Thesis: Riordan Corporate Compliance Plan

Pages: 7 (1948 words)  ·  Style: APA  ·  Bibliography Sources: 4  ·  File: .docx  ·  Level: College Senior  ·  Topic: Business

Buy full Download Microsoft Word File paper
for $19.77

Riordan Corporate Compliance Plan

Riordan Manufacturing

Riordan Manufacturing is an international plastic producer, which has along the years managed to create and sustain a stable relationship network with various stakeholders across the globe. The company's future plans focus on strengthening Riordan's position within the global industry and consolidating the role it plays.

Yet, this massive success comes with a massive responsibility -- that of doing right by all of our shareholders, be them organizational staff members, customers, shareowners, purveyors, governmental agencies, non-governmental institutions, the general public and so on. All these responsibilities are gathered up in this report of compliance, in which the main elements of compliance -- the alternative dispute resolution, the enterprise and product liability, the international law, the tangible and intellectual property, the legal forms of business and the governance -- are all highlighted.

Alternative Dispute Resolution

Whenever a dispute arises, the executive team at Riordan Manufacturing strives to resolve it in-house, without the implication of tertiary parties and without a necessity of going to trial. The first step is that of being informed of the existence of a dispute or a breaching of contractual terms. Therefore, the company encourages all staff members to come forward whenever they have information on wrongful operations and actions; the company ensures confidentiality so that the employees coming forward do not have to fear any professional consequences from peers and supervisors.

Once a complaint is made, the Compliance Officer will contact the company President Dr. Michael Riordan as well as Lowell Bradford, the chief of the Legal Counsel. The counsel formed will verify the information received and will establish the truth and severity behind the allegations. If the accusation proves right and the action is a criminal one, then the company will contact the legal authorities. If the action is non-penal, the matter will be resolved in house.

In either case, Riordan is open to resolving the dispute through several alternative methods, as they might prove to the benefit of the parties. The first alternative is that of opening communications channels between the parties and beginning negotiations. The second opportunity is that of appointing an independent mediator to listen to the accusations of the parties and make an informed and objective suggestion; in most cases, the suggestion of the mediator is non-binding, but the parties take it into consideration. A third ADR available to us at this stage is that of arbitration. Similar to the mediation technique, arbitration sees that an independent arbitrator is appointed to listen to the sides and make a ruling; in this case, the decision made by the arbitrator is binding as both parties involved had previously agreed to obey the ruling.

3. Enterprise and product liability

Riordan Manufacturing is committed to producing and delivering high quality products. Additionally, we ensure that all items we manufacture are secured by the laws of patents and that no laws or industry regulations are broken. By this endeavor, the company strives to ensure that the rights of all categories of stakeholders are upheld. Consequently then, it is natural for us to take full responsibility for the damage any one of our products or employees might do to the general public, to the purveyors or to the other stakeholder categories.

Any employee who, by his intentional actions, brings jeopardy to the organization shall be held reliable. The organization will respond in front of the damaged individuals or groups of individuals and will make sure that the enforceable regulations are applied to each particular case.

Any product that sells to the public and is below the approved standards of quality, or for any reason dependent on the organization, fails to function at the required standards or harms the user, shall constitute grounds for product liability. The company will answer to the users individually, depending on the scenario of each situation. The general desire is to resolve the complaints in house, but in several cases, it is possible to solve them in judicial courts. It is however necessary that the party considering the company the culprit for any damage suffered should prove he is in the right.

The company describes its stand on enterprise and product liability in the individual contracts signed with each party, be it customer or purveyor; Riordan is as such liable to the extent agreed upon contract and within the limitations imposed by the current legislation.

4. International law

Given the global presence of Riordan, a challenge raises in the necessity for the plastic manufacturer to function in accordance to the laws of the United States, the laws of international institutions regulating global operations, as well as the regulations imposed in the foreign countries in which Riordan operates.

Riordan complies with the regulations of friendly competition, employee safety and human rights in all of the countries in which it operates. We are committed to upholding human rights wherever we operate; we shall not employ children nor shall we ask our employees to work in unsafe and unsanitary conditions. We remunerate our employees at market competitive salaries and we as such allow them to enhance their living standards.

Furthermore, we strive to support the development of the national and international communities in which we operate. We have become involved in several social programs, such as the sponsoring of social events or the granting of education scholarships. We have also supported the development and sustainability of the communities by respecting all environmental laws instated in each of the individual locations. We have even taken one step ahead and strived harder to safeguard the well-being of the surrounding environments through the development and implementation of socially and environmentally responsible agendas.

Additionally, we have never nor we ever intend to offer or receive gifts to and from the national authorities in exchange for favors. Employees who are aware of such attempts are encouraged to denounce them.

In order to construct new and reliable relationships, we have, and will continue to do so, organized special events throughout which we interact with various categories of stakeholders. At these events, we often serve appetizers and refreshments or sample products. If members of the public sector happen to attend these gatherings, they should state their function and would not as such receive our gifts so that they are not mistaken for bribes.

5. Tangible and intellectual property

In terms of our tangible property, Riordan values all of its assets and uses them in a responsible manner so as to ensure that they generate additional value to the entity. All the property we have is legal and has been purchased with the accompanying documentation. The properties are being verified gradually to ensure that they still comply with the quality standards requirements. The machineries are being checked twice a year, unless they required more often or special treatment. The equipments are often replaced to meet the highest standards.

The material assets are protected through responsible every day operations, as well as through the various insurance agreements signed with financial institutions.

The intellectual property is safeguarded through patents. Whenever a new plastic product is manufactured, the company has it labeled and patented to ensure its origins and its rights. Relative to the intangible assets of the organization, such as software applications, these are all purchased and used under the adequate license agreements of the developers and the vendors. None of the employees are allowed or encouraged to use pirated software; if they do, they will suffer the consequences. Similar to the material assets, the Riordan managerial team strives to replace the intangible assets as often as possible with newer and better technologies.

In order to ensure that both tangible as well as intellectual properties are being adequately used to generate more organizational value, the company presents its employees with training programs that reduce the risks of mis-operations and operational hazards. These training sessions ensure increased operational efficiency, high quality end products, as well as stimulate the staff members by supporting their professional formation.

6. Legal forms of business

Riordan Manufacturing's main activity is that of producing plastic. In our endeavors however, we are placed in situations when we have to conduct complementary activities as well. We for instance negotiate contracts with various suppliers and purchase several commodities form them. We also employ individuals to work for us in various positions; most of our employees are workers in the blue-collar sector, while some of them are administrative staff, in the white collar section. In our role as employer, we perform several business operations, such as training, remuneration or conflict management.

Once our product is complete, we are presented with the necessity of finding vendors. We most often distribute our own products to wholesalers, which then sell the items to individual buyers. Finally, in our quality of economic agent, we are often forced to retrieve new financial resources and we as such need to increase our capital. We most often do this by contracting bank loans, but we at times also issue equity. So the relations with the shareowners and the creditors… [END OF PREVIEW]

Two Ordering Options:

?
Which Option Should I Choose?
1.  Buy full paper (7 pages)Download Microsoft Word File

Download the perfectly formatted MS Word file!

- or -

2.  Write a NEW paper for me!✍🏻

We'll follow your exact instructions, guaranteed!
Chat with the writer 24/7.

Corporate Compliance Plan on Riordan Manufacturing Thesis


Corporate Compliance Plan Research Paper


Corporate Governance Research Proposal


Identity Management and Security Awareness Training Plan Corporate Documents


Enterprise Security Plan Proposal Research Proposal


View 1,000+ other related papers  >>

Cite This Thesis:

APA Format

Riordan Corporate Compliance Plan.  (2010, January 26).  Retrieved December 10, 2019, from https://www.essaytown.com/subjects/paper/riordan-corporate-compliance-plan/13568

MLA Format

"Riordan Corporate Compliance Plan."  26 January 2010.  Web.  10 December 2019. <https://www.essaytown.com/subjects/paper/riordan-corporate-compliance-plan/13568>.

Chicago Format

"Riordan Corporate Compliance Plan."  Essaytown.com.  January 26, 2010.  Accessed December 10, 2019.
https://www.essaytown.com/subjects/paper/riordan-corporate-compliance-plan/13568.