Corporate Compliance at Riordan Manufacturing
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Corporate Compliance at Riordan Manufacturing
UOP LAW/521
May 25, 2010
Corporate Compliance at Riordan Manufacturing
Governance
Corporate governance is the set of control and direction under which a Corporation operates through processes, customs, policies, laws, and institutions affecting the way a corporation (or company) is directed, administered, or controlled. Corporate governance principles include: examination of compensation paid to executives, accounting internal controls, verifying accuracy of financial statements, and control over management risk.
Riordan Manufacturing will elect a board of directors to protect the interests of the company's shareholders. To be in compliance with Sarbanes-Oxley, the board of directors will consist of a majority of independent members (Jennings, p. 862, 2006). The most important function of corporate governance is to ensure financial statements comply with statutory and ethical rules. The board of directors will verify accountants and auditors are honest and competent.
The 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 those risks to be within its risk tolerance appetite, to provide reasonable assurance regarding the achievement of entity objectives" (BusinessDictionary, n.p., 2010). The management of risk involves mitigating negative risk at the same time taking advantage of positive risk. Riordan’s board of directors are responsible for establishing an enterprise risk management philosophy that would enable management to effectively deal with uncertainty when implementing an enterprise risk management plan for the company.
Corporate Compliance at Riordan Manufacturing
Riordan Manufacturing is a global plastics manufacturer. Doctor Riordan started Riordan Plastics, Inc. in 1991 and the...
UOP LAW/521
May 25, 2010
Corporate Compliance at Riordan Manufacturing
Governance
Corporate governance is the set of control and direction under which a Corporation operates through processes, customs, policies, laws, and institutions affecting the way a corporation (or company) is directed, administered, or controlled. Corporate governance principles include: examination of compensation paid to executives, accounting internal controls, verifying accuracy of financial statements, and control over management risk.
Riordan Manufacturing will elect a board of directors to protect the interests of the company's shareholders. To be in compliance with Sarbanes-Oxley, the board of directors will consist of a majority of independent members (Jennings, p. 862, 2006). The most important function of corporate governance is to ensure financial statements comply with statutory and ethical rules. The board of directors will verify accountants and auditors are honest and competent.
The 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 those risks to be within its risk tolerance appetite, to provide reasonable assurance regarding the achievement of entity objectives" (BusinessDictionary, n.p., 2010). The management of risk involves mitigating negative risk at the same time taking advantage of positive risk. Riordan’s board of directors are responsible for establishing an enterprise risk management philosophy that would enable management to effectively deal with uncertainty when implementing an enterprise risk management plan for the company.
Corporate Compliance at Riordan Manufacturing
Riordan Manufacturing is a global plastics manufacturer. Doctor Riordan started Riordan Plastics, Inc. in 1991 and the...