Second, that the firm implemented its procedures in a reasonable fashion.

"Most firms implemented their retiree health plans with the belief that they were voluntary plans, amenable to alteration or even termination," he said.

In the wake of the insider trading scandal, firms are implementing a variety of new safeguards concerning possible takeover deals.

Under Bain's direction, the firm implemented a number of unconventional practices in its early years.

For example, the firm can implement its own quality and inspection policies and amend these as they see fit.

Following a hazard analysis, firms must identify and implement preventive controls to significantly minimize or prevent the occurrence of such hazards.

His work mostly concerns how firms create and implement competitive strategies in practice.

Agreed after comprehensive consultation, this major Society initiative has been backed by a programme of supporting publications and courses to help firms implement the standards successfully.

It also requires firms to implement quality controls to ensure that independence and objectivity are maintained.

In 2006, the firm also implemented an Employee Stock Ownership Plan.