Corporate Compliance Plan of Riordan Manufacturing Essay
The purpose of this corporate compliance plan is to outline a design that provides for the employees and management staffs of Riordan Manufacturing a concise approach to enable it remain compliant with every legal and ethical requirement of the federal and international laws as well as the applicable state with regard to its manufacturing operations. In essence, this plan will provide pedestals upon which Riordan manufacturing company will address any possible ethical misconduct as well as the criminal activities that may emerge in the organization. With the help of the new risk management officer Mr. Lowell Bradford as a mechanism of conforming to the enterprise risk management outlined by Committee of Sponsoring Organization of the Treadway Commission (COSO) and in collaboration with chief legal counsel, Riordan Manufacturing will through this corporate plan examine its entire legal environment especially when addressing areas of Alternative dispute resolution, product liability, enterprise liability, tangible as well as international law, intellectual property, governance and legal forms of business.
Riordan Manufacturing Inc is an international manufacturer of plastics owned by Riordan industries. As an enterprise of over $ 1 billion revenue, Riordan manufacturing continues to significantly grow as a global competitor in the plastic market. With over
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Alternative Dispute resolution (ADR)
In this compliance plan, Riordan Manufacturing can draw from the alternative dispute resolution outline to structure its legal process as well as standards in a bid to ensure that the company contributes to global business practice and operate profitably in future. With regard to this, the plan outlines an approach for the company to address the laws that affect it towards ensuring that employees adhere to the set rules and laws. Riordan and Cameron (2006) assert that the strategic recommendations of Committee of Sponsoring Organizations of the Treadway Commission (COSO) upon which Riordan Manufacturing can create an environment in which it can expand its the market size as well as the customer base.
As such, there is a definite possibility that conflicts in the workplace can be experienced. Accordingly, as a result of job losses, rank demotions as well as promotions issues among others. With regard to this, Riordan manufacturing can institute a process and principles of dispute resolution such that there is arbitration and mediation processes of dispute resolution. In so doing, an arbitrator will be chosen on a neutral ground to listen to both aggrieved and conflicting sides and hence determine the best outcomes of the situation. Arguably, the arbitrator can decide on a biding way forward or a non binding one that can be litigated in the court of law. Through mediation as an alternative dispute resolution, Riordan Manufacturing can choose a neutral mediator who will of course be proposed and selected by the two involved parties.
The underlying objective of a mediator is to strike a deal that within the consideration of the legal and ethical framework of the situation, a solution may be reached. This short term solutions serve as pedestals on which long term solutions are sought. In light of this, Riordan Manufacturing will have a concise plan of addressing all conflicts, discrepancies, discord and any action that relates to dispute among employees as well as affiliates. Essentially, the leadership heeding or negligence of this compliance platform will determine the appropriate dispute resolution in the company.
Enterprise and product Liability
The business environment in the present society requires organizations to have a concise plan when it comes to addressing corporation’s risk. Riordan Manufacturing should build on the recommendations of Committee of Sponsoring Organizations of the Treadway Commission (COSO) to develop a corrective action plan that can detect and address any risk that involves the business enterprise as well as the product liability (Riordan and Cameron, 2006). Ultimately, Riordan Manufacturing should consider a significant ethical and legal responsibility which extends to consumer rights as well as the corporation’s relationship with other agencies, companies it works with as well as the its employees and the public at large.
In light of this, Riordan Manufacturing must conform to the stipulations outlined by the Committee of Sponsoring Organization of the Treadway Commission (COSO) by announcing part of its strategic plan to move to Beijing and spread throughout China. Such strategic transition often requires changes in the legal structures of the compliance plan to utilize COSO outlines. In this case, Riordan Manufacturing opted to hire a risk management officer who was meant to work under the chief legal council Mr. Bradford. The benefits of such strategic internal controls within the recommendations of the COSO, is a mitigation plan that can entirely help Riordan Manufacturing to cushion itself against enterprise risks by means of applying such sound principles and recommendations.
In relation to with business ethics, the company should extend its future operation through its ability to structure a risk management and enterprise liability board which will make follow ups on the state of the entity’s enterprise risk management and offer any needed insight. Accordingly, the formed board can go an extra mile in ensuring that it monitors any resultant risk and the process of instituting necessary actions effective to enterprise risk management. In so doing, it is evident that input from external as well as internal auditors will improve on the organizational management and enterprise management.
Riordan Manufacturing corporate compliance plan outlines the organization’s mission to comply with applicable rules, regulations and laws; both regional and international to the workforce which includes state and federal programs, waste as well as abuse, fraud, privacy ethics an service requirements. In view of this, Riordan Manufacturing should incorporate internal control to facilitate a monitoring process of any proposal to mitigate enterprise risks by way of applying international law. Adhering to the set standards within the legal framework, Riordan Manufacturing will insure a compliance and awareness with applicable international laws.
The legal changes in this case will be administered by the Chief legal counsel, who in case of any dispute will answer questions relating to legal decisions and going over the contracts. Within the precincts of the global environmental policies, the company should strip of the help of a legal company and rely on its legal counsel to apply the legal principles of business management bearing in mind the internal legal provisions. Such provisions should be customized to the company’s specialized production of plastic design and address moral, business and ethical principles in an utmost degree. For example, the expectations of the employees should be dealt with such that the business organization of the company is within the ethical standard with integrity. As such, the Riordan Manufacturing management contributes to achieving these recommendations by demonstrating leadership, integrity and committed to promoting an environment friendly business practice adherence to legal and ethical business practice in the world.
Tangible and Intellectual Property
Business assets for Riordan Manufacturing and its entire human resource should be valued at the highest degree. As an approach to tangible and intellectual property, the corporate compliance plan outlines the respectful and profitable use of the property by ensuring that both financial and human capital is available and valued for the company’s sustainable growth. By maintaining an innovative and team oriented work environment, Riordan Manufacturing will create for itself long time viability such that employees are not only well informed but also properly supported. Tangible and intellectual property forms the future of the Riordan Manufacturing Inc since it is through this compliance that customer relationship will be realized and the concept of the organizational value will be a reality. Therefore, the company should strive to maintain rigorous quality control, responsive business attitude, innovative solution and a reasonable pricing for its products (Riordan and Cameron, 2006).
In so doing, Riordan manufacturing will undoubtedly achieve and maintain high profitability and an industry leader in the polymer materials to face challenges. For instance, managers and entity personnel should consider various ways of conducting their responsibilities within the framework of tangible and intellectual property towards strengthening their input in the enterprise management. Every employee should consider the breath of their role on business practice and hence Riordan Manufacturing should consider supporting innovation, discipline and pay its employees handsomely. In addition, the company should allow reasonable leisure time and recreational facilities for its employees. The underlying goal will be an apt management of resource, finance included. In this line, the ethical standards will not only guide the Riordan Manufacturing employee expectation and business practice, its management will lead to promotion of an environment that enforces compliance and ethical business practices.
Legal Forms of Business
It is essential that that in the present fast changing business environment, there is need to conform and apply certain forms of legal principles of business management. This compliance plan therefore highlights a concise approach on how Riordan Manufacturing will conduct its business activities. Accordingly, certain forms of legal entities in business range from ethics, legal contracts, business formation, expansion, legal interpretation as well as breach of contracts (Riordan and Cameron, 2006). In this case, the mission of the legal system ensures that the company is to only aware of the applicable laws but also considering such laws in relation to work force, fraud, business waste and abuse, federal and state business programs, privacy as well as the governance of the corporation. Such legal frameworks facilitates a clear and succinct roadmaps in questions regarding the appropriate conduct in the workplace and similarly guide the business practice that will ensure that every business activity is carried out in a legal and ethical manner.
Riordan manufacturing has a board of director; a factor that is apt in the operations of business. The board should therefore overrule on important matters that affect the business by discussing the state of affairs in business management and ensuring effective management. The overall responsibilities of this governance structure are to assess the risk management capabilities of the company. For example, the Chief executive officer should bring together all heads of department and other key functional staff in a bid to discuss a way forward for assessing the capabilities of the organizations, effectiveness in formulated policies and structuring strategic approaches to dispute resolution.
From the foregoing discussion, it is evident that Riordan Manufacturing corporate compliance plan has outlined appropriate mechanisms in conducting its business activities in an ethical and legal manner. In this case, Riordan Manufacturing will succinctly examine its legal businesses environment within the legal foundation especially in addressing areas such as alternative dispute resolution enterprise liability, product liability, international laws, tangible and intellectual property, legal forms of business, and governance.
Riordan, T and Cameron, J (2006). Complying with COSO Manufacturing Requirements. Riordan Manufacturing Inc. New York: Routledge