Riordan Corporate Compliance Plan - Research Paper Example

CORPORATE COMPLIANCE PLAN The Riordan corporate compliance plan Riordan is a group of manufacturing industries fully owned by the Riordan industries. The industries produce different variety of plastic products that they produce in different countries depending on the market availability (Cheeseman, 2010). They have plastic manufacturing industries in china, which produce plastic fan parts and Albany where they have GA plant and Pontiac, where MI plant is located. The customers to Riordan are mainly the aircraft manufacturers, who take some of their products in making the aircrafts, automotive parts manufactures, the department of defense and finally the appliance industries together with many other groups of companies (COSO, 2010).

The diagram below gives the sequential ordering of the corporate compliance plan according to the order of importance. The first step is to analyze the regulations of the corporate compliance and then develop strategies on how to manage the corporate plan with professionalism. The next step will be to monitor the compliance with the necessary resources before coming up with a concrete and stable plan to manage the corporate compliance with absolute and perfect success. The ultimate goal of incorporating the plan and implementing the corporate compliance plan is imperative to ensure the future protected to the benefit of the company.

Therefore, the Riordan corporate compliance plan serve as a guide on how the company plans to handle its current and future issues using the compliance plan of the company in order to avoid any misfortunes in the near future that can affect the companies roles and ways of operation. The compliance plan will work according to the current issues of legal liability of its members (governance), logistical, operational and technological (Fabrikant, 2003). Legal Liability of Its Members The legal liability of Riordan members depends on the duties of the board of governors.

The members of Riordan must first comply with the companies’ rules and duties in order for the company to take them as the legal members of the company (University of phoenix, 2006). Therefore, the legal members are entitled to operate the companies’ duties’ with dignity and competence according to the market standards in order to realize profits as its sole obligations. The corporate compliance plan needs any member of Riordan to be a legal registered member, then the member must comply with the company’s internal control- integrated framework.

The alarming rate of the growing competitive markets, and the increasingly growing number of organizations’ integrating for sustainability in to their business operations, has triggered the committee of sponsoring organizations of the tread way commission(COSO), to encourage many companies to have their employees registered as legal officers and made them publish an article titled Demystifying sustainability risk (Lovie, 2005). The accelerating need for all these is to have a group of legal members as their employees who are able to handle risk factors and encourage their registration because of the high rate of integrating factors of the companies for sustainable development.

The graph below shows the compliance activities and the compliance column shows the corporate compliance followed by the legal norms and finally the governance of the corporate compliance plan. The bar chart below shows the level of the three depending on the activities of an organization upto the 100%. The legal column becomes the highest when the corporate compliance plan activities are high and it is low in governance when the corporate activities are low. Enterprise liability Riordan Company has broad and varied liability because of its diverse and worldwide business activities.

The liability of the company incorporated in the corporate compliance plan of the company. The first enterprise liability is the extent consistent of the vigorous incorporation of the companies’ corporate compliance plan. This liability is aimed at to detail the importance of the corporate compliance so that the importance of the internal controls can be monitored and also proposal can be drafted as the companies enterprise liability to minimize enterprise risks by applying the enterprise liability acts that aim of improving its employees health and hazard risks.

Real and intellectual property The real and intellectual properties of valuable assets are within the mandate of Riordan to manipulate its use according to the necessity available. Guided by the legal system of the Riordan jurisdictions to its value, because those are the company’s assets that brings revenue to the company (COSO, 2010). The real and intellectual property are all incorporated within the company’s corporate compliance plan for easy calculations of the company’s assets and also for general operations of the company in determine its capital annually(University of phoenix,2006).

Furthermore, the real and intellectual property help in handling issues that come up in terms of liability, real and intellectual property, governance and general operations of the Riordan corporation and the board of directors. Therefore, the real and intellectual properties are the sole heart of the company in running its operations. Governance principles The governance principles of the company formulated and incorporated by the board of directors. The secretary of the board ensures that all the minutes of the companies meetings recorded and signed by the board chairperson.

The governance principles outlined in the meeting where the board of directors set rules and principles of the company regarding its operations. In conclusion, the governing principle gives the ethics of the company that help in its operations (COSO, 2010). Reference Cheeseman, H. (2010). Business law: legal environment, online commerce, business ethics, and international issues (7th ed.). Upper Saddle River, NJ: Prentice Hall. Committee of Sponsoring Organizations of the Treadway Commission. (2010). Coso.

Retrieved from http://www.coso.org/default.htm Fabrikant, G. (2003, June 15). Private concern, public consequences. New York Times. Retrieved http://www.nytimes.com/2003/06/15/business/yourmoney/15COGA.html?ex=105677 University of Phoenix (2006). Virtual organization: riordan manufacturing. Retrieved from University of Phoenix, LAW531 – Business Law website. Lovie, P. “Spearman, Charles Edward”(2005). Encyclopedia of statistics in behavioral science DOI: 1002/0470013192 Grewal, D. (2004).

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