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The global economic meltdown has made more important the role of corporate decision makers in strictly and religiously adhering to the ethical standards which companies must embrace in their domestic landscape and in the international stage. Economic and financial scams and other ugly schemes could not have come into the fore if the men at the top of the participating, coordinating and enforcement sectors were prudent enough to have deterred deceitful and fraudulent transactions. (Jill Schlesinger. 4 Ways to Avoid a Financial Scam: Don’t Get “Madoff-ed”.
June 30, 2009. CBS Moneywatch.com. [internet]). Likewise, the credit fiascos and catastrophes brought about by the intentional or un-intentional erroneous assessments and evaluations of homeowners’ capabilities to meet payment schedules could have been avoided if the loan executives were honest and decent in the fulfillment of their duties and responsibilities. (Knox, Noelle. Mortgage crisis: Homes loans are harder to get. Updated August 6, 2007. USA TODAY. [internet]) Those two examples were showcases of lapses in business governance which adversely affected the whole world and almost all the people in this planet.
The general spirit to be embodied in this Compliance Plan is being outlined along the principles and philosophies of corporate responsibility, effective implementation of manufacturing rules and polices according to high industry standards, attainment of public trust and confidence, fraud-free and corrupt-free executive officialdom, and peace and amity between and among suppliers, customers, partners and associates in the respective host states, territories and other participating sovereignties.
The red figures presentation in the income statement for accumulated deficits and comprehensive losses must be explained well in the notes to financial statements.
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A brief discussion must state the details and causes of these negatives and how the Company was able to address the same, highlighting the recent earnings performance that will ultimately wipe out the losses on record.
A comprehensive human resources program will be designed for all Company personnel by independent experts in personnel management and wages standardization. A Manual of Personnel Polices shall be included therein. Promotion and retention policies will be delineated and each permanent and regular employee shall be documented with an accompanying service contract.
Strict obedience to state, territory and sovereignty statutes appurtenant to minimum wages, compulsory benefits such as overtime, night premiums and holiday pays shall be enforced at all times. Healthcare and insurance package shall be formulated as are humanely sufficient and acceptable to all parties.
All branches, plants, main outlets and extension offices in all states, territories and sovereignties shall be mandated to be totally aware of and to fully comply with the pertinent laws, rules and regulations enumerated and listed in the respective local legislations, in the federal laws and in the Foreign Corrupt Practices Act. (Foreign Corrupt Practices Act [FCPA]. United States Department of Justice. [internet]}
In order to protect the consuming public and the Company itself, all laws, rules and regulations in every state, territory or sovereignty where Riordan is doing business, shall be complied with including, and with emphasis on, patents, copyrights, trade-names and other intellectual rights and properties. At the same time, this policy is geared toward better understanding and pleasant and desirable co-existence with each and every competitor or business rival.
Every product line will indicate warranty commitments and limitations and reservations including toxic levels and infant use. All personnel having managerial charge over manufacturing and factory works and operations shall be required to attend regular industry seminars and trainings to periodically update and upgrade products and services. For better recognition, it may be implemented in conjunction with the issuances and circulars of the International Standardization Organization. (Administration. Who standards benefit? October 2, 2008. WHAT IS ISO International Organization for Standardization. [internet]).
The customer service department of each branch, plant, main outlet or extension office shall have a complaint division to entertain all redress from customers, distributors and other end-users or recipients of Company products and services.
Financial statements shall be comprised of the balance sheet, income statement and cash flow summary. Figures will always be presented with comparisons to the calendar year immediately preceding. The statements shall be made available to the public on-line and annually via publication in a newspaper of general circulation in the respective territory, state or sovereignty. Additional requirements that are currently imposed by such territory, state or sovereignty will be complied with aside from existing Company practices on the matter.
The financial statements must likewise include rates of yield on shareholdings, tables showing the movement of the market value of the shares within the last three months prior to the year-end cut-off, and short-term business forecasts for the following or incoming year. The information and data are intended to guide prospective investors and/or buyers of the Company’s stocks with the essentials and elements of full disclosure.
While in-house financial capabilities may be sufficient, reference to duly accredited groups or associations of internal and external auditors may be had in consultation, especially those with regard to important items that need independent opinions to satisfy public perceptions and curiosity.
Company positions from vice-presidents to the lowest managerial levels shall have their performance and accomplishment assessed and evaluated on a quarterly basis. It must be seen to it that each officer strictly adheres to corporate standards, policies and practices. Foremost among the values that must be inculcated into the minds of these responsible persons are business and commercial ethics and decency in disposing of managerial options and prerogatives. Thus, it will always be seen to it that the flow of transactions and affairs are fraud-free and corrupt-free in every state, territory or sovereignty under the nurtured corporate view that the Company is run and handled by top managers who do business in the fashion of fairness and justice and under the vision of prosperity with integrity.
Top level management continuing education programs shall be designed or contracted out to reputable institutions or academic centers in order to upgrade, update, improve and enhance the human resources and capabilities of the Company’s key players. Macro managerial scopes must be focused and divided into operations and product concerns, human resources and administrative matters, legal policies and remedies and finance and accounting services.
Contracts and agreements with suppliers and distributors must be customized considering that each jurisdiction (state, territory or sovereignty) has its own peculiarities in commercial dealings, consumer culture and geographical uniqueness. A contract of adhesion is absolutely discouraged.
Due to its confessed significance and importance, every covenant must integrate an alternative dispute resolution (ADR) mechanism which must include such provisions as the choice and appointment of the arbitrator or panel of arbitrators, the extent of the value of the dispute that shall be considered for endorsement to ADR, the time-frame that must be agreed upon for the ADR process until its completion or conclusion, the venue of the proceedings, the cost-sharing of the ADR process and other pertinent terms and conditions.
The ADR shall be considered as the most effective way of preventing unfortunate disputes and controversies and strained relations. With open minds, it will be created and developed to promote peace and amity among all concerned, particularly the customers, product recipients and end-users.
The documented ADR mechanism must likewise include resort to mediation and/or arbitration remedies particularly in cases involving technical aspects which need expert and skilled judgment over a given controversy. Thus, toward that end, controversy over engineering designs, for example, must be endorsed to a mediator or arbitrator having sufficient knowledge in the engineering design field of a specific product or product line.
Reference must be had to accredited arbitration institutes like, say, the American Arbitration Association. (Dispute Resolution Services Worldwide. American Arbitration Association. [internet]) As far as the individual contract or agreement itself is concerned, details must be specified like waiver of rights over claims for defects after a certain period has elapsed from the time of receipt, damages and injuries resulting from transport and delivery by entities engaged by the customer shall not be for the account of the Company and similar particular situations and circumstances.
In the over-all concept, however, disputes or controversies with suppliers, customers and government regulatory agencies must be avoided as much as possible. It is a Company credo that it is always the objective to help the customer, the supplier and the government agencies in their own goals and objectives and in all of Riordan’s inter-actions with these entities. It is only when all peaceful and amicable means are exhausted in futility that legal and judicial relief may be considered the recourse.
Compressed in a broader understanding of the culture in business, commerce and trade, it is believed that this macro Compliance Plan, coming from the topmost level in the Riordan environment, will become a toolof magnificent importance in the furtherance of its wholesome and healthy organization. (Effective program design. Compliance and ethics program. Wikipedia. [internet]). This Compliance Plan shall become the source of core guidelines for the effective governance of every branch, plant, main outlet and extension office in all states, territories and sovereignties albeit subject to the peculiarities of the latter relating to culture, local norms, idiosyncrasies and other reasonable variants that will reconcile with the general visions, missions and objectives of corporate Riordan.
Corporate Compliance Plan in Business Management. (2020, Jun 01). Retrieved from https://studymoose.com/corporate-compliance-plan-in-business-management-essay
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