Describe about the Effective Business Management for Laws Protection.
The case of Enron Whistle blower Sherron Watkins is an example where the statements of the whistle blower resulted into the collapse of Enron. The vice president of the company whom Congress had anointed as the whistle blower in the case had stated
“Enron needed to come clean about potentially disastrous accounting tricks or face implosion.”[1]
Whistle blower protection is an important aspect that needs to be looked into by the Government so as to ensure that unfair practices are brought forward and the Enron case stated above is a prime example where the Congress backed the whistle blower which ultimately led to the collapse of Enron
In Australia, there are different laws for the protection of the whistle blower which are mainly supplied for certain forms of revelation under the patch work of different legal rules both in the federal and the state level. At the Federal level it has been revealed that the whistle blowers do face some kind of imprisonment at potential level for the purpose of revealing certain subjects that are also noticed to include national security as well as different types of immigration matters. Transparency international Australia have been noticed to consider the concept of protecting the private sector whistleblowers comparatively weak than those of the whistleblowers at the public sectors. The first whistleblower protection act in Australia was introduced in Queensland following the different recommendations as was stated in Fitzgerald Inquiry with the passage of the public interest disclosure act 2013’[2].
But concerned authorities need to address about these laws to the employees as some time it is not possible for a person to know all the functions of the government and it also encouraging to stopping the corruption in the communal and in the personal sector.
Australian government has also several laws to protect the whistleblower’s interest like other developed countries like Canada’s The Public Sector Integrity Office, Jamaican the Protected Disclosures Act (2011).
The Public interest disclosure act is a kind of act which aims at making a perfect balance between protecting the different officials who are working in different private s well s the public sector companies and are quite honest by nature along with the words spoken by them. With this act retributions are entitled to those individuals who have given up different types of false statements, but this act does not any kind of liability for the individual who have ill-treated the complainant. As this act of Australia is basically entitled to protect the whistleblowers the vigilance commission is not allowed to make any kind of disclose over the different identity of the complaint and would provide a penalty to the individual who have made such disclosure over the complaints. Recently, it has been determined that there are only three kinds of acts the NSW, CTH and the Tas which have prove to be consistent for a complete protection of the different whistleblowers in Australia. On the other hand it has been determined that the public sector whistle blowing act has been limited to certain disclosures in perspective of the different kind of evidence that has been supplied by different public officials former officials who are under the risks of certain act of vengeance. All the laws that has been entitled for the protection of the whistleblowers should always have a revised approach that helps in carrying out a clear identification of the different public interest matters along with a strong protection over the scheme. Currently all this is done efficiently by the NSW act that are mostly determined to supply some amount of vexations disclosure which is not found to be protected[3].
Australian government also trying to resolve the 15 years unsolved issues on whistleblowers protection act as a part of fighting with corruption and fraudulent crime in both public and private sectors. In Australia, a recent shift in focus by the government en route for better protection of deceitful activities and bribery in the communal sector, in particular:
Calls have already been made for the establishment of American law which is also called the ‘Lincoln law” in Australia,which sees individuals financially incentivised for reporting public sector fraud by private sector contractors – with over $35 billion recovered by the US government since 1986;
In the financial services industry, recent trends suggest that the biggest risk influence in 2014 will be the practical implementation of changing regulatory expectations. This puts organisations in a much less certain place about how they provide evidence of compliance with the unknown qualitative expectations – suggesting further regulatory reform will follow as a result; and
With the recent report from the OECD which was scathing of Australia’s record in tackling bribery by its multinational companies, the call for more to be done to tackle such issues is gaining momentum[4].
Recent regulatory changes in the financial services industry in Australia have been aimed at ensuring greater compliance by entities, including:
The FOFA became compulsory and on the 20th of December, 2013, the Australian government was noticed to make announcement to lower down the cost as well as different regulatory burden of the different financial services. It aimed to increase protection of Australian retail investors while ensuring financial advice is affordable to the wider community; and
The November 2011 amendments has been designed for covering the financial sectors as well as other professionals who are involved in the different types of business activities and are a vital part of the legislative act which has made Australia for carrying out international best practices to deter money laundering activities.
The public interest disclosure act is mainly determined to develop a kind of mechanism for the need of registering some kind of complaints over any kind of corruption or for the need of making wilful misuse in relation to power that the public servant of the both the public and the private servant do possess. His act is actually determined to provide some amount of safety to the individuals who have launched the complaint.
In October last year, the government have made certain forms of provision that simply includes false certifying of the different amount of property that is to be utilised by the government of Australia. Also, the other valuable provision is determine to include making use of the government property from an unauthorised officer of the government and utilising different false records to avoid the decrease over the certain level of obligations in perspective of paying or transmitting the property to the government of Australia. This act is mainly intended to provide the relators with different types of personal claims that has the prove of double damages which the person is noticed to suffer from. This act mainly brings up change the landscape for combating fraud and corruption in this country[5].
What follows from here remains to be seen, however expanding opportunities for fraud and corruption to be uncovered through whistle blowing opens the door for reforms similar to the Dodd-Frank Act and the FCPA, which could have a major impact on financial services industry governance in this country, especially for those organisations operating internationally[6].
The Australian Institute of Criminology (AIC) reports on deceitful activities done by Commonwealth Government organization working professionals (interior scam) and also the different deceitful activities done by the exterior organisations (outdoor scam).
Reports from several sources are noticed to state that under this false claim act different individuals who are noticed to file up the cases would receive some amount of portion that accounts to about 15 to 20 percent of the damage or the loss that has been recovered. As from the data report of the 2012, it has been determined that about 70percent of the federal government are noticed to put into practice different types of FCA actions that was practically initiated by the different whistleblowers. Several claims have also been made under this ct does include claims over healthcare, government programs. The government of Australia have been noticed to recover about $38.9 billion from the false claim act that was made within 1987 to 2013 and about 70% was from different qui tam cases that were actually made by the relators. This act is further determined to be build on existing mechanisms protecting Australian Public Service (“APS”) employees who whistle blow on suspected fraud or corruption in the public sector and emphasises internal disclosure and investigation of matters[7].
There are different types of business structures which are utilised in the media and entertainment industry as because the entertainment industry is quite dynamic and challenging in nature. Each entertainment company utilises the business structure which they find to be most appropriate in addressing their business needs.
Limited Liability Partnership – this limited liability partnership is determined to be a form of partnership when the business partners are noticed to b highly depended on legal jurisdictions. However the main difference lies in the fact that the partners (owners) involved in this type of business does not have any personal liability towards the mistakes or negligence committed by their other partners. This type of business is usually utilised by accountants and lawyers.
Joint Venture –a joint venture is mainly established by two or more parties which is generally characterised by joint venture. In order to share the collective expenses and profits from the business in an equal manner. In a joint venture there is usually an agreement between both the parties which defines the main purpose and objective of the partnership and the time period for which that partnership will be implemented. Business owners who are in the creative filed have been utilising thisbusiness structure to their advantage over the years as it has enabled them to address their business needs in an effective manner and it the same time reduced the liability from market risks in their business8.
In the case of Simpatico the company went into liquidation as Reese Witherspoon cancelled a speaking tour and therefore the event had to be cancelled which led to the company into debts to the tune of $2.1 million. The partnership firms therefore are most suited for events as two or more partners are involved and where one partner is responsible for the event and its promotion the other partner looks into the finance. For example a kind of hi tech firm is noticed to work together with a manufacturing company and brings up a new products of high technology in the market place. One party is noticed to supply with various product proficiency and the other organisation supplies with the different means of production.
In the events promotion business there are several organisations that need to come in and in most cases it can be observed that a partnership or joint venture is formed in order to execute the event successfully
Guarding against Inherent Risks
Business establishments guard against inherent risks by monitoring the market environment in an effective manner. They need to undertake an effective risk analysis in their respective business sector which will enable them to identify the various risks which are being faced by them in their business and this will enable the business establishments to address those risks in an effective manner. The business establishments need to undertake an effective auditing which will enable them, to identify the cash inflows and cash outflows from their business8. This will enable them to monitor their business activities in an effective manner by ensuring an effective capital budgeting and thus the business establishment would be able to allocate resources in an effective manner according to the needs of their business. The business structure under which an organisation operates would also play a vital role in guarding against inherent risks in the market. The Joint venture strategy is also going to play a vital role in this regard as it is not considered to be a legal entity and thus companies entering into joint ventures do not engage in any form of contracts or have tax liabilities in the market7.
References
Brown, A. J. (2008). Whistleblowing in the Australian public sector: Enhancing the theory and practice of internal witness management in public sector organisations (p. 333). ANU Press.
Christopherson, S. (2008).Beyond the self-expressive creative worker an industry perspective on entertainment media. Theory, culture & society,25(7-8), 73-95.
De Maria, W. (2006).Common law-Common mistakes?Protectingwhistleblowers in Australia, New Zealand, South Africa and the United Kingdom. International Journal of Public Sector Management, 19(7), 643-658.
“Enron Whistleblower Tells Of ‘Crooked Company'”. msnbc.com. N.p., 2006. Web. 12 Sept. 2016.
Getz, D., & Page, S. J. (2016). Event studies: Theory, research and policy for planned events. Routledge.
Latimer, P., & Brown, A. J. (2008).Whistleblower laws: International best practice. UNSWLJ, 31, 766.
Miceli, M. P., Near, J. P., &Dworkin, T. M. (2009). A word to the wise: How managers and policy-makers can encourage employees to report wrongdoing. Journal of Business Ethics, 86(3), 379-396.
Rapp, G. C. (2007). Beyond protection: invigorating incentives for Sarbanes-Oxley corporate and securities fraud whistleblowers. Boston University Law Review, 87, 91.
Teo, H., &Caspersz, D. (2011). Dissenting discourse: Exploring alternatives to the whistleblowing/silence dichotomy. Journal of Business Ethics, 104(2), 237-249.
Tsahuridu, E. E., &Vandekerckhove, W. (2008). Organisational whistleblowing policies: Making employees responsible or liable?. Journal of Business Ethics, 82(1), 107-118.
Van der Wagen, L. (2010). Event management.Pearson Higher Education AU.
Vogel, Harold L. Entertainment industry economics: A guide for financial analysis. Cambridge University Press, 2014.
Yeoman, I., Robertson, M., Ali-Knight, J., Drummond, S., & McMahon-Beattie, U. (Eds.). (2012). Festival and events management.Routledge.
Canny Gabriel Castle Jackson Advertising Pty Ltd and Fourth Media Management Pty Ltd vs. Volume Sales (Finance) Pty Ltd [1974] 3 ALR 409
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