Individual Assignment: Corporate Compliance Plan
NAME OF PROFESSOR
Corporate Compliance Plan
Memo to: Riordan Officers and Directors
From: YOUR NAME
Re: Managing legal liability
This memo implements enterprise risk management such as prevention and management strategies for Riordan officers and directors (O/D) to implement in areas of legal risk based on the Committee of Sponsoring Organizations of the Treadway Commission’s (COSO) recommendations. COSO in a voluntary private organization that helps businesses establish, “more effective, efficient, and ethical business operations on a global basis.” (COSO, 2008).
Alternative Dispute Resolution (ADR)
Legal Principle: ADR is an alternative form of settling legal disputes that is less costly and time consuming than courtroom litigation. (Jennings, 2006). Binding arbitration, for example, is where the dispute cannot be escalated to a formal litigation. (Jennings, 2006).
Laws: Business torts include intentional, liability, and strict tort liability such as invasion of privacy, negligence—when a party does not live up to the expected standard of care, or strict tort liability—when there are few defenses to a direct violation of a federal law. (Jennings, 2006).
Liability: Riordan’s O/D who will be held liable for the tort of negligence if, for example, a custom heart valve is defective causing harm or death to the patient. (UOP, 2008). Legal consequences may include fines or prison time. (Jennings, 2006).
Prevention: Proper quality and control; meet ISO 9000 standards in the research and development (R&D) department (UOP, 2008); ensure proper disposal of chemical substances and wastes (Jennings, 2006); proper training on factory equipment. (Jennings, 2006).
Detection: Proper management practices will aid in the detection of potential violations. These include: constant worker feedback, monitoring of products, checking of... [continues]
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