Riordan Manufacturing

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  • Topic: Management, Committee of Sponsoring Organizations of the Treadway Commission, Risk
  • Pages : 3 (984 words )
  • Download(s) : 212
  • Published : September 6, 2010
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Riordan Manufacturing leads the industry as a global plastics manufacturer of plastic injection molding. Initially, the company under the management of Dr. Riordan focused on the research and development and successive patenting of key plastics capabilities. In 1992 they extended their focus through the purchase of a fan manufacturing plant in Pontiac, MI. and broaden development in 1993 to plastic beverage containers after acquiring an Albany GA manufacturing plant.

Riordan Manufacturing Corporate Compliance Plan An organization is a living entity which changes over time. As a result, the organization’s mission, vision, values and goals must be regularly evaluated and periodically revised. Thus, internal control is an ongoing process known as the Internal Control Cycle. With this being said, Riordan Manufacturing is issuing a Corporate Compliance Plan to determine its risks, and evaluate the policies and procedures in the identified high-risk areas to remain in compliance with The Treadway Commission and other governmental regulations. Each department’s internal control plan will be unique; however, it will be based on the same framework – the organization’s mission statement, goals and objectives, and components of internal control but at least annually. This plan will include concepts related to the Enterprise Risk Management (ERM) components of Internal Environment, Risk Assessment, Risk Response and Control Activities. It is important to realize that ERM is not a linear process but rather a multi-directional process in which almost any component can, and will, influence another component. Management’s attitude, actions, and values set the tone of an organization, influencing the control consciousness of its people. Internal controls are likely to function well if management believes that those controls are important and communicates that view to employees at all levels. If management views internal controls as unrelated to achieving its...
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