Corporate Compliance Plan Create A Corporate Compliance Plan For Riordian.

1019 words - 4 pages

Riordian Manufacturing, Inc. is internationally known for its excellent (patented) plastic designs. The company has plants in California, Georgia, Michigan and China.The purpose of this handbook is to provide employees with a guidance for conduct, laws and policies followed by the company when dealing with fellow employees, vendors and customers as well; all this done by following the latest ethical standards withing our industry.The following pages will reveal Riordian's corporate compliance plan, while addressing ADR, enterprise liability, product liability, international law, tangible and intellectual property, legal forms of business, and governance.ADRBecause of its efficiency and relatively low cost, the company commits to resolving disputes through ADR (Alternative Dispute Resolution). There are two kinds of ADR available to Riordian employees: Arbitration and mediation.Arbitration: Should this method be chosen, a voluntary third party person will listen to both sides of the story and act as a "judge" and determine the best solution for the scenario being presented. The "judge's" decision can either be binding, meaning that the decision cannot be appealed in any court, or nonbinding, meaning that if both parties are not satisfied, the case may be litigated in court.Mediation: a neutral mediator is selected by both parties and he or she will listen to both sides. The goal of the mediator is to assist both parties in reaching a mutual agreement, in fact his/her role is not to make the decision for others but to assist the interested persons in reaching an agreement. Mediation is not binding unless the interested parties agree to be bound by the decision.Enterprise LiabilityEnterprise liability states that individuals within a company can be held liable for their actions just for being part of that organization, therefore, anyone dealing with Riordian (even if partners or subcontractors) will be held to the same standards as any other Riordian employee.The main purpose of this legal principle is to provide customers with the assurance that the same standards are being applied globally and they will be covered by loss insurance. Another interesting side effect of this principle can be seen in the pricing of products. If a company incurs too many lawsuits, the insurance company will have to raise the price of the company's policy, which will then in turn cause an increase of product prices. This increase will most likely turn customers to finding a more affordable product substitute.Product LiabilityProduct liability is the most litigated field of tort liability, therefore measure have to be taken in order to minimize legal expenses related to product liability lawsuits. In fact, 2002, the average award in product liability was $520,000 (Ch. 11 of Jennings, M. M. (2006). Business: Its legal, ethical, and global environment (7th ed.). Mason, OH: Thomson).Riordian Manufacturing, Inc. vows to reduce liability through regular inspection of all its...

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