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Corporate Compliance Plan Essay

1342 words - 5 pages

University of PhoenixBusiness LawLAW531February 8, 2010Corporate Compliance PlanThis paper will focus on a corporate compliance plan for Riordan Manufacturing. The plan will show what has been learned and the legal principle of business management that has been or can be applied. The focus of the plan will be on overseeing the legal liabilities of Riordan directors and officers.Riordan ManufacturingRiordan Manufacturing is an organization that is better known for their plastic designs and was created in 1991 by Dr. Riordan. The organization has plants in four different locations, with three locations in the United States, and one in China. Riordan did not start producing plastic bottles until they expanded their office in Georgia (Apollo Group, Inc, 2003, 2004, 2006).Corporate ComplianceWhen an organization such as Riordan face any issues dealing with corporate compliance it is best for the organization to create a system that can handle corporate governance and compliance. This system is to study any Alternative Dispite Resolutions (ADR) as well as coordinate it. The system should assure total corporate compliance. It is necessary for Riordan to create a strong strategic plan. This will help the company stay focused aswell as work on way of reducing the risk of any violation on their part.ADRRiordan can resolve their issues through an Alternative Dispute Resolution (ADR). Using an ADR is an inexpensive way of resolving issues. The ADR is a well known solution that enables organizations to settle issues outside of a courtroom. The ADR is less stressful, faster, and a cheaper way of settling issues. The ADR Riordan can use is mediation and arbitration. Mediation is a form of ADR where the parties meet together with a third party who will listen to all parties and assist them in coming up with a solution that works best for everyone, if possible. Mediation has a high percentage of successful rates (Erickson, 2006). Mediation is generally not binding unless agreed upon by all parties prior to mediation. Arbitration is another form of ADR where the parties will meet together with an arbitrator who will act as a judge. The arbitrator like the mediator will listen to all sides but unlike the mediator the arbitrator will make either a nonbinding or binding solution. No one can appeal a binding solution for it is final. The nonbinding solution can be disputed and if so the issue can go into litigation (Reina, L. P. 2010).Enterprise LiabilityJennings (2006), states that with enterprise liability any individual employee that works internally for any organization that has committed an illegal act can and will be held liable for his or her actions (Jennings, 2006). This means that any of Riordans employees can be held accountable if they commit a crime. This will assure the organizations consumers that their investment is protected. This can be a problem if Riordan ha a large amount of lawsuits against them. This can make things expensive and the burden will...

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