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Riordan Corporate Compliance Plan Essay

2500 words - 10 pages

Riordan is a fortune 1000 enterprise that has much interest to protect. The organization needs a corporate compliance plan in place to keeps its international customer trust and tegrity in the plastic injection molding industry. Riordan has a mission to be a problem solver for its customers: not part of its customers’ problem. In order to continue to grow to new levels, a corporate compliance plan has to be in place to protect the organization, its five hundred and some employees, and its customers from unfortunate happenings. The following information will prepare a corporate compliance plan for the organization. Areas of planning will be alternative dispute resolution, ...view middle of the document...

An arbitrator will make a decision in which both sides of the dispute will classify as a binding solution to the dispute. Using these methods to settle a dispute is a recognized dispute settlement process by the court systems. ADR will provide a more satisfying result for both sides of the dispute. But if the dispute is not settled through the arbitration process, the dispute will have to be taken to a local court system for litigation.
All parties who enter into business with Riordan must agree to use ADR as a dispute resolution process. This type of requirement will help protect the interests of the organizations involved. Riordan will require a signature of agreement for all individuals and organizations that do business with the organization. Many times ADR helps build good business-to-business relationships.
Enterprise and Product Liability
Riordan is business partners with many different industrial manufactures that have to protect the interest of the business chains. Enterprise liability holds the entire industry liable for injuries caused by unsafe working conditions or processes for its employees. Riordan will expect all business partners to concentrate on safety in the workplace. Riordan will periodically visit business partner’s facilities to ensure that safe processes and conditions are in place (Apollo Group, 2010). This type of observation will help protect Riordan’s business partners from possible lawsuits, but it will also protect the Riordan Corporation too.
Product Liability
In any industry today, a main concern is product liability. Riordan is involved in several different industries, which shows that it produces several different products. Plastic bottles, fans, and medical supplies are a few examples of the products that Riordan is producing (Apollo Group, 2010).
Managers of Riordan need to make sure that all products are being inspected for quality issues. Providing a high quality product will reduce the liability risk that the organization has hanging over its head. Properly educating consumers about the products will help avoid any lawsuits against the organization. The organization needs to provide instructions and warning for all products that are produced by Riordan facilities. Product liability labels should be placed on all products. The management team has to make sure that the labels are clear and legally written.
Tangible and intellectual property
Riordan has to protect all its tangible properties. Riordan has many tangible properties. Examples of tangible property that the organization has are the manufacturing facilities within the organization. The organization actually has millions of dollars in tangible assets (Apollo Group, 2010). Additionally, managers need to remember that many of the bank notes are classified as tangible in today’s business world. All policies and procedures will be prepared in a manner that protects these assets.
The right that has been given to Riordan to participate in the...

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