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Corporate Compliance Plan Essay

1072 words - 5 pages

Corporate Compliance Plan
A corporate compliance plan makes good business sense. Not only does it make good business sense, but it is also a requirement to be listed on the stock exchange. Riordan Manufacturing is a Fortune 1000 company which is wholly owned by Riordan Industries. Riordan is located in San Jose, California. Riordan Manufacturing is the industry leader in the field of plastic injection molding. With more than $1 billion in revenues and annual earnings of approximately $46 million it is imperative that Riordan Manufacturing have a compliance plan in place.
Legal Liability of Officers and Directors
Officers and directors of Riordan Manufacturing have a duty to exercise due ...view middle of the document...

It is imperative that both the company officers, board of directors, managers, and employees conduct themselves in a responsible and ethical manner to reduce the risk of liability to the company.
Alternative Dispute Resolution
When an unsettled dispute arises within the organization or outside the organization a means for resolving the issue needs to be used. This is why there needs to be a dispute resolution clause in any contract that involves Riordan Manufacturing. There are many alternative dispute resolutions that are available. Deciding which of these methods to use depends on the issue and the severity of the problem. Riordan Manufacturing may use negotiation, mediation, conciliation, mini-trial, fact-finding, or a judicial referee. Of the mentioned forms of resolution negotiation or mediation may be the easiest and the least costly. Hopefully, a mutual agreement will be reached and the problem will end satisfactorily. However, when none of these methods are working it may be time to consider an attorney. With litigation being a costly and time consuming process it benefits all parties involved to come to a resolution of the problem without the use of an attorney.
Tangible, Real and Intellectual Property
As with all companies, Riordan Manufacturing holds tangible, real and intellectual property. Keeping the various tangible property items well maintained and in proper working order is important to the success of Riordan Manufacturing. Ensuring that the various pieces of equipment are maintenanced on a regular basis will help the company stay up and running with the likelihood of possible breakdowns and loss in production minimal. Training all employees on how to use the equipment will also help in keeping the equipment in good working condition as all employees will know the proper procedures for handling the equipment.
The company grounds should be well maintained as should the various real property that is attached to the building. Utilizing the help of maintenance and grounds workers to care for the property keeps the grounds looking nice for the visitors and keeps the employees comfortable inside the building.
All intellectual property should be cataloged and kept in a safe place. Ensuring the proper paperwork has been filed with the various organizations for trademarks, patents, and copyrights is paramount in protecting these assets...

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