New Riordan Corporate Compliance Plan

Topics: Management, Corporation, Board of directors Pages: 8 (2637 words) Published: June 24, 2013
New Riordan Corporate Compliance Plan
Business Law/531
February 18, 2013
I.
INTRODUCTION
 Riordan Manufacturing specializes in international plastics manufacturing, developing plastic parts for the beverage manufacturing industry, automotive industry, and fan manufacturers. Riordan Manufacturing has locations within the United States and China. Riordan Manufacturing is owned by Riordan Industries which employs over 550 employees nationwide and has an annual income of income over 1 billion dollars. Mission Statement

Six Sigma, leading edge R&D and exceeding ISO 9000 standards define the attitude and abilities of Riordan Manufacturing. We are industry leaders in using polymer materials to provide solutions to our customers’ challenges. Our R&D is, and will remain, the industry leader in identifying industry trends. Customer Relationships

We will strive to be a solution provider for our customers and not be a part of our customers’ challenges. Long-term relationships will be sought by maintaining rigorous quality controls, innovative solutions, a responsive business attitude and reasonable pricing. Employee Relationships

We will maintain an innovative and team oriented working environment. By assuring that our employees are well informed and properly supported, we will provide a climate focused on the long-term viability of our company. Corporate Compliance Plan

The goal of Riordan’s new corporate compliance plan is to ensure that the provisions of the regulations imposed by a government agency are being met (Business Dictionary, n.d.).

II. OBJECTIVE SETTING AND RISK ASSESSMENT
Riordan’s objectives are to define the risk tolerance and the acceptable level of variation around the objectives (The Institute of Internal Auditors, 2004). Objectives include compliance with the Environmental Protection Agency regulations for the manufacturing industry. In addition, compliance with the Securities and Exchange Commission, and to inform the board that Riordan has a risk management plan (Gangl, 2008). Riordan understands that risks can have a positive or negative impact on the company, therefore the Board of Directors and officers are trained to identify what positive and negative risks are, and how to approach them (The Institute of Internal Auditors, 2004). Risk assessment identifies risks and the appropriate responses directors, officers, and employees should take.

III. COMMUNICATION AND MONITORING
In according with company policy, the directors, officers, and all other employees will communicate any and all pertinent information to upper management through written communication in order to maintain the proper documentation. The communication must be conveyed within in a 24 hour timeframe in order to ensure the appropriate responses are carried out (The Institute of Internal Auditors, 2004).

The effectiveness of Enterprise Risk Management (ERM) corporate compliance plan will be conducted via evaluations and monitoring activities (The Institute of Internal Auditors, 2004). The department directors will implement a methodical approach in evaluating their designated areas. Each department director will determine the frequency of the testing, and receive approval from the chief legal counsel. In addition, a chief compliance officer will be on staff to address any issues or concerns, as well as ensure the proper actions are implemented (Cyriac, 2009). IV. ALTERNATIVE DISPUTE RESOLUTION

Alternative Dispute Resolution (ADR) is a process of resolving disputes outside of the courtroom. Riordan commits to resolving disputes through ADR due to its efficiency and low cost. Both arbitration and mediation are available to Riordan employees. Both options provide parties with a controversy, an alternative choice other than litigation and involve a neutral third party (Cheeseman, 2010). Arbitration: Should this method be chosen, the two parties will select an impartial third party known as an...
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