Riordan Corporate Compliance Plan - Contract Essay Example
A corporate compliance plan is a system that is designed to detect and prevent violations of the law by agents, employees, officers and directors of the business - Riordan Corporate Compliance Plan introduction. Guidelines for penalties and punishment for corporate crime are needed to promote good working behavior. The penalties that are associated with these guidelines can range anywhere from fines, corporate probation and even imprisonment. Following specific steps or guidelines can make you corporate compliance plan effective. One thing that will hold the plan together is consistency.
Liability to the Officers and Directors. Offices and directories have the responsibility to practice due diligence with regards to the organization with which they are employed or represent. The three basic duties of the directors of Riordan are diligence, loyalty, and obedience. Their duty of diligence is simply that in the interest of the organization they act in good faith and with reason. They have a duty to be loyal to their company. This is clearly placing the organization before their personal needs. Lastly the duty to obedience or to obey the laws and polices within the scope of the organization. Though these rules or guidelines seem very minute they can be task to enforce.
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Officers and directors can be held liable for failure to abide by statue or non-compliance to the organization. Some examples are financial loses, wrongful dismissal, and employee discrimination. Such failure can be avoided by implementing effective risk management. Training should be implemented to ensure that directors and officers are aware negligence and reliability. Directors should be able to follow the financial flow of the organization. They should be trained on statutory and civil liabilities as well as the risk associated with being a director of an organization. The irector and officers should know what information could be discussed outside of the work environment. They should know handle confidant and sensitive information. Lastly not accepting gifts for company duties. Riordan should ensure directors are aware of the organization’s operations and affairs. Maintain formalized operating policies and procedures for all activities within the organization’s control. This is where they can implement financial management policy and reporting guidelines. There should be a level of security that requires access through passwords that should be frequently changed.
Formal job descriptions should be with experience required, training required and duties to be performed. There should also be a performed plan created to ensure that we all employees are held to the same standards. This will reduce wrongful termination. Create a formal chain of command with respect to reporting. All decisions that are made should be documented. Working closely with legal representatives in making decisions. Implement a whistle blowers policy that is well communicated to staff and volunteers and give them proper information and to whom they should report.
These steps will ensure that directors and officers area aware of their role in the Riorban. Enterprise Liability Breach of contract is a term that can cover several areas and issues can turn for a worst when a contract is not met. Performance is sometimes interrupted by unforeseen events and cause deadlines to be missed. Cost and demand are other issues that can affect a contractual agreement. Demand may rise during the contract period causing lower quality and cost can fluctuate higher than anticipated. Training can greatly reduce many risk associated with employee failure do to lake of knowledge.
A company can focus on hiring for specific qualifications and experience that match the positions for which someone applies. Education about a specific field where some wants to work can bring about success to that individual and the company. People who desire to learn more about their position should be placed in entry-level roles. This way it gives them time to learn how important their role is to the company. The entry-level worker needs to have some understanding as to how the company operates. New hires should be trained to their specific job. This training could foster the feeling that this job is worthwhile to the employee.
They will feel that the company has a vested interest in them. Once hired training should be ongoing. When doctors are trained thoroughly to do their jobs they still have get continued education in order to stay up to date on things. The continued training will help employees plan for the future. Performance should be documented with peer reviews whether good or bad. It is better for a company to train staff so that time and money can be saved from high turnover. Continued education will give and employee a sense of worth to the company. The company has just vested more training in them and this make the employee want more.
Knowledge can equal success. A good rule of thumb is to require a certain level of education prior to being hired. This will weed out several candidates and good way to find good people. Human resources manager is a vital key when involved with training. This manager should have excellent communication skills regardless of the audience. They should be able to identify workmanship and work ethic. When confronted with poor quality work they should e able to confront the issues with enhancing more negative results. One major component to success is communication.
This should be an open door policy with respect to any manager from the employee’s point of view. When changes occur in policy, guidelines, regulations or law management should be aware and disperse that information to its employees so that they can perform their jobs without fault and without error. This way they are more aware of what they are doing and being more cautious not to break any of these rules or regulations. To prevent the breaking of any rules or regulations and internal audit should be performed on a regular basis without notice. This will shine a light on areas that are being overlooked or lax.
It will also bring to light any illegal activities that are going on within the company. This will be money well spent in contrast to legal alternatives. Keeping updated with the standards of operations and best practices in an industry should be placed on the list of things for everyone to be doing. Internal audit help with accountability through out the organization. Taking short cuts will happen when there is no one watching. Auditing will decrease the likelihood of that happening. Employees and staff, making them more experienced, should understand current laws and issues.
Know how to be compliant and actually being compliant are two different issues. Disciplinary actions should be set forth in policies and procedures of the company. The company should stay firm on discipline, as it will assist in external audits and investigations. How to settle disputes in reference to a contract should be precise, as it will help with keeping a positive outlook. This will always foster a great working environment. International Law Riordan when shipping internationally should research all laws, processes, and culture backgrounds.
While Riordan is dealing with China employees should have an active knowledge China regulations and operations, as well as, Riordan. Changes in foreign policy with regards to imports need to forward up the chain of command. The right people need to available to inspect products before products are packaged or shipped. This will eliminate loss on counterfeit products and recalled products and save several dollars. The money market needs to be research in reference to current value of money when doing business in any foreign country. Tangible and Intellectual Property Riordan owns both tangible and intellectual property.
Contracts should be drawn to ensure the proper care of the properties. The use of the property should document and proper instruction should be given with how to use such property, if they are operable. Any risks that need to be shared should be done before property is used. For Intellectual property, the proper forms should be filed within any state, county and foreign countries stating out rights to use any names in order to do business legally. Patents, copyrights, and trademarks need to filed and recorded so anyone can identify our right to use property that we have created internally.
Failure to abide by the rules should result in termination. Conclusion Riordan sole purpose as a company is to be profitable. Laws being followed will ensure that Riordan is protected and profitable. The authority to act on behalf of the company is only given to a certain officers and directors. This information should be noted and contracted. Other right and responsibilities should be handles by other department officer that oversee daily task. There should be protection from harm by a company’s production or products. Key member must stay informed of important issues and changes o avoid lawsuits or being fined. An Outline has been created on how to provide profits to shareholders and keep enterprise value outlined by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Avoiding risks by failing to adhere to regulations can be rewarding to any company. Proper documentation and correct recording methods are vital part to the success to providing proof. The records will show how well the company is being run and the measure taken to do so. To keep Riordan profitable we must abide by state, local and foreign laws and policies. This plan can only lead to success.