Corporate Compliance Plan

RIORDAN MANUFACTURING (RM) CORPORATE COMPLIANCE PLAN Name: Grade Course: Tutor’s Name: (13TH, January 2011) Riordan Manufacturing (RM) Corporate Compliance Plan Introduction The paper entails an outline of Riordan Manufacturing corporate compliance plan. The Company employs close to 600 individuals and has a projection of almost $50million. It is manufactures plastics and headquartered in California. The design of the plan mainly focuses on managing the legal liabilities of Riordan officers and directors. Additionally, issues relating to alternative dispute resolution, enterprise liability, product liability, international law, tangible and intellectual property, legal forms of business, and governance are addressed. An outline of strategies to prevent and manage these issues is brought to light. Similarly, the essay tackles specific laws as well as aspects of the law that opt to be strictly followed by the organization as well as steps by which workers adhere to these laws. A description of how situations arising after violation of the laws are also discussed. It is worth noting that the whole structure is in line with what Committee of Sponsoring Organizations of the Treadway Commission (COSO) recommends. Although it has been argued that adopting technology help organization cut themselves an edge in this competitive business world, effective leadership to ensure that an organization is strictly adhere to the legal as well as ethical aspects is equally of significance (Cheeseman, 2010). The resultant of adhering to laws, government policies affecting Riordan Manufacturing will not only shape the organization’s reputation but more importantly ensure that it deals fairly with its all stakeholders. Importance and purpose of the plan The plan will put in place a guideline for the organization to successfully handle legal liability of directors as well as officers, alternative dispute resolution, enterprise liability, product liability, international law, tangible and intellectual property, legal forms of business, and governance. Among the purpose of the corporate compliance plan are; Enhance transparency, responsibility and accountability Reduce RM risk as well as bringing the organization to be inline with COSO standards Minimize misconducts via education as well as prior identification of problems Minimize instances the organization being taken through legal battles Foster and hearten higher standards of ethics, morals as well as legal aspects from officers and directors Through the plan, it is also possible for other members of the organization to be made aware on what they opt to know regarding and also comply with laws, policies and regulations of the government, states as well as local authority. Last but not least, the plan is aimed at ensuring that dispute between employees and top management is addressed within the shortest time possible and satisfactorily. Alternative Dispute Resolution Disputes are part and parcel of any organization, ours being no exception. The advantages associated with ADR include, cost effectiveness, durability of agreement, and preservation of relationships as well as reputations, simple, flexible, and it fit in handling multi-party conflicts among others. On the basis of these, I suggest that you adopt an approach that will include ADR. I propose that the four main ways of solving dispute be followed but only using the next when the prior has failed to yield results. The ways include negotiation, mediation, collaboration and arbitration (Cheeseman, 2010). What I highly recommend is negotiation and arbitration. There is need to pass policies that will guide the organization in its quest to use ADR. The areas of concern where this concept can be used include contact issues, all major legal aspects as well as workers objections. The harsh carried in the ADR policy will heighten workers awareness in seeing the importance of complying with laid down rules Enterprise and product liability Currently, in this world of business, is of paramount significance for organization and even RM to have in place an action plan that seeks to address risk for corporations. For RM to remain competitive there is a call for developing some sort of mechanism that will act as a corrective measure. Additionally, passing legislations that clearly govern RM procedures will help protect directors and officers from a myriad kind of risks. On the same note, formation of risk and compliance management board/committee by the directors responsible in ensuring that RM is in line with all legal requirements (Cheeseman, 2010). ...