]Riordan Corporate Compliance Plan Riordan Manufacturing is an industry leader in the field of plastic injection molding and customizable designs. They also manufacture precision medical devices and fans to any cooling devices that can meet consumer’s needs in a unique way. According to their website their mission is to remain on the leading edge of research and development, and exceeding ISO 9000 standards define the attitude and abilities of Riordan Manufacturing (Employee Site, 2012). In 2000 it opened its operations in China and they transferred all their operations from Michigan to China. They are focused and engaged on achieving the most profit to insure financial and human capital growth. In order for Riordan to maintain compliance with any governance policies they have several boards that oversee what they are doing. I will give you a description of what should be done when laws are violated or being questioned and also how directors of Riordan should handle certain liabilities since they are in charge. Risk is also an important factor that can severely impact this organization if it is not rightfully mitigated.
Enterprise Liability First of all, Riordan should have a written contract for all their buyers and should also have an alternate dispute resolution stated on this contract in order to minimize Riordan’s potential risk of litigation. This statement on their contracts will save them from having to go through litigation, which can take years and cause a lot of money down the drain. The Committee of Sponsoring Organizations (COSO) was designed to assist companies with implementing a risk management process. This organization is useful and helps companies by posting reports on how topics such as enterprise risk management, internal controls and fraud deterrence. In my opinion the most important one would be Enterprise Risk Management, because it is always important for a company to figure out the appropriate methods to manage risk and seize opportunities helpful to achieving their goals or objectives. Although Riordan should also emphasize on fraud deterrence and internal controls I believe it all begins with risk management because this is what will help a company grow by allowing and choosing the rights steps and doing enough research so the company can prosper instead of failing. In the article by Richard M. Steinberg he states seven themes, which are keys to success, and I found this interesting because they are all helpful. In particular, “Focus on a small number of top risks” (Steinberg, pg. 36. 2011.) By reading a different number of article on companies whom have failed I believe this is the number one reason why because they try to focus on either to many risks or just don’t pay any attention to them. It is important for a Riordan to adopt the COSO structure for their own company because they are supported by five organizations and they have a breakdown that serves the purpose of informing the company step by step what should be done in order to stay in compliance and prevail. They touch on the three major elements important for any organization with risk management being the most important. I found an article on their website that was really interesting, “Developing Key Risk Indicators to Strengthen Enterprise Risk Management” and it identifies the importance of key risk indicators and how to identify and communicate these indicators so others know what should be done. Businesses need to stay on top of their competitors so when they produce a new product or something that will compete against them they know how to stay in the game and not loose so much from it. If companies are able to recognize these indicators early they can prevent future looses or even failure. Overall the COSO organization can benefit Riordan if it is read and understood and followed properly. Riordan should be better prepared for any unforeseen
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Corporate Compliance Plan for Riordan Manufacturing University of Phoenix Riordan Manufacturing is a profitable plastics manufacturer with annual earnings of $46 million. The company is wholly owned by Riordan Industries, a Fortune 1000 company with revenues over $1 billion. The following are some of the products produced by Riordan Industries: plastic bottles, fans, heart valves, medial stents, and custom plastic parts (Virtual Organization, 2009). This compliance plan will state the company's…
Company Overview Riordan manufacturing is a global plastics manufacturer owned by Riordan Industries, a Fortune 1000 enterprise. They employ 500+ employees by which some gross up to $46 million annually. The company has also accomplished the financial growth of more than $1 billion. They are consistently focused on providing feasible product solution and quality to their customers. They believe in being the solution than being a part of the problem. This would imply that Riordan savors the importance…
Change Management and Communication Plan Sharessa Bass, Tata Burris, Damekiya Washington Organizational Development March 19, 2015 Dr. David Magee Introduction Upon the initial interview that my consultant group and I had with Riordan Manufacturing we were under the impression that the company’s organizational structure was in tack, and the organization was only in need of a customer management system. But, after a week of hands on face to face interactions with the staff within Riordan we also…
Problem Solution: Riordan Manufacturing This paper will be an analysis of the issues currently affecting Riordan Manufacturing. Riordan is facing an overall issue with low employee morale and motivation for several reasons. Changing its business strategy to team sales and support versus individual sales and support left Riordan with a compensation package not aligned with rewarding a team strategy. Desiring to remain a top player in the market Riordan needs to address several issues with performance…
in which clarifies the design or the architecture phase. Viewing the system requested by Hugh McCauley, COO of the Riordan Manufacturing, he is looking to incorporate the existing variety of their Human Resource tools in use today, into a single integrated application. Subsequently, the progress of this project relies solely on the system analyst and the management team of the Riordan Manufacturing. In the same note, the analyst must have a firm connection with all involved parties from the beginning…
Change Management and Communication Plan Names Date Course Facilitator Change Management and Communication Plan Riordan Manufacturing has acknowledged the necessity to implement a formal customer information system to be utilized by every company employee. Team A has been assigned to create a change management and communication plan for organizational leaders to execute. Team A scrutinized the Riordan company website to gain an adequate perception of the organization. The analyses yielded…
work specialization, departmentalization, chain of command, span of control, centralization and decentralization, and formalization. The most effective organizational structure for Riordan Manufacturing to use that will help them accomplish their planned changes is departmentalization. Through departmentalization, Riordan Manufacturing can group activities by functions. The manufacturing of the newly designed heart valves could be grouped into production, supply chain, purchasing, personnel, and engineering…
Going Public Through an Initial Public Offering (IPO) If and when Riordan considers going public with an IPO, the company should first consider selecting and hiring an investment banker, “a person who brings together investors and firms”, even though an investment banker is usually not a banker but instead part of a brokerage firm. An IPO is a way for businesses to bring in new funds by selling securities on the open stock market to willing investors. Depending on the company’s history and stability…
and Georgia; Riordan Manufacturing has produced annual earnings over forty six million. Riordan also has a research and development department over in San Jose California. Riordan Industries are the sole owner of Riordan Manufacturing and they are one of the Fortune 1000 enterprises with their worth being more than one billion. With having facilities in areas all over the US and even China, Riordan proves that they are a successful business. Key Stakeholders CEO Dr. Michael Riordan is one key stakeholders…
Competitive Advantage Desiree Bennett MGT/498 Aug. 4, 2014 Timothy Fiscus, MBA Competitive Advantage Riordan Manufacturing incorporated engages in plastic injection molding with operations both in the United States and China. An industry leader, Riordan is in the process of identifying strategic factors in the internal and external environment. The goal is to develop long-range plans to manage resources as well as opportunities and threats present in the environment. Emerging markets of…