Read the article "Using the New COSO Risk-Management Guidance".
Read The Executive Summary of the article Enterprise Risk
Management — Integrated Framework at the COSO website:
•On the home page, click the Guidance tab.
•Select the Enterprise Risk Management link.
•Select the Download (English) the free executive summary link.
Research additional information in the Guidance and Resources sections at the COSO website.
View the Riordan virtual organization.
Create a corporate compliance plan consisting of no more than 2,450 words for Riordan. Focus your plan on managing the legal liability of officers and directors of Riordan. The plan must also address how to handle situations when laws are violated or in question (such as when to call in legal counsel, what rights the employees have, or who to turn to when actions are taken against Riordan). Your plan must also include the following:
•Real and intellectual property
•Governance principles of regulatory compliance requirements •The specific international laws or aspects of the law that must be adhered to by Riordan and an outline of these steps for employees to adhere to these laws
Format your Corporate Compliance Plan as if you were going to distribute this to the officers and directors of Riordan. Outline the prevention and management guidelines of the legal aspects listed above. Implement enterprise risk management based on the COSO’s 8 interrelated components. COSO can be used to structure your plan. Be sure to incorporate key concepts from your readings where appropriate. You need to research requirements at the COSO website.
Use at least two citations. The paper should be formatted in APA format.
Riordan Corporate Compliance Plan
Riordan Corporate Compliance Plan
Riordan Manufacturing, as a global plastics manufacturing company, has become a pioneer in its industry and has an employment base of approximately 550 people and has an annual earnings projected around $46 million. The company possesses a plant in Albany, Georgia that produces containers for beverage companies, a plant for manufacturing custom plastics in Pontiac, Michigan, and its Hangzhou, China plant develops plastic parts for fans. Riordan’s research and development group holds the title as the industry leader in identifying industry trends in research and development. Research and development activities are performed at Riordan’s corporate headquarters in San Jose, California. Beverage companies, automotive, aircraft, and appliance parts manufacturers and the Department of Defense are clients who can be found at the top of Riordan’s list of customers (University of Phoenix, 2012).
Riordan Manufacturing has recently suffered some strategic changes in the production and marketing areas. There are times when these types of changes begin to affect employee retention numbers. In order to make a business prosper, the company must take care of their employees. These leaders are concerned that employees might have private information and share it with commercial competitors. The other issue is that management is troubled that employees may leave because of substandard wages, lack of advancement opportunity, and conflict of opinions between employees and management. This is important for the corporation to find the problem quickly because three managerial personnel have left in the past three months because of poor incentive packages or substandard wages. Riordan Manufacturing must fix these issues or the projected milestones and deadlines could be affected (University of Phoenix, 2012).
To restructure the company,...