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Corporate Compliance Plan for Riordan - Essay Example

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Riordan: Corporate Compliance Plan Riordan: Corporate Compliance Plan Introduction Riordan Manufacturing is an international plastics manufacturer. It manufactures plastic beverage containers, custom plastic parts and plastic fan parts. It is a Delaware Corporation, however has plants situated throughout the U.S…
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Corporate Compliance Plan for Riordan
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Download file to see previous pages As such a framework of codes of conduct and regulations which are in conformity with the various Federal, State and International laws is to be built. Such a Frame work shall act as a means and tool to mitigate any possible legal risks and liabilities The compliance plan should move ahead with Enterprise Risk management as a starting point with COSO risk guidelines as a basis (Steinberg, 2011). From a risk and liability mitigation perspective, the most impending aspect of the issues arising out of the numerous business and related transactions would be the underlying conflict. Thus, a separate mechanism for addressing the conflicts or disputes emanating from business transactions should be put in place. In order to avoid high litigation costs, a more preventive approach for conflict resolution that is Alternative Dispute Resolution should be implemented such that it is in consonance with ADR clause of the applicable Local/Regional and International Laws. Riordan already has a corporate governance plan in existence. As per the plan, the Riordan Board of Directors should carry out the overall responsibility of the company as per the state corporate requirements. The plan specifies the board leadership roles, compensation and performance criteria, meetings etiquette and proceedings, committee matters and membership as well as operational and financial responsibilities of the board. Riordan has appointed Lowell Bradford the Legal Counsel who directly oversees the legal matters for the company. All the legal matters from various departments are forwarded to him, which he addresses based on his experience and knowledge and when required in consultation with Litteral and Finkel, the International Law Firm retained by the company. As per the above discussion in light of the most recent strategic decision of the company to move its China operations from Hangzhou to Shanghai, the possible legal risks and the liabilities shall be addressed as follows: ADR: Riordan should stipulate guidelines for its legal department to follow in order to avoid possible costly litigations as also the long term effectiveness of the conflict resolution. Towards the same goal, it should adopt an Alternative Dispute Resolution (ADR) strategy which is in consonance with the ADR clause of the state corporation laws. As an effective strategy, the most important aspect of ADR from business conflict resolution viewpoint is to adopt a win-win attitude (Barbara & Corvette, p. 266). Based on the COSO risk management strategy (Steinberg, 2011), Riordan should decide upon whether Mediation or Arbitration would be an effective approach in the given situation. As such the authority to decide upon the same should rest with Lowell Bradford, the legal counsel. The authority to choose the Arbitrator and/or mediator for the same shall also rest with Mr. Bradford, however, he shall have a consultative role, whereas the legal board of Directors shall have a collective and final say in the matter. However, a Binding-mediation strategy (Jentz, Miller, & Cross, 2008, p. 40) shall be the most appropriate strategy for Riordan. The possible disputes that might arise from the relocation in the form of possible disagreement with the existing workforce over the termination of work contracts as well as vendor contracts resulting from the relocation. In order to address and mitigate the possible risks of disputes arising from ...Download file to see next pagesRead More
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