Amanda R. Sigmund
LAW 531
Business Law
Introduction By devising a corporate compliance plan, we are able to effectively find a way to handle specific issues that arise within the Riordan company. Fbb om w enterprise liability to real and intellectual property to governance principles of regulatory compliance requirement to the specific international laws that must be followed. As officers and directors of Riordan Manufactguring, you will always be concerned with the above issues, trying to devise plans to avoid conflict all while maintaining profitbility for the company.
Company Overview Riordan Manufacturing is a plastic mold injecting company. Riordan Industries is the current owner of Riordan Manufacturing. Evidentially, they are global leaders in their industry and continue to show improvements, that will, hopefully, ensure a life-long profitable company. With such a large company it is easy to drift away from important standards that are needed for a successful business. Discussing and implementing a plan for the following is the first step to this corporate compliance plan.
Enterprise Liability The most recent expansion taken place within our company is the China expansion. Our entire fan manufacturing operation was moved from Michigan, IL to China. As we strive to be “focused in achieving and maintaining reasonable profitability to assure that the financial and human capital is available for substained growth. With this being said new contracts must be written. Old contracts need to reviewed to make for certain with the changing times, the contracts are up to date and make sense with our current operations. Not only do we need to change/edit/delete/renew our contracts because they are outdated we have an obligatioach other to ensure we are receiving the most potential profit possible. New and updated contracts with new and old vendors ensures we are keeping our overheadcosts as low as possible. Another real issue involving enterprise liability is our products. Do we have the most safe versions of our products. What are the potential issues that could arise with the usage of our product. We must ensure we are using the most durab and safe products possible.
Real and Intellectuaal Property Riordan is a large company, obviously. We have real stockholders, real investors and real officers. One of our biggest goals is to be profitable. Being sich a large company, we do have a lot of real and intellectual property. There must be contractual agreements that explain very specific procedures and duties regarding these items. It is evident that not just one person from corporate Riordan will be able to pay every tax, every utility bill, every vendor bill on behalf of the entire company. With real property, we must have specific training for each piece of equipment, so as to train our employees the best way we can, minimizing risk and increasing productivity at the same time. Intellectual property on the other hand is quite different in the waay we must deal with it and protect it. Secrecy agreements must be kept in place for all employees to ensure our trade secrets are not sold to other companies by our employees, as well as proper paperwork and filing be done for patents and any other items that could protect intellectual property.
International Laws Since China has much different laws than the United States, we have to first recognize that fact and keep an open mind to it. Employees stationed in China must know Riordan’s laws within the US as well as those in China. The same applies to our United States employees. All employees will be mandated a weekly orientation on governing laws and cultures within China and the United States. This will ensure our employees are able to make more informed and educated decisions regarding our business as it pertains to any legal action.
Governance
There are quite a few regulatory compliance requirements set in place for Riordan can stay abreast and not becoming victim to embezzlement, fraud, etc. The Sarbanes-Oxley Act of 2002 (aka SOX) makes for certain that signing officers have physically reviewed financial statements for themselves and not just taking someones “word for it” as well as setting forth terms of punishment if someone does not follow the Sarbanes-Oxley Act.
Overall
Overall, Riordan has a lot of planning, scheduling, formatting and organizing to do. Evan after our intial plan and following the steps planned above there will still be a need to make sure we are staying in compliance with plans and contracts we have agreed upon. Structuring our business is half the battle but the upkeep is just as important.
References
Corporate Compliance Insights (2006). Effective Corporate Compliance Plans. Retrieved from http://www.corporatecomplianceinsights.com/effective-corporate-compliance-programs-ron-kral-candela
Corporate Compliance Ltd (2009). What is Corporate Compliance. Retrived from http://www.corporatecompliance.com/faq.htm
NPC (2011). Real and Intellectual Property. Retrieved from http://nationalparalegal.edu/public_documents/courseware_asp_files/patents/IntroIP/WhatIs.asp
References: Corporate Compliance Insights (2006). Effective Corporate Compliance Plans. Retrieved from http://www.corporatecomplianceinsights.com/effective-corporate-compliance-programs-ron-kral-candela Corporate Compliance Ltd (2009). What is Corporate Compliance. Retrived from http://www.corporatecompliance.com/faq.htm NPC (2011). Real and Intellectual Property. Retrieved from http://nationalparalegal.edu/public_documents/courseware_asp_files/patents/IntroIP/WhatIs.asp
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