What are the ramifications of a private company failing to implement the guiding framework
Discussion 1
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Respond to two colleagues (BELOW): (Half a page each and please, provide each reference separately)
Discussion Topic
What are the ramifications of a private company failing to implement the guiding framework or update/maintain their system in accordance with the guiding framework?
Post from colleague 1
The frameworks available as guidance usually details from start to finish how to properly implement procedures and rules into a company’s information systems. For example, the SwA Core Body of Knowledge assists with software assurance by creating levels of competency. If a company were to follow this framework, they would ensure employees are well-skilled and equipped in their field of focus. The biggest ramification or consequence that a private entity may face by not following framework guidelines is non-compliance, both legally and ethically. “Corporate compliance involves adhering to a wide range of laws and standards designed to protect a business’s agents, employees, and other stakeholders, all while making sure the compan06:31:48y acts appropriately.” (Scott). Without guidelines from official federal and national agencies, a private company would be leaving their livelihood up to chance if an auditor comes by and find them no compliant with state or federal standards. This could result in fines, tax liabilities, workplace safety, and much more. (Bartholomeusz).
References
https://quickbooks.intuit.com/r/hr-laws-and-regulation/the-dangers-of-non-compliance-for-your-business/
https://dynamicbusiness.com.au/topics/small-business-resources/legal/risks-of-legal-non-compliance.html
Post from colleague 2
What are the ramifications of a private company failing to implement the guiding framework or update/maintain their system in accordance with the guiding framework?
The framework of any organization describes the organization’s management structure and also well-defined company policies. An organization develop a framework to achieve a specific goal. Private organizations always go for a framework which includes many different tasks, set of policies and projects. A well-defined framework build an organizational environment in which employee think, act and collaborate to attain common goals and objectives.
Sometime these policies defined under the framework will not be considered successful. There may be many reasons for an organization to fail in the implementation of framework for a project , the main impact of the failure can be on the market reputation of company. But why a company fail to implement a framework there may be many reasons some are: lack of experience insufficient capital, over-investment in fixed assets like office setup, unexpected growth, remote business location, bad inventory management, mismanagement, credit mismanagement .If a framework fails it can affect the other running project by same company. Precisely this can be observed notice among sponsors and stakeholders which is not good for the company. The failure can disappoint stakeholders and the impression of failure also impact the market value of the company
It can also give some bad results for like insufficient capital for other project and Un-trusted customers .Employees can leave the company if they face such a problem. Company may face financial crises. In the worst condition sometime a company may be Bankrupt and shutdown.
Reference
Jim Muehlhausen. (2012). The difference between the business model, framework and architecture
https://customerthink.com/the_difference_between_the_business_model_framework_and_architecture/
https://buildingstatecapability.com/2019/03/07/why-do-public-policies-fail-categorizing-the-challenges/
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