Riordan Manufacturing Inc. is a global plastics manufacturer with facilities in San Jose, CA, Albany, GA, Pontiac, MI, and Hangzhou, China. The projected annual earnings for Riordan are $46 million. To achieve the projected earnings and financial profitability, the Riordan Board of Directors (BD) will need to focus on the formation of Riordan’s Corporate Compliance Plan (CCP).
The CCP will provide to BD of Riordan the prevention and management course of action of legal aspects. The aspects will be focused on enterprise liability, real and intellectual property, governance principles of regulatory compliance requirements, and specific international laws that must be adhered to Riordan Manufacturing and the stages for employees to adhere to these laws. Also implementing Enterprise Risk Management (ERM) based on the Committee of Sponsoring Organizations of the Treadway Commission (COSO) eight interrelated components.
II. Mission Statement
According to Riordan mission “Six Sigma, leading edge R&D and exceeding ISO 9000 standards define the attitude and abilities of Riordan Manufacturing. We are industry leaders in using polymer materials to provide solutions to our customer’s challenges. Our R&D is, and will remain, the industry leader in identifying industry trends” (University of Phoenix, 2012).
III. Enterprise Liability and Product Liability
Enterprise liability is critical for the management because managers represent the organization and will be held liable for actions and decisions in the areas of corporate responsibility they foresee. Employing Enterprise Risk Management throughout areas such as corporate responsibility; specifically mitigating risk where possible without degradation of product, services, and profitability. Ensure every employee is trained to report violations and circumstances that are abnormal or they are not sure how to proceed. Specifically managers are “agents” of Riordan and have
References: Cheeseman, H. R. (2010). Business Law: Legal Environment, Online Commerce, Business Ethics, and International Issues (7th ed.). Upper Saddle River, NJ: Prentice Hall. Praxiom research group limited. (2009). Retrieved from: http://www.praxiom.com/iso-intro.htm Steinberg, R.M. (2011). Using the new COSO Risk-Management Guidance. Retrieved from University of Phoenix, LAW531 website. University of Phoenix. (2004). Enterprise Risk Management – Integrated Framework. Retrieved from University of Phoenix, LAW531 website. University of Phoenix. (2006). Riordan Manufacturing. Retrieved from University of Phoenix, LAW531 website