Bus Law-Corporate Compliance Plan

In: Business and Management

Submitted By awallace
Words 3991
Pages 16
Corporate Compliance Plan: Riordan Manufacturing

Corporate governance can be thought of as the overall umbrella of control and direction under which a corporation operates. Enterprise Risk Management (ERM) is “a process, effected by an entity's board of directors, management and other personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect the entity, and manage risks to be within its risk appetite and to provide reasonable assurance regarding the achievement of entity objectives,” (BusinessDictionary.com, 2008). Ideal management of risk involves mitigating negative risk while taking advantage of positive risk. The board of directors is responsible for establishing an enterprise risk management philosophy that guides senior management when implementing an enterprise risk management plan for the company. Internal controls are a subset of ERM. “Internal control is broadly defined as a process, effected by an entity's board of directors, management and other personnel, designed to provide reasonable assurance regarding the achievement of objectives in the following categories: effectiveness and efficiency of operations; reliability of financial reporting; compliance with applicable laws and regulations” (COSO, 2008). Internal controls assure accuracy of reporting of information and objectives.
To develop a corporate compliance plan for Riordan Manufacturing, the three areas of concern should include the proposal, the outline of duties, and according to the US Sentencing Guidelines components, there should also be relevant compliance standards and procedures, a program oversight, the standards that will be applied to delegated authority, employee training programs, monitoring and auditing systems, enforcement procedures and the responses for any breach of the compliance plan and corrective actions…...

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