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Corporate Compliance At Riordan Manufacturing Essay

2241 words - 9 pages

Corporate Compliance at Riordan Manufacturing
May 25, 2010

Corporate Compliance at Riordan Manufacturing

Corporate governance is the set of control and direction under which a Corporation operates through processes, customs, policies, laws, and institutions affecting the way a corporation (or company) is directed, administered, or controlled. Corporate governance principles include: examination of compensation paid to executives, accounting internal controls, verifying accuracy of financial statements, and control over management risk.
Riordan Manufacturing will elect a board of directors to protect the interests of the company's shareholders. To be in ...view middle of the document...

Doctor Riordan started Riordan Plastics, Inc. in 1991 and the name changed to Riordan Manufacturing, Incorporation in 1993. The company is headquartered in San Jose, California and has plants in Albany, Georgia, Pontiac, Michigan, and a new facility in Hangzhou, China. The company products include plastic beverage containers produced, custom plastic parts are produced, and plastic fan parts are produced. Riordan's major customers are automotive parts manufacturers, aircraft manufacturers, the Department of Defense, beverage makers, and bottlers, and appliance manufacturers (Virtual Organization, n.p., 2006).
Riordan Corporate Compliance Plan will include an Alternative Dispute Resolution (ADR) clause to contracts to resolve disputes involving product liability claims, and risks against defective product claims, international laws regarding the plant in China, tangible and intellectual property laws, laws regarding the corporate form of business and protection to the interests of public and private investors through a Corporate Governance Plan.
Organizations Value
Riordan Manufacturing is the industry leader in using polymer materials to provide solutions to its customers’ challenges. Riordan values are built on the principles of fair dealings and ethical conduct of its employees. The company reputation for integrity and excellence requires the highest standards of conduct and personal integrity of directors, officers and employees to conduct business in accordance with the letter, spirit and intent of all relevant laws and to refrain from any illegal, dishonest, or unethical conduct. “Our continued success is dependent upon our customers' trust, and we are dedicated to preserving that trust” (Virtual Organization, n.p., 2006).

Corporate Compliance at Riordan Manufacturing
Corporate Compliance Officer
Riordan Manufacturing has designated a Corporate Compliance Officer (CCO). The Corporate Compliance Officer will report to the president and CEO of Riordan, and to the board of directors in certain situations. The Corporate Compliance Officer will be responsible for overseeing the Corporate Compliance Plan and will have the following responsibilities:
1. Reviewing and recommending changes to agency policies, and procedures.
2. Ensure that Riordan are in compliance with the letter, spirit, and intent of all relevant laws.
3. Overseeing the administration of agency risk assessment compared to Compliance issues and recommends changes as a result of Risk Assessments performed.
4. Develop and implement internal audit procedures relative to Riordan Corporate Compliance issues.
5. Maintain a library of regulations, policies, and procedures.
6. Overseeing staff, investigate matters related to Corporate Compliance issues, including employees, or consumers.
7. Develop, and implement an employee feedback loop, which encourages employees to report potential problems without fear of retaliation.
8. Make recommendations to the president and...

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