Role and Functions of Law
Law is a critical piece of business and society. It puts boundaries on behavior and allows the public to operate in a safe and healthy manner. Law allows our government to regulate criminal and civil proceedings and dictates what we distinguish as right and wrong. The United States Constitution endorses a society that runs efficiently. In order for our society and businesses to be efficient, the law must be understood and implemented. Functions and Role of Law in Business and Society
Law is critical to business because it protects organizations and their clients and is critical to society because it puts boundaries on behavior and allows the public to operate in a safe and healthy manner. The United States Constitution and Bill of Rights have given us a foundation for these rules in which the law breaks down into many different parts. The functions of Law are substantive law, criminal law, civil law, common law, and statutory law. Each of these is used to implement the ground rules set forth by our founding fathers. Personal Example of Law
For the last six years, I have been privileged to work for one of the largest Financial Firms in the world. In 2008, we acquired a Wealth Management sector from one of the largest banks which led us to one of the most prevalent mergers in financial history. Coincidentally, while going through what we called the Joint Venture, or “JV” the Financial Industry Regulatory Authority, Inc., or FINRA, announced a new standard called “Know Your Client” (KYC). Therefore, along with enhancing the protection of our clients within our software and applications, we were also adding additional requirements to our interactions with clients. In the financial industry, there is heightened awareness of the legal issues that can, and do, occur. In many instances, the law not only protects our organization, but also our advisors and clients as well. In an effort to ensure our client...
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