Corporate Compliance Essay

506 words - 3 pages

RESOLUTION

According to Cheeseman, 2010 The use of court system to resolve business and other disputes such as conflicts, disagreements, discrepancies, and controversies among employees, can take months, years, and cost thousand, or even millions of dollars in legal fees and expense. To avoid or reduce these problems, businesses are increasingly turning to methods of Alternative Dispute Resolutions (ADR), and other aids to resolve disputes. The most common ADR is arbitration. Other forms of ADR is mediation, conciliation, mini-trial, fact-finding, and using a judicial referee. Riordan will consider and exercise some form of ADR to minimize the potential risk of litigation.

Employees will utilize its chain-of-command when there is a concern, gripes,or concern. The immediate supervisor will have 72 hours to resolve or ...view middle of the document...

Riordan have zero tolerance for any employee that does not conduct themselves ethically or responsibly. Riordan holds directors or officials personally for Breach of Duty. A breach of duty of care is the failure to exercise care. In other words, it is the failure to act as a reasonable person would act (Cheeseman, 2010).

After looking at Riordan ______________, I didn't notice any board meeting minutes being recorded and the governance plan. The governance plan does not identify who tracks the board meeting minutes, and who would step in if the assigned person is unable to attend. It is important to record board meeting minutes. It creates an official record of events that transpire during a meeting. Minutes also demonstrate
that the board is fulfilling its duty of care.

Board member absence should be noted in the minutes. Board members should be aware that their absence from a meeting of the board does not relieve them from their duty of care, obedience, loyalty.

After each board meeting: Board meeting minutes should be written and distributed immediately.

You are required to retain the board meeting minutes with your business records and update them annually.

The following compliance mechanism correspond to each of the "7 steps" towards due diligence in implementing a effective corporate compliance program:

1 Code of Conduct: A statement of corporate management Philosophy
2 Compliance officer and compliance committee
3 Screening applicants: verification and background checks and monitor current employee
4 Code of Conduct: Compliance and ethics training
5 Compliance Auditing: Risk assessment inventory; forensic accounting examinations, neutral, independent, confidential, external "hotline" without fear of retribution
6 Establish disciplinary system to include types and grounds of disciplinary action
7 Program assessment and modification after offense has been detected.
8

Other assignments on Corporate Compliance

Good Corporate Governance Essay

1723 words - 7 pages Good corporate governance Corporate governance is the set of processes, customs, policies, laws and institutions affecting the way in which a corporation is directed, administered or controlled. Corporate governance also includes the relationships among the many players involved (the stakeholders) and the goals for which the corporation is governed. The principal players are the shareholders, management and the board of directors

Business Law Essay

2043 words - 9 pages Riordan Corporate Compliance Plan LAW/531 June 11, 2012 James Mc Phail Riordan Corporate Compliance Plan Riordan Manufacturing, Inc. Riordan Manufacturing is a global and international company that produces and sells plastic parts for the beverage manufacturing industry, automotive industry, aircraft manufacturers, and fan manufacturers. Riordan owns four major facilities in the United States Albany, Pontiac, Michigan, and

Bjhkh

2668 words - 11 pages , Allocative Efficiency and Cost Efficiency. The data is collected from State Bank of Pakistan. The corporate governance variables such as ownership concentration (OC), board size (BS), independent Audit Committee (IAC) and tier shari’s compliance structure (TSC) in case of Islamic banks is used. These variables are chosen on the basis of previous literature. The ownership concentration is defined as the majority of the shares are held by a

Marketing Mix

409 words - 2 pages Katherine L. Tan Director and Treasurer Kingson U. Sian Director Kendrick Andrew L. Tan Director Alejo L. Villanueva, Jr. Independent Director Miguel B. Varela Independent Director Dina D.R. Inting Chief Finance Officer, Corporate Information Officer and Compliance Officer Dominic V. Isberto Corporate Secretary Rolando D. Siatela Assistant Corporate Secretary Annual Stockholders Meeting: Business Development: Reference: http://www.emperadorbrandy.com/about_board-of-directors.html http://edge.pse.com.ph/companyInformation/form.do?cmpy_id=632

Riordan Manufacturing

590 words - 3 pages Riordan’s Finance & Accounting Riordan Manufacturing has three operating locations Georgia, Michigan, and California plus a joint venture in Hangzhou, China. Basically, the operating entities each have their own Finance & Accounting Systems and they provide input that is consolidated at Corporate San Jose. Riordan’s F & A system supports several parts of their operation that includes general ledger, accounts payable, accounts

Rrdfcj Nnmm

2070 words - 9 pages Corporate Social Responsibility practices in India * Vivek Srivastava **Shashank ***Shivdeep Singh Introduction: - Today, businesses are expected to extend their attention beyond stockholders, customers and employees to include other stakeholders such as the community and environment. The concept of corporate social responsibility (CSR) emerged expectations and consists of transparent organizational management; careful consideration of the

Auditing

2531 words - 11 pages corporate governance is to evaluates corporate activities, controls or procedures and ensures that they are adequate and in compliance with senior management's recommendations and human resources guidelines. An internal audit also helps a firm adhere with regulatory standards and industry practices.An internal auditor evaluates a firm's processes, "controls" and mechanisms to ensure that they are "adequate" and "functional". A control is a group

Psychological Motivation

3934 words - 16 pages -compliance may also be generated through under reporting of income by relatively less wealthy tax payers when they work in shadow economy i.e. when they work in unorganized sector. The corporate tax payers, on the other hand, adopt the technique of utilizing court verdicts in interpreting the provisions of taxing law, adopting sophisticated trading schemes which allow evading tax accruing out of commodity transaction. They also utilize their

Internal Control

529 words - 3 pages Introduction: In recent decades, there has been a rising focus on management corporate behaviour, ethical responsibilities, and internal controls due to the increasing number of corporate fiascos. The Arthur Andersen scandal was one of many conducted worldwide and an example of how things can go wrong in the public sector. This report will briefly describe the Arthur Andersen scandal, analyze the major failure elements that led to the scandal

The Scrushy Way

1617 words - 7 pages -Oxley Legislation The problem to be investigated is how Sarbanes-Oxley legislation improved corporate governance and improved the accuracy and reliability of corporate disclosures. The Sarbanes-Oxley Act of 2002 (SOX), named after its primary sponsors in both the US House and Senate, was a bipartisan bill designed to restore investor confidence. The bill was sent by the legislature to the White House and signed by President George W. Bush

Jjt2 - Social Responsibility

3274 words - 14 pages environment. This social responsibility serves to increase profits and good will of shareholders in the long run. Corporate Social Responsibility (CSR) should be focused on four primary categories: • Environmental Impact • Ethical Leadership and Business Practices • Organizational Viability • Legal and Regulatory Compliance Environmental Impact For nearly 25 years, SunCoast Industries has been the industry leader in implementing

Similar Documents

Term House Essay

484 words - 2 pages , discrimination, and harassment, conflict of interest, trading, confidentiality, compliance, consequences, and corporate citizenship” (NASW, 2012). When employees are aware of the consequences of their actions and the rules they must abide by, non-compliance issues can be greatly reduced in the company. The cost to adhere to compliance in an organization and the risks of non-compliance are the following. “Ponemon Research puts the cost of

Sarbanes Oxley Act Essay

313 words - 2 pages statements and are able to assess the financial strength and stability of publicly traded companies when making investment decisions. American businesses now have stronger corporate governance as companies are more focused on being compliant and honest in their business practices. Sarbanes Oxley has helped to reduce the number of fraudulent financial / accounting activities in publicly traded companies and has also forced companies to have stronger

Sales Ethics Essay

642 words - 3 pages the quest to meet the annually increasing shareholder demands, have often slipped into a culture of selfinterest. Ethical behaviour is seen as a compliance issue rather than an avenue to sustainable advantage. Fortunately South African companies are focused on compliance-based activities of corporate governance. Unfortunately, whilst helpful, good corporate governance does not necessarily make an organisation an ethical one. Company leaders cannot

Corporate Governance Essay

1225 words - 5 pages the Company with a view to put the available resources at optimum use, increase operational efficiency and enhance shareholders’ wealth. Company’s Corporate Governance philosophy is equity, fairplay, judicious utilization of resources, responsiveness towards stakeholders such as shareholders, lenders, customers, vendors, employees, society’s needs, empowerment of human resource, preserving natural heritage, strengthening administrative structure, its systems, policies and procedures. | BOARD SECRETARIAT | | | Does the Company has a Chief Compliance Officer | Yes | | Is the Chief Compliance Officer same as the Company Secretary | Yes |