Considering the mammoth size of the firm, effective and efficient inventory management is of critical importance. Walmart is known for cutting-edge technological applications for its inventory management aspect.
Global Compliance Program Report on Fiscal Year At Walmart, we are committed to ethics, compliance, and doing business the right way. I am pleased to share our second annual report on our global compliance program.
Building on our Progress In fiscal year FY14Walmart devoted significant resources to build the framework of our enhanced compliance program with the goal of operating a consistent, unified program around the globe.
The work from FY14 enabled and improved that priority-setting process. For example, in FY14 the company recruited a number of experts in various disciplines to work in our U. With these experts in place, the process for identifying, analyzing and prioritizing compliance risks for FY15 was even more thorough and informed.
Through Walmart evaluation and control process, senior management and the Audit Committee agreed on 72 compliance objectives to be accomplished during FY By the conclusion of FY15, the company completed 70 of the 72 objectives and partially accomplished the remaining two.
Senior management recommended that work on the goals of the remaining two objectives be carried into the current fiscal year. For additional discussion of this topic, please see pages of our proxy statement.
As we identified, selected and worked on the objectives, we grouped them into three top-level categories: People, Policies and Processes, and Systems and Analytics.
This report follows the same structure. People Over the last few years, our senior executives and compliance professionals have examined the core areas of risk in our business and used that information to focus our compliance program efforts.
In each of our markets, our compliance program addresses at least 14 key subject matters: Each market may add topics to the program based on risks specific to that market. Once we identified these compliance topics, the company in FY14 hired or named a global Subject Matter Leader in each of these 14 areas to provide top-level expertise and to help maintain consistently high standards across our business units.
The next step, accomplished in FY15, was to hire and realign additional compliance staff to round out our market-level compliance teams. This process included recruiting additional staff and clearly allocating responsibilities among our compliance teams to address the 14 subject matters in our Walmart U.
It also included developing training programs to ensure our compliance associates apply the latest developments and innovations in their field. It also is important to give our associates the training, tools and support they need to serve our customers in the right way. So in FY15 we updated and extended our compliance training programs.
These enhancements are discussed in greater detail below. Additionally, recognizing the key role our company leaders play in shaping our culture and in teaching behaviors, we revised our evaluation processes for a number of key leadership positions to more clearly include compliance matters.
Walmart has a long-standing program to define and promote ethical behavior. Like our compliance program, our ethics function has significantly grown and developed over the last few years.
We expect to complete the transition globally in FY Anti-corruption is a particular area of emphasis for our compliance program. During FY15, we continued to develop our internal anti-corruption resources. For example, we supplemented our anti-corruption leadership team by recruiting anti-corruption directors in the eCommerce businesses at Walmart.
Also in FY14, Walmart began to appoint teams of compliance monitors in each of our international retail markets. These monitors known as Continuous Improvement Teams regularly visit our stores, assess the effectiveness of our compliance controls at store level, train our managers and associates on proper compliance procedures, and assist the operators in correcting any issues identified.
In FY15 we expanded this concept by beginning to carry out a multi-year plan to establish teams of compliance monitors focused on anti-corruption policies and our related financial controls.
As with the existing Continuous Improvement Teams, these monitors are designed to constantly assess and improve our performance. We began the process of appointing these internal anti-corruption monitors in FY14 and the monitors conducted their first assessments in FY In light of the progress in building our internal anti-corruption capabilities, in FY15 we transitioned to our internal staff a number of activities that external consultants had been handling.
This increases the capabilities of our internal anti-corruption team, which is critical to the effectiveness and long-term sustainability of our anti-corruption program.
Building on that experience, in FY15 the company undertook a project to review and, as necessary, revise the corresponding jurisdiction-specific procedures in each of our retail markets.
As a result, over the last two years we have taken both a global and market-specific view of our procedures and have incorporated the most recent developments in applicable regulations.
To inform the process, we conduct periodic formal compliance risk assessments. The company conducted such assessments in FY14 and FY With each assessment, we are able to refine our knowledge of the issues that may affect our business and to measure the effectiveness of our controls and other compliance measures.
The information obtained during the FY15 assessments also provided critical data for senior management and our Board to use in establishing the priorities and the formal compliance objectives for FYBaby Geniuses is a American family comedy film directed by Bob Clark and written by Clark and Greg Michael based on a story by Clark, Steven Paul, Francisca Matos, and Robert Grasmere, and starring Kathleen Turner, Christopher Lloyd, Kim Cattrall, Peter MacNicol, and Ruby Dee..
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Walmart Drives Food Safety Standards Walmart customers have an unspoken expectation that the products they buy will be safe, and Walmart’s Vice President of Food Safety Frank Yiannas drives fulfillment of that expectation through a culture of food safety throughout its stores—and its supply chain.
Walmart’s inventory management is a key success factor in the firm’s ability to grow to its current position as the leading retailer in the world. WalMart History. Wal-Mart Stores Inc., usually just called WalMart, was founded by Sam Walton in Walton purchased one if the Ben Franklin stores in