...ERM Paper LAW/531 ERM Paper The business regulation simulation presented involves Alumina Inc., a United States based aluminum manufacturing corporation located on the fringes of Lake Dira. Alumina was discovered to be in violation of environmental discharge norms following a routine EPA compliance evaluation inspection five years ago. The company subsequently corrected this violation and has since enjoyed a good overall environmental compliance record. This paper will identify potential tort risks resulting from this violation and utilize the seven-step Harb process to mitigate associated business risks. Torts Alumina Inc. is considered one of the largest aluminum makers in the world. The company operates in Erehwon and is under the EPS’s jurisdiction in region 6. The first tort against Alumina was found to be negligence. Five years ago, Alumina failed to follow the environmental discharge norms set by the EPA that resulted in high levels of PAH in the samples. Polycyclic aromatic hydrocarbons (PAH) are a family of chemicals primarily derived from oil and coal but also produced as byproducts from burning of a variety of materials (Nevison, 2008). The EPA demanded a clean-up in which Alumina quickly complied and rectified the negligence allegation. Alumina was allowed to continue business without prosecution and complied with all regulation following the incident. However, Kelly Bates, a resident of the community where Alumina operates, is claiming that her 10-year-old...
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...Lowell Adkins, Garry Hardison Jr, Rickie Morgan, Tracy Ramos 531/Law July 11, 2012 Michael J. Mills, J.D. Enterprise Risk Management Non-Linear Pro is an organization that sells and leases video editing equipment. The company claims by using their editing system it will reduce work hours on a variety of projects. Non-Linear Pro recently leased its equipment on a trial basis to Quick Takes Video; a company that edits documentaries, sports, and various events. However, during the trial the employees of Quick Takes Video, along with management, claim the product did not function properly under the agreed leasing arrangement. Nonetheless, Non-Linear Pro has taken legal action against Quick Takes Video stating they are liable for $5,000 for the use of its editing system. Quick Takes Video may countersue Non-Linear Pro under section 2A-201 of the Uniform Commercial Code (UCC) that is the basic Statute of Frauds provision for contracts for the leasing of goods (Cheeseman, 2010). In this paper the authors will identify the potential tort risk of Product Liability that has escalated between the two companies. The authors will also discuss how the proper design and execution of an Enterprise Risk Management (ERM) system would help Non-Linear Pro avoid accusations that its sales team is misrepresenting the product and using fraudulent tactics to influence customers to purchase its equipment. Management Commitment to ERM The ability to manage risk is essential to the health and...
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...Enterprise Risk Management William Briggs, D. Scott Forman, Benecia Richardson LAW/531 July 16, 2012 Sonja Dickens, Esquire Enterprise Risk Management Enterprise risk management may be defined as “people, systems, and processes working together across the organisation to systematically think about managing a wide range of risks that could impede achieving organisational objectives/opportunity” (Harb. 2008, slide 4). The student writers were asked to watch a video in which product liability was an issue. In the video, Non-Linear Pro sold an underperforming editing system to Quick Takes Video. The students were asked to identify potential tort risks in the video, to use the seven key elements of successful enterprise risk management to help mitigate associated risks, and to determine the criteria of involving legal counsel in product liability disputes. Potential Tort Risks Business-to-business sales are an important aspect of a supply and demand economy. In the video case study Product Liability the transaction demonstrated highlights some of the tort scenarios a business manager may encounter during the course of business. The torts risks in the video are classified in three categories. Although not all the tort risks are appropriate for follow up action, one tort risk is a clear violation. Through a process of analysis, the determination of the business manager may be to involve legal counsel to recover damages for the tort...
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...Enterprise Risk Management Lori Abbott Law 531 September 24, 2012 Charles Burr Enterprise Risk Management Enterprise risk management (ERM) is the latest name for a risk management approach to business risks. Forerunners of this term include corporate risk management, business risk management, strategic risk management, integrated risk management, and holistic risk management (D'Arcy, 2001). Implementing the techniques of ERM will allow businesses to manage any potential tort issues and manage any potential civil suit cases. Tort is defined as a wrongful act or damage done willfully or negligently. The circumstances involving a tort can be strict liability or breach of contract that can bring about a civil suit (Cheeseman, 2010). This paper will provide potential tort risks that arose in the product liability video between Non-Linear Pro (NLP) and Quick Takes Video (QTV), identify a tort violation, and apply the 7-step process of enterprise risk management to mitigate the business risk associated with the violation. Potential Risks Some of the potential risks for NLP are the editing system has taken longer to set up, it has defects in manufacture and design, and it is an inferior product that did not meet the expectations of QTV. QTV leased the editing system from NLP with the understanding the new editing system would save QTV a substantial amount of time. The fact the videos had to be digitalized before the editing system could used was not mentioned...
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...Liability Legal Issues LaTanya Powers LAW 531 September 17, 2012 Mike Kelley Introduction Have you been injured due to a defective product? Has the product that you just purchased failed to have the proper warning label? Better yet, has the design or the manufactured parts of the product somehow become defective? These questions are just some of the legal issues that will be presented within this paper. In addition, the legal principles that apply to each of the issues will be discussed. Product Liability is the type of law that holds manufacturers, distributors, suppliers, retailers, and others involved with the product reponsible “for any damage caused by that product (Products Liability Law). This paper will contain important factors about the Product Liability video. For example, Potential tort risks that were addressed within the video will be identified. In addition, a tort violation from the video will be identified. This, in turn, will provide the 7-step process to be applied to the risk management process to mitigate the business risk associated with that violation. Lastly, the criterion in determining if it is an appropriate situation to involve legal counsel in regards to the breach of warranty occurrence will be evaluated. Potential Tort Risks First of all, there are several potential tort risks that are addressed within the Product Liability video. Tort law basically protects individuals from various...
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...Corporate Compliance Plan Paper University of Phoenix LAW/531: Business Law Group: DB12MBA01 Joseph Balistocky, JD, MFCC April 17, 2012 Workshop 6 Riordan Corporate Compliance Plan Riordan Manufacturing is a $1 billion Fortune 100 organization with approximately 550 employees specializing in plastic patient design with operations in the United States and China that realized $46 million in revenue last year. Due to concerns originating out of the company’s expansion into e-Commerce and increasing international sales, the company has decided to implement a enterprise risk management (ERM) program based on internationally recognized Committee of Sponsoring Organization of the Treadway Commission (COSO) Guidelines. The COSO design was chosen for its emphasis on defining processes that enhance an organization’s management responsibilities, legal risks and rights of employees in relation by advocating a dispute management process (University of Phoenix, 2012). Management Responsibilities At Riordan Corporation, the executive level officers also act in a fiduciary capacity with responsibility for acting in the best interest of the organization while upholding a high standard of corporate behavior. The executive level senior management of the organization along with the internal auditor level officers of the company are included in the Riordan organizational chart with clear duty responsibilities outlined in detail with corporate...
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...How General Motors Poor Enterprise Risk Management & Managerial Decisions in the 21st Century has Effected Where They Stand Today Brittany M. Mendez North Greenville University Abstract This paper discusses the rise and fall of General Motors during the 21st century and documents many different managerial decisions that led to where the company is today. It also analyzes the enterprise risk management plan that General Motors was famous for. They were known for being a company that successfully implemented an ERM that was linked to its success after many failures. I will examine how an ERM was the framework to coming up with a plan of action to identify and mitigate risks, but ultimately it was up to supervisors to make the managerial decisions that now General Motors must face the consequences for. Keywords: General Motors, Enterprise Risk Management How General Motors Poor Enterprise Risk Management & Managerial Decisions in the 21st Century has Effected Where They Stand Today General Motors was once regarded as one of the best managed and most successful firms in the world, but between 1980 and 2009 its share of the U.S. market fell from 62.6% to 19.8%, and in 2009 the firm went bankrupt (Helper & Henderson, 2014). In this paper I will examine the decisions that General Motors made in regards to their Enterprise Risk Management Plan and how management decisions determined the fate of where General Motors is today. We all know General Motors has...
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...This compliance plan will outline the company’s legal processes and standards to ensure the company will be able to continue to operate and remain profitable in the future. The plan will address the laws that affect the company and provide a guideline for ensuring employees adhere to these laws. Riordan Manufacturing was started in 1991 by Dr. Riordan. He started the company by developing a process for turning polymers into high tensile strength plastic substrates. He patented these processes. In 1992 he purchased a manufacturing plant that made fans and started to get into the manufacturing business instead of just research and development. In 2000 the company started to venture out and expanded into China. This plan will outline an Alternative Dispute Resolution (ADR) for the company to use to keep them on track with their mission. Then discuss enterprise and product liability. Briefly discussed will be issues with international law and how those laws affect the expansion into China. The paper will cover tangible and intellectual property, legal forms of business as well as governess. The paper will also cover enterprise risk management as outlined by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). It will conclude by wrapping up with a discussion on laws that Riordan must follow. Riordan Manufacturing, Inc. is a fortune 1000 enterprise owned by Riordan Industries. The company specializes in plastic injection molding used to create plastic designs...
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...Guidance tab. • Select the Enterprise Risk Management link. • Click MORE. • Select the Download (English) the free executive summary link. Research additional information in the Guidance and Resources sections at the COSO website. View the Riordan virtual organization. Create a corporate compliance plan consisting of no more than 2,450 words for Riordan. Focus your plan on managing the legal liability of officers and directors of Riordan. The plan must also address how to handle situations when laws are violated or in question (such as when to call in legal counsel, what rights the employees have, or who to turn to when actions are taken against Riordan). Your plan must also include the following: • Enterprise liability • Real and intellectual property • Governance principles of regulatory compliance requirements • The specific international laws or aspects of the law that must be adhered to by Riordan and an outline of these steps for employees to adhere to these laws Format your Corporate Compliance Plan as if you were going to distribute this to the officers and directors of Riordan. Outline the prevention and management guidelines of the legal aspects listed above. Implement enterprise risk management based on the COSO’s 8 interrelated components. COSO can be used to structure your plan. Be sure to incorporate key concepts from your readings where appropriate. You need to research requirements...
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...Riordan Corporate Compliance Plan Riordan Manufacturing Riordan Manufacturing is a global plastics producer with an employee base of 550. The company has projected annual earnings at $46million and is owned by Riordan Industries. There are different segments of the company but the major customers are the automotive parts manufacturers, aircraft manufacturers, the Department of Defense, beverage makers, bottlers, and appliance manufacturers. The company has recently undergone some strategic changes in manufacturing and marketing. Some of those recent changes are beginning to effect employee retention numbers. Situation Analysis Riordan Manufacturing has many issues and opportunities laid before them. The company must identify the proper issues in order to make the right adjustments. For the company to prosper, they must first take care of their employees. Issue Identification There are a myriad of issues that exist for Riordan Manufacturing. The company has gone through some recent structural changes because of the ever changing industry. Riordan decided to switch from an individual sales model to a team-based sales model. The issue with the above is that the individuals are used to being compensated solely based on their own performance; now there is apprehension about compensation at the team rate. Another issue is just the pay itself. Some managers are concerned that employees may take proprietary information and share it with competitors after leaving the company. Higher...
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...ANALYSIS OF FINANCIAL STATEMENTS OF COCACOLA COMPANY INTRODUCTION Coca-Cola Company is the largest distributor, manufacturer, and marketer for the non-alcoholic syrups and beverage concentrates in the world and builds its own trademark in the world. Contributes to around fifty-two billion servings of beverages every day worldwide and it will continue to rise in the followings years due to the booming in the nonalcoholic beverage business. This paper purposely tries to analyze published financial statements of coca-cola company so as to offer relevant recommendations on efforts to be made to ensure increased productivity of the company as well as ensuring that the company is a global market leader. Part 1 of the paper tries to analyze and give an overview of regulatory framework of IFRS and FA regulatory framework of Kenya. The other part of the paper analyzes the financial statements using ratios which are categorized in six categories namely; profitability, liquidity, activity, gearing and market ratios. 1.1 International Financial Reporting Standards (IFRS) under IASC Foundation and IASB with its committees. The IFRS Framework describes the basic concepts that underlie the preparation and presentation of financial statements for external users. The IFRS Framework serves as a guide to the Board in developing future IFRSs and as a guide to resolving accounting issues that are not addressed directly in an International...
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...Sustainability Reporting Guidelines & Oil and Gas Sector Supplement © 2000-2012 GRI Version 3.1/OGSS Final version The Oil and Gas Sector Supplement is based on the G3.1 Sustainability Reporting Guidelines © 2000-2012 GRI Version 3.1/OGSS Final version Oil and Gas Sector Supplement Sustainability Reporting Guidelines RG & OGSS Table of Contents Overview of the Guidance provided in this Document for the Oil and Gas Sector Human Rights Society Product Responsibility 43 47 52 Preface Sustainable Development and the Transparency Imperative General Reporting Notes Data Gathering Report Form and Frequency Assurance 10 Glossary of Terms Acknowledgments 12 12 13 14 54 54 55 56 58 Introduction Introductory Section for the Oil and Gas Sector Overview of Sustainability Reporting The Purpose of a Sustainability Report Orientation to the GRI Reporting Framework Orientation to the GRI Guidelines Applying the Guidelines Part 1 Defining Report Content, Quality, and Boundary Guidance for Defining Report Content Principles for Defining Report Content Principles for Defining Report Quality Guidance for Report Boundary Setting 16 17 22 26 Part 2 Standard Disclosures Strategy and Profile 1. Strategy and Analysis 2. Organizational Profile 3. Report Parameters 4. Governance, Commitments, and Engagement 5. Management Approach and Performance Indicators Economic Environmental Social: Labor Practices and Decent Work 40 29 29 30 30 31 33 34 36 ...
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...DATABASE S YSTEMS DESIGN, IMPLEMENTATION, AND MANAGEMENT CARLOS CORONEL • STEVEN MORRIS • PETER ROB Australia • Brazil • Japan • Korea • Mexico • Singapore • Spain • United Kingdom • United States Copyright 2010 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Database Systems: Design, Implementation, and Management, Ninth Edition Carlos Coronel, Steven Morris, and Peter Rob Vice President of Editorial, Business: Jack W. Calhoun Publisher: Joe Sabatino Senior Acquisitions Editor: Charles McCormick, Jr. Senior Product Manager: Kate Mason Development Editor: Deb Kaufmann Editorial Assistant: Nora Heink Senior Marketing Communications Manager: Libby Shipp Marketing Coordinator: Suellen Ruttkay Content Product Manager: Matthew Hutchinson Senior Art Director: Stacy Jenkins Shirley Cover Designer: Itzhack Shelomi Cover Image: iStock Images Media Editor: Chris Valentine Manufacturing Coordinator: Julio Esperas Copyeditor: Andrea Schein Proofreader: Foxxe Editorial Indexer: Elizabeth Cunningham Composition: GEX Publishing Services © 2011 Cengage Learning ALL RIGHTS RESERVED. No part of this work covered by the copyright herein may be reproduced, transmitted, stored or used in any form or by any means graphic, electronic, or mechanical, including but not limited to photocopying, recording, scanning, digitizing, taping, Web distribution, information networks, or information storage and retrieval systems, except as permitted...
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...CONTE N T S CHAI R M A N ’ S LETTE R DEAR SH AREH OL DERS FY2012 has been a good year for your Company. The key financial results were: ¥ Consolidated revenues increased by 30% to Rs. 96.7 billion in FY2012. ¥ Earnings before interest, taxes, depreciation and amortization (EBITDA)1 rose by 55% to Rs. 25.4 billion. ¥ Profit after Tax (PAT)2 grew by 45% to Rs. 15.3 billion. ¥ Diluted Earnings per Share (EPS) increased from Rs. 64.9 in FY2011 to Rs. 83.8 in FY2012. I am particularly delighted by four developments. First, your Company succeeded in yet another blockbuster generic launch in the USA under 180days marketing exclusivity. Dr. Reddy’s launched olanzapine 20 mg tablets, the generic version of the brand Zyprexa®. Olanzapine is used to treat schizophrenia and bipolar disorder. This product has added around USD 100 million to your Company’s revenues for FY2012. Second, the biosimilars business continues along its impressive growth path. In my letter to you last year, I had discussed the critical importance of developing biosimilars in the years to come. I am happy to note that your Company’s global biosimilars business grew by 45% over last year and recorded sales of USD 26 million. Today, the biosimilars portfolio of Dr. Reddy’s constitutes (i) filgrastim, (ii) peg-filgrastim, (iii) rituximab and (iv) darbepoetin alfa, which have commercial presence in 13 countries among emerging markets. These are helping to treat patients suffering from cancer — and at prices that...
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...Customer Relationship Management VSF This book is dedicated to my children Emma and Lewis of whom I am enormously proud. Customer Relationship Management Concepts and Technologies Second edition Francis Buttle AMSTERDAM • BOSTON • HEIDELBERG • LONDON • NEW YORK • OXFORD PARIS • SAN DIEGO • SAN FRANCISCO • SINGAPORE • SYDNEY • TOKYO Butterworth-Heinemann is an imprint of Elsevier Butterworth-Heinemann is an imprint of Elsevier Linacre House, Jordan Hill, Oxford OX2 8DP 30 Corporate Drive, Suite 400, Burlington, MA 01803, USA First edition 2009 Copyright © 2009, Francis Buttle Published by Elsevier Ltd. All rights reserved. The right of Francis Buttle to be identified as the author of this work has been asserted in accordance with the Copyright, Designs and Patents Act 1988 No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means electronic, mechanical, photocopying, recording or otherwise without the prior written permission of the publisher. Permissions may be sought directly from Elsevier’s Science & Technology Rights Department in Oxford, UK: phone ( 44) (0) 1865 843830; fax: ( 44) (0) 1865 853333; email: permissions@elsevier.com. Alternatively you can submit your request online by visiting the Elsevier web site at http://elsevier.com/locate/ permissions, and selecting Obtaining permission to use Elsevier material. Notice No responsibility is assumed by the publisher for any injury and/or damage...
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