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Riordan Corporate Compliance Plan - Assignment Example

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The author states that Riordan Manufacturers can ensure effective risk management in the company involving all the employees of the organization. Individuals should be allowed to give different suggestions that can be followed to ensure effective risk management in the company. …
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Riordan Corporate Compliance Plan
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Download file to see previous pages The company has grown in operation and thus, its growth comes with many risks and liabilities (eCampus, 2005). This is because, with the expansion, it will increase its capital base, resource base, and customer base. Location in different regions around the world such as China also implies that the company will be faced with different international rules and regulations that it will have to comply with. Therefore, with all these risks, the company requires a concrete risk management plan that can be used to ensure that any perils and hazards facing the employees and management of the organization are well handled. Risk management in the organization will require the involvement of a number of persons in the organization (Hopkin, 2010). This implies that the internal environment of the organization will have to be keenly assessed in order to identify the major areas that can lead to risks in the company (COSO, 2004). The objects that have been set in the company will also be keenly in order to identify ways in which the risks might lead to the failure of achieving the set objectives. In addition, both internal and external events that might lead to the occurrence of the risks in the company will also have to be identified. Once such events have been identified, the risks will then be assessed and analyzed. Policies and control actions will also be identified in order to find effective risk responses. Information will also be very important in the risk management plan. This is because; information will be used to learn more about the risks and ways of managing them. On the other hand, information has to be accompanied by communication. Once the relevant information about the risks has been identified, it has to be effectively communicated to the rest of the employees. In addition, Riordan Manufacturing will have to establish clear communication in order to ensure effective risk management (COSO, 2004). For instance, in the case of enterprise liability, the company has to ensure effective relationships with the community, in order to ensure that it minimizes its liability. After effective communication has been identified, the company will then have to monitor different sections of its operation that will require change or modification in order to ensure proper risk management (COSO, 2004). Enterprise Liability Enterprise liability refers to the responsibility that the organization has to its actions towards the public. The enterprise liability of Riordan Company involves many individuals such as the authorities responsible, the society, the employees and the management of the organization. Riordan Manufacturing is liable for a number of issues resulting from its operations (eCampus, 2005). For instance, the company is liable for any kind of pollution that it causes to the public. Since Riordan Manufacturing is a Company dealing with plastics, it might cause pollution to the environment through the gases that it emits. Therefore, this might cause a risk to the company’s operations since; higher authorities dealing with environmental conservation could sue the company. This is a risk that can only be managed by ensuring that the management of the organization communicates to the employees effectively about applying the right production methods. Employees in the company could also be trained on how to recycle waste products produced by the company.  ...Download file to see next pagesRead More
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