This website uses cookies to ensure you have the best experience. Learn more

Corporate Compliance Plan Essay

4306 words - 18 pages

Corporate Compliance Plan for Riordan Manufacturing
University of Phoenix
Riordan Manufacturing is a profitable plastics manufacturer with annual earnings of $46 million. The company is wholly owned by Riordan Industries, a Fortune 1000 company with revenues over $1 billion. The following are some of the products produced by Riordan Industries: plastic bottles, fans, heart valves, medial stents, and custom plastic parts (Virtual Organization, 2009). This compliance plan will state the company's legal responsibilities and regulations necessary to continue earning a profit. The plan will address the laws affecting the plastic industry and guidelines to ensure management and employees ...view middle of the document...

ADRs range from very informal options, such as a negotiated settlement between the CEOs of companies, to the formal, written processes of the American Arbitration Association. These processes may be used along with litigation or in lieu of litigation (Jennings, 2006)." There are two major disadvantages of solving problems through litigation, it is very expensive, and it can take years before a decision is reached. The most popular ADR method is arbitration, other methods include mediation, mediation arbitration, mini-trial, rent-a-judge, summary jury trials, early neutral evaluation, and peer review (Jennings, 2006).
Riordan's mission statement states the company will maintain an innovative working environment. Employees will be well informed and properly supported. Furthermore, the company will provide a climate focused on keeping employees long term (Virtual Organization, 2009). The Peer Review process will be used to resolve disputes between the company and employees. When an employer-employee dispute arises, a panel of three people will resolve the problem. The panel consists of fellow employees, one chosen by management, one chosen by the employee, and one chosen randomly. The panel will interview, review documents, and make the final decision which can include a monetary award of damages. Peer Review is a new process that has beenvery successful. Only 10% of peered reviewed cases proceed to litigation, saving the company time and money (Jennings, 2006).
Riordan's mission statement states they will provide solutions for their customers and not be part of their customers challenges. Riordan will strive for long-term relationships with customers (Virtual Organizations, 2009). For external disputes the mediation process will be used. Mediation is a process where both parties meet with a neutral person who listens to both sides. The neutral person does not issue a decision, they help the parties find an agreeable solution. According to the National Law Journal, 88% of lawyers prefer mediation as a way of resolving disputes. Mediation is a popular process to resolve conflicts between businesses (Jennings, 2006).
Enterprise and product liability
Riordan Industries wholly owns Riordan Manufacturing. Because of enterprise liability, when Riordan Manufacturing does not comply with laws and regulations,both Riordan Manufacturing and Riordan Industries are liable. Riordan Industries must ensure that Riordan Manufacturing does not create corporate liability for itself. Enterprise liability is mainly concerned with criminal acts, thus the compliance plan must address criminal law.
The best way to limit the liability to Riordan Industries is to have a panel of managers between the two companies evaluate the risks of Riordan Manufacturing committing criminal acts. The panel should evaluate each step of the manufacturing process to verify compliance to laws, regulations, and criminal acts. An example of criminal activity would be illegal dumping...

Other Papers Like Corporate Compliance Plan

Manage Risk Essay

2750 words - 11 pages to ensure an effective internal controls environment is fostered; and • economy and efficiency with which resources are employed. The results of each audit and agreed-upon management action plan are reported on a timely basis to the management responsible for implementing changes. The Corporate Audit Department reports to the Company’s Audit Committee and meets with them at least four times a year to review the annual Corporate Audit Plan and

Accenture Essay

766 words - 4 pages are just a few facts and figures to show just what an impact we are making: • Between 2011 and 2013 we plan to give over $100 million to support our corporate citizenship efforts. • Our people completed over 370,000 hours of ethics and compliance training last year. • 99% of our e-waste avoided landfill last year. • By 2015 Skills for Success will have helped 250,000 people. Do Your Part (Getting Involved With CSR) We encourage all

Working On Mba

1009 words - 5 pages Assignment 3: Final Project: Part II: Communication, Risk, and Human Resources Foundations of Project Management October 26, 2013 Communications Plan The current stakeholders are DOG-HR/SS and all bureaus within the state department whom they serve. Another stakeholder would be the government. The government is the main stakeholder and the final arbiter of what any federal bureau does. The government determines who benefits from all

Ae Report

2324 words - 10 pages firm and the performance of the Company’s internal audit services function; (iii) the integrity of the Company’s systems of internal accounting and financial controls; (iv) legal and regulatory compliance; (v) the assessment and management of the Company’s risk and capital; and (vi) the performance of the other Committee functions set forth in this charter. In discharging its responsibilities, the Committee is not itself responsible for planning

Is3230

1016 words - 5 pages Objectives and Outcomes Successful completion of this project will ensure that you are capable of supporting the implementation and management of an information systems security framework. To be able to do so, you need to be able to do the following:  Relate how an access-control policy framework is used to define authorization and access to an information technology (IT) infrastructure for compliance.  Mitigate risks to an IT

Internal Audit Role

2896 words - 12 pages itself that appropriate controls are in place for monitoring compliance with laws, regulations, supervisory requirements and relevant internal policies. Monitoring and reviewing the effectiveness of the internal audit function. Reviewing and assessing the internal audit plan and its progress. Ensuring that the internal audit function is adequately resourced and enjoys appropriate standing within the organisation. Considering management’s response

Csr And Psychopathy

1792 words - 8 pages  on this test with interesting results. I believe there to be sufficient data to correlate a high score on the Hare Psychopathy Checklist to the perpetrators of the moral, ethical and financial crises that have affected the world in the last 20 years. As such, like Robert Hare himself, I believe screening for this should be the very first step in any corporate social responsibility plan. I believe an evaluation should be performed of all finance

Total Quality Management

4104 words - 17 pages National Bank Limited 2. United Bank AG Zurich 3. UK UBL Fund Managers Ltd It’s operating an associate company in Muscat named Oman United Exchange Company. Long term rating of UBL is AA which denotes a quality organization. Short term rating of UBL is A-1+ which basically shows that organization is having timely payments. worthiness. Following is the Statement of Compliance with the code of Corporate Governance for the year ended

Reforming The U.S. Tax Code

1361 words - 6 pages its biggest selling points. Rick Perry's plan offered in 2011 was imperfect, but it represented a overall structure and ideas. The focus of the plan scrapped, “the graduated income tax and replace it with a 20 percent flat rate. By throwing out rates as high as 35 percent and eliminating estate and investment taxes, the plan would grant a major tax cut for the wealthy…his proposal would also offer benefits to middle-class Americans by giving a

Business Ethics

9406 words - 38 pages include many corporate activities motivated by the often repeated maxim, "good ethics is good business."To be considered ethical, the activity must go beyond rational egoistic concerns and be based on conventionalist, consequentiality, or deontological principles. Virtually all activities in this category will involve passive compliance with the law because almost all illegal activities would be considered unethical. Corporations which give to

Health And Safety At Work

1625 words - 7 pages requires employers to assess reasonably foreseeable risks in the work place and put in place suitable controls so far as is reasonably practicable. It is an employer’s duty and also duty of care, to protect the health, safety and welfare of their employees and anyone else that may be affected by their business. Currently the management of health and safety and work regulations state that if you have in excess of 5 employees, you must plan organise

Related Essays

The Occupy Movemant Essay

1815 words - 8 pages including the compliance of the practice. Correction of conflicting issues at the start allows for smoother implementation of the full plan. Long term monitoring of compliance is continuous. The group monitoring will include corporate, community, and government representatives. Conclusion Society is unhappy with greed and corruption of wealth inequality prevalent in the U S. The wealth of the United States people is only held by 1% of the U.S

Management Planning Essay

1199 words - 5 pages Management Planning at Boeing In this paper the planning function of management for the Boeing Company will be evaluated. In addition, this paper will discuss the influence that legal issues, ethics, and corporate social responsibility have had on management planning at Boeing. The few of many factors that influence the company's strategic, tactical, operational and contingency planning are profitability, innovation, and competition

Finiancials Essay

1131 words - 5 pages the auditors advised them that the approach wasn’t in compliance with the international financial statement reporting, they refused to change the accounting method and make revisions. Their primary concern was based on the effect the change would have had on reported revenue for that half of 2005 and thus the market price/ valuation of the company's stock which traded on the Karachi Stock Exchange (KSE). MANAGEMENT & BOARD OF DIRECTORS

Corporate Governance Essay

4476 words - 18 pages primary business plan. When executed effectively, it can prevent corporate scandals, fraud and the civil and criminal liability of the company. It also enhances a company’s image in the public eye as a self-policing company that is responsible and worthy of shareholder and debtholder capital. It dictates the shared philosophy, practices and culture of an organization and its employees. A corporation without a system of corporate governance is