Corporate Compliance Plan
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Corporate Compliance Plan
Corporate Compliance Plan
Riordan Manufacturing Inc. is an industry leader in the field of plastic injection molding. With facilities is San Jose, California, Albany, Georgia, Pontiac, Michigan, and Hangzhou, China (UOP, 2010). As officers and directors in this corporation you all know that Riordan wants to remain committed to the high standards set forth by founder Dr. Riordan. I have prepared the following corporate compliance plan to ensure that his vision remains alive.
Enterprise Risk Management (ERM)
ERM will be based on the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Using their recommendations ERM will be instituted to mitigate the legal liabilities of directors, officers, and all other employees of Riordan. In reviewing the current policy, Riordan retains the services of an independent law firm to deal with all of its legal issues. However, this company has no alternative dispute resolution (ADR) process in place. According to the website Hg.org, an alternative dispute resolution provides an alternative to going to court to settle disagreements, methods include arbitration, where disagreeing parties agree to be bound by the decisions of an independent third party, and mediation where a third party attempts to arrange a settlement between two sides (Hg.org, 2009). ADR in the form of mediation will be used by Riordan to solve any conflicts internally with employees as well as externally with customers or other business partners. Mediation will save money and avoid long legal battles that could have a negative effect on the company’s public image.
Enterprise Liability
Enterprise liability can be defined as criminal liability imposed on the entire firm for the crime committed by a constituent business, department, or unit (BusinessDictionary.com, 2010). In essence as a manufacturing business with four fully operational facilities including a plant in China, Riordan is an at risk...
Corporate Compliance Plan
Riordan Manufacturing Inc. is an industry leader in the field of plastic injection molding. With facilities is San Jose, California, Albany, Georgia, Pontiac, Michigan, and Hangzhou, China (UOP, 2010). As officers and directors in this corporation you all know that Riordan wants to remain committed to the high standards set forth by founder Dr. Riordan. I have prepared the following corporate compliance plan to ensure that his vision remains alive.
Enterprise Risk Management (ERM)
ERM will be based on the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Using their recommendations ERM will be instituted to mitigate the legal liabilities of directors, officers, and all other employees of Riordan. In reviewing the current policy, Riordan retains the services of an independent law firm to deal with all of its legal issues. However, this company has no alternative dispute resolution (ADR) process in place. According to the website Hg.org, an alternative dispute resolution provides an alternative to going to court to settle disagreements, methods include arbitration, where disagreeing parties agree to be bound by the decisions of an independent third party, and mediation where a third party attempts to arrange a settlement between two sides (Hg.org, 2009). ADR in the form of mediation will be used by Riordan to solve any conflicts internally with employees as well as externally with customers or other business partners. Mediation will save money and avoid long legal battles that could have a negative effect on the company’s public image.
Enterprise Liability
Enterprise liability can be defined as criminal liability imposed on the entire firm for the crime committed by a constituent business, department, or unit (BusinessDictionary.com, 2010). In essence as a manufacturing business with four fully operational facilities including a plant in China, Riordan is an at risk...