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Riordan Corporate Compliance Plan - Essay Example

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RUNNING HEADING: Legal Compliance Plan for Riordan Productions Name Subject School Professor Date Total Word Count: 2100 words (excluding heading, headers, references in-text, etc) Legal Corporate Compliance Plan for Riordan Productions Riordan Productions is a fully owned subsidiary of Riordan Industries limited, and they have yearly revenue of $54 million and annual turnover of $300 million…
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Riordan Corporate Compliance Plan
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Download file to see previous pages Riordan attracts customers from various industries including, electronic companies, household item producers, defense, bottlers, aircraft, and even software companies. The entire vendor management and human resource management systems that Riordan uses in its various branches in the United States are with an Oracle system. The Vendor management and the HR management system are available on the Riordan website and almost all the processes are done including, placing the orders, tracking the order, accepting delivery, and process management. The management system automatically delivers e-mails to the relevant persons once a transaction gets generated through the e-mail engine. The Riordan Corporate Compliance should be created and approved by the senior management or Board of the company and stick to the regulations that may be applicable in various states the company is functioning. Third, the Compliance plan should also give importance to monitoring and auditing the system and ensuring that enforcement and breaches are addressed appropriately. In such a manner, the legal compliance plan should meet the legal standards and be in line with the legislations of that particular nation. Legal Compliance Plan Introduction Riordan Production is a manufacturing and productions company concerned with the manufacture of plastics, polymers, electrical appliances, and household appliances. It will not only sell the appliances to other businesses but also to the end consumer. Initially, Riordan was a company that supplied other companies, and it has been recently until which Riordan has entered the relationship sector. Within the company, Riordan consider meeting certain legal and ethical obligation concerned with business and comply with the standard business practice. The legal compliance document of Riordan will not only ensure that the ethical and legal obligation of the company and the manner in which it functions is known to others. This also ensure that the various stakeholders concerned, including employees, other businesses, companies, partners, and the government, are aware of these standards and the manner in which the company functions. The Company compliance plan will chalk out the legal and the ethical commitments and the set of standards that has to be followed during the business practices. The important aspects of corporate compliance are • Enterprise liability • Tangible property and intangible property (intellectual property) • Governance principles of regulatory compliance requirements • The specific international laws This compliance plan created by the company senior management and approved by the Management Board of Riordan Productions. It sets the basic framework and the manner in which the business is conducted. It shall be binding on the company management, employees, contractors, and the third parties who do business with Riordan Productions. The compliance plan will also be binding on the managers and the supervisors. Some of the important set of functions includes Standard policies and guidelines to be adhered to concerned employee management, risk identification, risk management, evaluation, monitoring, implementing corrective processes, and managing the property/assets. Legal Standards Riordan Productions is a manufacturing hub and would be appointing, supporting, and using the services of the human ...Download file to see next pagesRead More
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