Mba560 Corporate Compliance Essay

1833 Words Sep 17th, 2008 8 Pages
Corporate Compliance Report
University of Phoenix

Rite Aid Corporate Compliance
Introduction
The Rite Aid Corporation is one of the nation's leading drugstore chains with more than 5,000 stores in 31 states and the District of Columbia, with a strong presence on both the East and West coasts. The Company serves the healthcare needs of its customers through its Rite Aid stores and online pharmacy, riteaid.com. Due to the breadth and scope of its businesses, the Company faces a wide range of competitive challenges including, but not limited to, other retail drugstore chains, supermarkets, convenience stores, pharmacy benefit managers and other mail order prescription providers, Internet pharmacies and ambulatory care health
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Finally, the company will use a problem solving approach to determine which solutions to implement into the compliance effort. The company will begin to implement its enterprise risk management system by developing an appropriate internal control and corporate governance system.
Develop Internal Control and Corporate Governance System For a company to ensure complete corporate compliance, it is important that there is a developed internal control and corporate governance system. To develop a functioning internal control and corporate governance system, strategic planning and development is required. This strategic planning includes developing preventive, detective, and corrective controls to cover the aspects of the corporate compliance. The initial step a company must take while developing an internal control and corporate governance system is developing preventive controls to avert a possible compliance violation. Preventive controls include developing guidelines and responsibilities to conduct reviews of ethics policies, conflict-of-interest procedures, and updates in corporate compliance procedures that will protect and position the company to prevent a possible compliance violation. An associate of the company's preventative control measures include comparing the organization's current conflict-of-interest policy with industry regulations regularly, reviewing recent government filings, and evaluating the company's current

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