BUSI 4601 Lecture Notes - Lecture 6: Consumer Protection

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Chapter 6: legal compliance
1. Dimension of institutionalization
a. Voluntary: belief/ value of contractual obligation
b. Core: document best practice
c. Mandated boundaries: external impose boundary
2. Legal compliance
a. Set minimum standard for responsible behavior
b. Stakeholder demand law in consumer safety and environmental
c. Help determine what society believe at certain time
3. Type of law
a. Civil: right and duty of individual
b. Criminal: prohibit action and punishment
4. Advantage of law
a. Regulate competition
i. Prevent monopoly and inequitable pricing
ii. Precompetitive legislation
b. Protect consumer
i. Provide accuracy information
ii. FTC bureau of consumer protection
iii. FDA: food safety/ drug
c. Promote equity and safety
i. Equal pay act
ii. Disability act
d. Protect environment
e. Incentive
5. Structure ethics management
a. US sentencing guideline: create ethic program
b. Requirement
i. Establish reasonable compliance standard
ii. Assign high level individual to oversee
iii. Exercise due care
iv. Communicate standard to all employee
v. Monitor or audit
vi. Consistent enforce written standard
vii. If offensive action detected, take reasonable step
c. Corporate probation
i. Public fact of conviction
ii. Report about financial and operating result
iii. Submit review of FS record
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