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Riordan Corporate Compliance Plan

Riordan Corporate Compliance Plan - Running head Riordan...

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Running head: Riordan Corporate Compliance Plan Riordan Corporate Compliance Plan University of Phoenix LAW 531 February 05, 2011 Jessica Lau
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Running head: Riordan Corporate Compliance Plan Date: February 05, 2011 Subject: Riordan Corporate Compliance Plan To: Riordan Executive Officers and Directors I. Corporate Overview a. Dr. Riordan founded Riordan Manufacturing after obtaining several patents from processing polymers into high tensile strength plastics substrates. Two years later Riordan Manufacturing expanded into the production of drink containers at the company’s first plant in Albany, GA. The development of this Corporate Compliance Plan will help to promote a commitment to ethical and moral conduct throughout operations and management. II. Enterprise Risk Management – “ERM” a. Lead by Example i. According to COSO “support from the board of directors and senior management is need to get the right focus, resources and attention for ERM” The entire corporation from top to bottom must view risk management as a critical and strategic step towards prosperity. And even though it is not the job of the directors to implement or be a part of risk management activities, they demonstrate clear support for ERM measures. It is up to top management to ensure that the resources are available, the focus is clear and the tone is positive and motivating. b. “Rome was not built in a day”
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Running head: Riordan Corporate Compliance Plan i. Riordan Manufacturing took many years to build up to it’s current level of prosperity and it will take time and effort to implement risk management properties. ERM can be a complex procedure, but it has been proven by experience that if you build on one small step at a time it can be painless and efficient. By taking it step by step they can identify and put into effect key implementations for immediate results, they can adapt the process to further the ERM process and they can evaluate each step in order to improve on the next. c. Prioritize i. Riordan cannot take on all the possible risks at once. For a company of it’s magnitude such an endeavor would be near impossible. Instead focus on the small number of key strategic risk s first. This limited focus will help to manage the complex web of problems.
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