using the corporate governance, Omantel has grabbed the title of ‘Best Telco in Corporate Governance' in 2016 (Omantel, 2016). Therefore, it can be postulated that an effective regulatory framework can enhance the number of achievements for a organization.
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Question 5: Define what a good compliance culture is and illustrate its links to ethics and integrity within a firm regulated in a sector of your choice. Discuss why establishing a good compliance culture is important, who has responsibility for doing so and how they might achieve this, providing appropriate examples to support your views.
Answer: Compliance culture, also termed as the culture of compliance, is a graphical representation of the necessary information by minimizing the utilization of text fonts. The compliance culture helps in developing knowledge regarding the ethical needs of the company through the graphs, charts and other styles of representation (Omantel, 2019). Organizations offer training to their employees regarding the compliance culture, to ensure the workflow of the company. Using this technique, diversification within the firm can be maintained by companies. Language has emerged as a barrier for most global companies, whereas using compliance culture this issue can be resolved by the companies (Omantel, 2017). All the designs are quite diversified within the firm that lead to maintain the compliances with effective workflow in techniques changes. Thus, designing the compliance culture effectively, companies can ensure their ethical business framework along with integrity. It can be observed in the context of Oman telecommunications industry that using the compliance culture following industry has developed its services.
Apart from this, implementation of compliance culture in the telecommunications industry has ensured the synchronization of essential documents. Likewise, HR software development is improved with the application of compliance culture in Oman telecommunications (Omantel, 2014). Similarly, without following ethics in business, telecommunications may lose their business standards in Oman context. Hence, application of the compliance culture can improve the ethical framework by the application of the tracking system. The installation of a tracking system can elevate the transparency by tracking business expenses. Hence, the financial risk of an organization can be eliminated in this manner. Tracking system helps to understand the business standards and monitor the compliance of the compliances for the company. Tracking system that helps to determine the risk related issues to manage the compliances culture in marinating the transparency role. Furthermore, using the time-tracking software productivity and monitoring can be improved inside firm (Omantel, 2019). Hence, business can be upheld in the global market using compliance culture and this can be considered as core aspect of compliance culture implementation.
However, implementation of compliance culture can be postulated as a joint initiative, which requires strict attention of management along with other members of firm. Since each stakeholder is equally important for business development, thus it is mandatory for the firms to ensure the commitment of every stakeholder while adopting compliance culture into the business (Omantel, 2017). As for an example, management can create an effective framework for the business prospect and following these aspects, other members of organization can meet the desire of business. Nevertheless, training in business ethics can enrich employees' knowledge regarding the necessary business obligations (Omantel, 2018). Hence, using this knowledge, employees can develop their performance and business can be progressed further with compatibility.
Likewise, it can be observed in the case of Omantel that the company has adopted an effective ethical framework within organization, which has provided competitive advantage to it. Besides this, using business integrity as an effective factorOmantel has grabbed massive response andit has created a strong customer base around the nation (Omantel, 2017). As stated earlier, cybercrime is a serious threat to the telecommunications industry. This challenge is affecting telecommunications industry in Oman with an aggressive. However, signing a pact against cybercrime, with EY, Omantel has ensured its potential clients' data security (Muscatdaily, 2018). Along with this, using the secure communication networks, terror funding can also be reduced by telecommunications. The data protection technique restricts hackers from hacking confidential data. Therefore, increasing security against cybercrime Omantel has provided a safeguard to the clients, which can go with the ethics management of company.
Question 6: describe the relevant corporate governance requirements that apply to Global, explaining why these are relevant for the firm and the individuals referred to highlight any current or impending initiatives relating to corporate governance that may have an impact upon Global, either now and/or in the near future, making clear their relevance for the firm and the individuals referred to.
Answer: Corporate governance is referred to the system of rules and regulations, processes by which the internal work environment of an organization. Corporate governance is necessarily therefore involved with stakeholders of the organization. Corporate governance is a framework by which a company is able to achieve their objectives (Shehata, 2015).
Global Business (Global) offers various kinds of services to both private and public clients (global-solutionsllc, 2017). As Global Business operates primarily in Oman, rules and regulations of Oman related to corporate governance will be applicable to the Global.
Code of Conduct of a company aims to provide a standard framework for listed companies in the stock exchange of Oman. The scope of the code covers the entire scope of the company and corporates enlisted in Muscat Securities Market (Baatwah, Salleh& Ahmad, 2015).
The objective of Corporate Governance is to provide a standard theoretical framework by which an organization can contribute to build a strong and healthy Oman economy. Investigation shows that the corporate governance policy to mitigate any abrupt effect on Omani economy, stakeholders of the respective company as well as the local community (u-capital.net, 2018). Any failure to comply with corporate governance leads to business failures and therefore business sustainability. In this regards, culture of a company and therefore Global can adopt these factors.
The four pillars of corporate governance can be considered as four points of business ethics that need to be followed by every company. These four pillars are associated with Responsibility, Accountability, Transparency, and Fairness (cma.gov.om, 2015). These four pillars help to direct organizational culture of a company and therefore Global can adopt these factors. Omantel, a reputed telecommunication company of Oman follows these four pillars over the years and they have reached a stage of sustainability. Ernst&Young, Touchemiddle east also follows the same corporate governance procedure.
A committee has been formed to upgrade corporate governance practices, as Omani companies believe that they have not reached the desired standard of corporate governance. The director of a reputed company, namely Omantel, Dr. Amer bin Awadh Al Rawas that corporate governance enables organizations to achieve long-term sustainability and implement a sense of belief (timesofoman.com, 2014).
The committee aims to cover various topics risk management, corporate governance, the principles of well -balanced corporate governance (timesofoman.com, 2016). The implementation of Risk management in corporate governance can be a new initiative for Global Business (Global).
Risk management is s mandatory requirement that every form needs to implement, as every business process is associated with risk. Risk management is a two-staged process- one is risk assessment and based on this assessment, a solution to mitigate these risks have to be provided (ifc.org, 2016). If the risk management process is included in corporate governance, every new recruit will come up with risks and their mitigation procedure. This assessment and provision of management of risks will lead Global towards sustainability. In the upcoming future, competition in the Middle East market will become higher than it is today. Global Business, therefore, requires devising a strategy that would give them a sustainable competitive advantage in the Omani market (muscatdaily.com, 2016).
In addition to that, the committee has recommended initiating a training programme for employees as well as directors, to promote a healthy and sustainable workplace (cms.law, 2017).Healthy and sustainable work culture promotes Global to achieve sustainability and therefore this initiative can be implemented by Global Business as their future endeavor.
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Question 7: Is regulation necessary? If we removed all regulations and left market participants to operate freely, would the outcome really be any more problematic than it is currently?
Answer: Rules and regulations are necessary in the workplace to maintain organizational culture. Regulations bind employees in a chain of command. For a global business solutions provider like Global, workplace diversity will evidently arise. Common rules and regulations are necessary to maintain unity within diversity among the employees. The ultimate goal of every business is to achieve higher economic growth and thereby sustainability. In order to achieve sustainability, maintaining rules and regulations are necessary. As per the above discussions, Omani rules and regulations related to Corporate Governance is nothing but a code of conduct proposed by Omani Government. The four pillars of corporate governance focus mainly on responsibility, fairness, and transparency in the business process. In order to comply with these four points, it is necessary that unique rules and regulations be followed by the respective company. Moreover, the rules of Corporate Governance as proposed by the Omani government need to be followed by enlisted companies in the stock exchange of Muscat. Thus, the rules and regulations not only bind employees within a company but also bind market in business ethics and responsibility.
If all rules and regulations are removed companies are no longer remain and only participants remain in the market, an unhealthy competition will arise. In economics, healthy competition refers to a market condition where various firms of similar capability and of same product compete with each other. A healthy competition promotes the economic growth of that area or that country. The HDI of that area consequently increases. The healthy competition will only occur if competing firms have similar provisions of opportunity. If all rules and regulations are removed, companies with higher products and higher value of performing assets will dominate the market. The reputation of these companies is also a matter of fact and based on this customer acceptability arises. Companies with more revenue, able to advertise more in popular media than the companies have smaller revenue. Thus, the large firms will dominate whereas the small firms will shrink. This condition will lead to the economic instability of the respective country and therefore not desirable. With single domination, the job opportunity of people also decreases reducing the HDI of respective people. In this regards, healthy competition will only occur in case similar provisions are stated to provide rthe best source and manage the market of telecommunication. It also regulate with higher products and higher value of performing assets that make the desirebale situation quite effective to large extent.
The rules and regulation related to corporate governance are so designed that every company regardless of its size and revenue. Every company enlisted in the stock exchange of respective country (in this case Muscat Stock Exchange) also has to follow the principles regarding advertising in the competitive market of Oman and the Middle East. The advantages that these companies can have from the government are the same. Economic healthy competition is, therefore, possible, that promotes economic sustainability in Oman.
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