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Corporate Compliance Plan Essay

2263 words - 9 pages

AbstractRiordan Manufacturing is a plastics manufacturing company with a projected annual earnings of $46 million. They employ 550 people in plants located in Georgia, Michigan, California, and China. They make everything from custom plastic parts to plastic beverage containers. Riordan Manufacturing is a subsidiary of Riordan Industries, a Fortune 1000 company. Due to the increasing importance of corporate governance and effective charge and multiplication of legal issues, Riordan Manufacturing must formulate and implement a corporate compliance program to conform to governmental regulations.The purpose of the corporate compliance plan is to show all stakeholders that compliance is firmly rooted in the Riordan Manufacturing's culture of corporate governance. The function of the plan is to provide management with a reference tool to be used to avoid potential compliance violation. The primary areas of focus of the corporate compliance plan are enterprise liability, real and intellectual property, governance principles of regulatory compliance, and laws that must be adhered to by Riordan Manufacturing and its employees.The sources of information used to develop Riordan Manufacturing's corporate compliance plan include to the Riordan Virtual Organization website, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) website, as well as the text book "business law: Legal Environment, Online Commerce, Business Ethics, and International Issues."This corporate compliance plan will be distributed to the officers and directors of Riordan Manufacturing and will outline the prevention and management guidelines of the legal issues mentions in the previous paragraph.Riordan: Corporate Compliance PlanCompliance is either being in accordance with established guidelines, specifications, or legislation or the process of becoming so. This Corporate Compliance Plan will detail appropriate conduct in an ethical and legal manner, and will focus on managing the legal liabilities of our officers and directors.Alternative Dispute ResolutionIn order to minimize liabilities and avoid risks, a contract must be clear and concise, have no ambiguity, and be in good faith. Both parties, Riordan Manufacturing and its customers, need to adhere to provisions in the contract to avoid a breach. If a breach should occur in the contract, Riordan Manufacturing should use one of four Alternative Dispute Resolution (ADR) tools to settle the dispute. These tools include negotiation, mediation, and arbitration.ADR is a method of resolving disputes without the using costly litigation in a courtroom. Aside from being very costly, litigation is a difficult and time-consuming process that must comply with complex procedural rules. ADR is used to resolve contractual and commercial disputes. The three types of ADR to be used in the company will be negotiation, mediation, and arbitration (Cheeseman. 2010).Negotiation is a procedure in which the parties in a dispute try to...

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