Law 531 Week 6 Essay

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Riordan Corporate Compliance Plan Riordan Corporate Compliance Plan Riordan Manufacturing Incorporated operates using a corporate compliance plan to ensure the business operates in an ethical manner and is in compliance with national and international laws. The business uses alternative dispute resolution (ADR) to resolve issues. The compliance plan covers enterprise liability, real and intellectual property, governance of regulatory compliance requirements, and international laws necessary to conduct operations outside the United States. Riordan uses the eight-step Enterprise Risk Management (ERM) process to identify and manage risks that provide potentially negative consequences for the company. Riordan Manufacturing Inc. is a global leader in the plastic injection molding industry. The company is wholly owned by Riordan Industries, a Fortune 1000 enterprise with revenues in excess of $1 billion. The company requires a corporate compliance plan to implement their ethical standards as identified in Riordan’s standard operating procedures. Alternative Dispute Resolution Plan Riordan will adopt the ADR method of settling disputes. ADR uses mediation and arbitration in resolving disputes to avoid the time and expense of using the court system. Mediation and arbitration processes will incorporate an impartial third party to resolve disputes between Riordan, their partners, and customers. Mediation involves both sides in a dispute meeting with the mediator to present their representative side of the dispute. The mediator’s responsibility is to assist in resolving the issue versus making a decision. The dispute process may result in a binding or nonbinding agreement, depending on the parameters agreed to by the disputing parties. If the mediation process is unsuccessful, the parties may proceed to arbitration. Arbitration is a process to settle a
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