Corporate ComplianceIntroductionWhen companies face corporate compliance issues, implementing a system to address compliance and corporate governance issues is the best opportunity for businesses. Businesses should develop a process to analyze alternatives and integrate the appropriate opportunity into the business system. The process includes defining and implementing compliance steps and processes. Next, companies will recommend a preventative solution that incorporates risk mitigation. This part of the process includes the use of systems and organizations for compliance techniques. Finally, companies will use a problem-solving approach to determine what solutions to implement in compliance efforts. Companies will begin to implement their enterprise risk management system by developing an appropriate internal control and corporate governance system. In the wake of high-profile corporate scandals and subsequent regulatory legislation, reporting of internal controls has become a requirement. These requirements have led organizations to view risk management as an area of ​​vital importance. Status of Rent Way Rent Way is the third largest player in the rent-to-own industry, with revenues of $516 million in 2005. The company, founded in 1981, currently operates 784 stores in 34 states. A few years ago, Rent Way came under investigation for fabricating entries in its financial statements that increased the company's profits for its 2000 fiscal year by about $30 million. This financial reporting fraud constituted a misrepresentation of the company's financial condition and led to legal action by shareholders. District of Pennsylvania. The complaint alleges that, among other things, as a result of accounting irregularities, the financial statements previously issued by the Company were materially false and misleading, thereby constituting violations of the federal securities laws by the Company, by its auditors and by certain leaders” (US PIRG, 2002). This problem led to investors' stock profits falling from $1.88 to $0.88 to $1.14 per share for fiscal year 2000. The problem was caused by three former Rent-Way Corporation executives, who conspired to achieve the projected profits. they had reported it to Wall Street by making fraudulent entries understating operating expenses and misreporting revenue and earnings per share in the company's SEC filings in 1999 and 2000 ( FBI website, 2003). ResponseRent Way realized that its internal control systems were not strong enough. to avoid misfortunes for the company.