Riordan Corporate compliance plan: Liability, intellectual property, governance, law
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Resources: Riordan Virtual Organization located on the student website, and the COSO website (http://www.coso.org/)
View the Riordan virtual organization.
Create a corporate compliance plan for Riordan. Focus your plan on managing the legal liability of officers and directors of Riordan. The plan must also address how to handle situations when laws are violated or in question (such as when to call in legal counsel, what rights the employees have, or who to turn to when actions are taken against Riordan). Your plan must also include the following:
Enterprise liability
Real and intellectual property
Governance principles of regulatory compliance requirements
The specific international laws or aspects of the law that must be adhered to by Riordan and an outline of these steps for employees to adhere to these laws.
Format your Corporate Compliance Plan as if you were going to distribute this to the officers and directors of Riordan. Outline the prevention and management guidelines of the legal aspects listed above. Implement enterprise risk management based on the COSO's 8 recommendations. COSO can be used to structure your plan. Be sure to incorporate key concepts from your readings where appropriate. You need to research requirements at the COSO website.
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Solution Summary
The liability, intellectual property, governance and law for Riordan Corporate compliance plans are examined.
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Introduction
Riordan Manufacturing Company is a leading company in manufacturing of plastic goods with substantial legal and ethical responsibilities in the world. The Company has its manufacturing plants in China, Georgia and Michigan. It is a well-established company aimed at identifying the industry trends to be the market leader. The paper will discuss corporate compliance plan for Riordan to eliminate the violation of any laws and rules.
Internal Control and Corporate Governance
Under internal control and corporate governance, the company can have effective channel to look after the internal control. Effective system should be developed, so that the misuse, frauds and waste could be prevented in the organization (Marchetti Sarbanes, 2007). Ethical code of conduct related to the functions of organization should be formulated. Fair wages, flexible workplace and proper training would help in effective internal control for the organization. At the same time, for the effectiveness of compliance plan, proper transparency should be maintained within the organization. The role of board of directors and persons at the executive level should be properly determined. It is very important to enhance its shareholders' confidence, while formulating compliance plan to increase the visibility (Biegelman & Biegelman, 2008).
Enterprise Liability
In order to have effective enterprise liability, the organization should be liable for all the misconducts within the organization. To avoid such cases, organization can implement better means of technology. Organization can use preventive measure in the workplace to stop these kinds of cases. Apart from this, safety standards can be followed by the organization to help employees in facing this problem (Silverman, 2008). As in current business environment, the case of such accident have increased a lot, the enterprise liability would help organization to create a unique position to achieve its goal. As a part of its enterprise liability, organization should provide proper compensation ...
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