The Foreign Corrupt Practises Act has been cited as the company's first corruption offence. In order to help Panasonic's Avionics Corp (PAC), a provider of in-flight entertainment and communication systems, international officials from Asia and the Middle East have been employed as advisors.The problem is that PAC kept the consultant job and paid a rather high price of $875,000. However, very little personnel was really used.In order to conceal the bribe's payment, PAC also uses unconnected third-party merchants.In order to prevent injustice from being misled by others, the problem can be resolved if PAC strengthens the policy to involve Panasonic in any arrangement with other companies.The company will suffer if there are any rumours, thus the settlement must provide the headquarters with a statement of permission.
Due to the cancellation of airline agreements and the provision of misleading information to their auditors, there is a second corruption issue, or fraud case. Panasonic must improve their ability to communicate with one another as a solution to this matter because of the cancellation of an agreement.The Panasonic Group wants to make compliance the standard at all corporate locations worldwide.Thus, it might be concluded that there are no internal agreements, transactions, or other arrangements that would ensure future business operations.
Last but not least, Panasonic failed to develop and maintain proper books and records relating to PAC and did not have sufficient internal accounting controls. Training can help to solve this problem.Each employee, new hire, and promoted employee of Panasonic must receive training.This agreement can improve the accuracy and effectiveness of the financial statement and other statements.In every industry, training may help the company set goals.From here, it is possible to demonstrate to the organisation if an employee is being diligent or lazy.Therefore, the presence of competent experts inside the company can draw outside investors to make investments in it.
To sum up this problem-solving, Panasonic must enhance the policy, improve internal communication, and give employees training.Panasonic now ranks as the top company with few internal issues thanks to this resolution.to stop it from occurring again in the future.There are a few further solutions in the company regulations as well, but this is the best way to address the problem.
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