Corporate Compliance Plan
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- Date Submitted: 08/28/2010 10:54 AM
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Corporate Compliance Plan for Riordan Manufacturing
Riordan Manufacturing is a highly successful corporation that came into being almost twenty years ago. It has grown to have three locations in the United States and recently acquired a fourth location in Hangzhou, China. Riordan Manufacturing is a wholly owned Fortune 1000 company with revenues of over one billion dollars a year. Because of this rapid growth, it has become necessary to look at the practices and procedures of the company, to be sure that all federal, state and now, international laws and regulations are being properly followed. These laws and regulations can be costly if not adhered to, not only in lost revenues and reputation, but also lost opportunity by not using these same regulations to protect us. What follows is an overview of Riordan Manufacturing’s processes and what can be done to better insure compliance.
Position of Corporate Compliance Officer:
It is recommended that the position of Corporate Compliance Officer be established, to ensure that all employees are aware of our Code of Ethics and administer the Corporate Compliance Program. This position would report directly to Dr. Riordan, the President of Riordan Manufacturing, and at times to the Board of Directors. The Corporate Compliance Officer would be responsible for overseeing all aspects of the compliance which would include designating the appropriate personnel to administer the program, proper training be given to all employees, investigate any reports of suspected violations, establish and maintain a system to implement and administer the program, and to make recommendations that will further enhance compliance. It is also this office’s responsibility to remain current on all federal and state regulations and insure that the company is aware of and correctly adhering to code.
Legal:
There are three main topics in this area: formation and execution of contracts, litigation, and the legal...
Riordan Manufacturing is a highly successful corporation that came into being almost twenty years ago. It has grown to have three locations in the United States and recently acquired a fourth location in Hangzhou, China. Riordan Manufacturing is a wholly owned Fortune 1000 company with revenues of over one billion dollars a year. Because of this rapid growth, it has become necessary to look at the practices and procedures of the company, to be sure that all federal, state and now, international laws and regulations are being properly followed. These laws and regulations can be costly if not adhered to, not only in lost revenues and reputation, but also lost opportunity by not using these same regulations to protect us. What follows is an overview of Riordan Manufacturing’s processes and what can be done to better insure compliance.
Position of Corporate Compliance Officer:
It is recommended that the position of Corporate Compliance Officer be established, to ensure that all employees are aware of our Code of Ethics and administer the Corporate Compliance Program. This position would report directly to Dr. Riordan, the President of Riordan Manufacturing, and at times to the Board of Directors. The Corporate Compliance Officer would be responsible for overseeing all aspects of the compliance which would include designating the appropriate personnel to administer the program, proper training be given to all employees, investigate any reports of suspected violations, establish and maintain a system to implement and administer the program, and to make recommendations that will further enhance compliance. It is also this office’s responsibility to remain current on all federal and state regulations and insure that the company is aware of and correctly adhering to code.
Legal:
There are three main topics in this area: formation and execution of contracts, litigation, and the legal...