Riordan Enterprise Risk Management Plan - 1294 Words

Riordan Manufacturing is a Fortune 1000 company that specializes in the plastic injection molding industry. They are an international company with facilities in California, Georgia, Michigan, and China. Their products include beverage containers, plastic fan parts, and custom plastic parts. Riordan prides themselves on their industry leading research and development (University of Phoenix, 2009). The following Enterprise Risk Management (ERM) plan was developed for Riordan Industries, Inc. and its subsidiaries. The goal of this plan is to help mitigate any legal liability on the part of Riordan by implementing the Committee of Sponsoring Organizations of the Treadway Commission (COSO) framework (Jennings, 2006). Alternative Dispute†¦show more content†¦The officers and directors of Riordan have no real authority over their Chinese partners, nor do they have any legal counsel there for support (University of Phoenix, 2009). Riordan should extend their internal legal department to include staff with expertise in Chinese regulatory compliance. Tangible Property Tangible Property is defined as the type of property we can see and touch (Jennings, 2006). At each of Riordan’s locations, they maintain a variety of tangible property, such as: general office equipment, transportation equipment, and information technology equipment. Riordan must develop a better system to track the purchase, and use of this equipment, including management of leases, maintenance, and general accounting guidelines. Riordan also maintains a supply of raw materials at each location. However, there is not currently a process in place of investigating any missing material (University of Phoenix, 2009). It is recommended that Riordan develop a process for documenting the full inventory process from delivery to use in order to assist any investigation into missing materials. In addition, Riordan needs to develop a much more robust security and emergency plan to protect these assets from theft or other damages. Intellectual Property Intellectual Property or Intangible property is defined as bundles of rights with respect to goodwill, trade names, copyrights, patents, trade dress, trade secrets (Jennings, 2006). RiordanShow MoreRelatedRiordan Virtual Organization: COSO Integration Plan for Compliance and Legal Liability745 Words   |  3 PagesRiordan Virtual Organization COSO Integration Plan for Compliance and Legal Liability for Riordan Executive Summary For Riordan to adopt COSO Enterprise Risk Management (ERM) practices in a new initiative, they are more likely to have a successful implementation if they have the full support of the board and chief executives. 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