Riordan Manufacturing Essay

Riordan Manufacturing leads the industry as a global plastics manufacturer of plastic injection molding. Initially, the company under the management of Dr. Riordan focused on the research and development and successive patenting of key plastics capabilities. In 1992 they extended their focus through the purchase of a fan manufacturing plant in Pontiac, MI. and broaden development in 1993 to plastic beverage containers after acquiring an Albany GA manufacturing plant. Riordan Manufacturing Corporate Compliance Plan An organization is a living entity which changes over time.

As a result, the organization’s mission, vision, values and goals must be regularly evaluated and periodically revised. Thus, internal control is an ongoing process known as the Internal Control Cycle. With this being said, Riordan Manufacturing is issuing a Corporate Compliance Plan to determine its risks, and evaluate the policies and procedures in the identified high-risk areas to remain in compliance with The Treadway Commission and other governmental regulations.

We will write a custom essay sample on
Riordan Manufacturing Essay
or any similar topic only for you
Order now

Each department’s internal control plan will be unique; however, it will be based on the same framework – the organization’s mission statement, goals and objectives, and components of internal control but at least annually. This plan will include concepts related to the Enterprise Risk Management (ERM) components of Internal Environment, Risk Assessment, Risk Response and Control Activities. It is important to realize that ERM is not a linear process but rather a multi-directional process in which almost any component can, and will, influence another component.

Management’s attitude, actions, and values set the tone of an organization, influencing the control consciousness of its people. Internal controls are likely to function well if management believes that those controls are important and communicates that view to employees at all levels. If management views internal controls as unrelated to achieving its objectives, or even worse, as an obstacle, this attitude will also be communicated. Riordan Manufacturing is a successful organization looking to improve overall performance and position the company for future growth.

Riordan Manufacturing Corporate Compliance Plan An organization is a living entity which changes over time. As a result, the organization’s mission, vision, values and goal must be regularly evaluated and periodically revised. Therefore, internal control is an ongoing process known as the Internal Control Cycle. With this being said, Riordan Manufacturing is issuing a Corporate Compliance Plan to determine its risks, and evaluate the policies and procedures in the identified high-risk areas to remain in compliance with The Treadway Commission and other governmental regulations.

Each department’s internal control plan will be unique; however, it will be based on the same framework – the organization’s mission statement, goals and objectives, and components of internal control but at least annually. This plan will include concepts related to the Enterprise Risk Management (ERM) components of Internal Environment, Risk Assessment, Risk Response and Control Activities. Riordan Manufacturing is a successful organization looking to improve overall performance and position the company for future growth.

Riordan Manufacturing has come across some concerns and issues with the employees. Employee motivation and retention has become an issue within the company. Riordan’s human resources processes are prohibiting the empowerment of employees, delaying potential growth due to unbalanced profits, and a decrease in sales. The human resources department needs to address these concerns because if they do not address these current issues, the company will not be able to continue their business strategy.

The issues preventing logical human capital management is lack of employee motivation, a high turnover rate in strategic areas, the pay levels are below industry standards, and there is a lack of structure in the performance review process throughout the company. Riordan Manufacturing can work these issues out by creating a coaching and feedback process, planning career development programs, and updating pay for performance reward systems.

A short time ago the company stretched out internationally after opening operations in China in 2000. The fan manufacturing reposition from the MI plant to China and the MI plant underwent retooling to move into design plastic part manufacturing. Currently, Riordan Manufacturing products consist of plastic beverage containers produced in Albany GA, custom plastic manufacturing in Pontiac MI, and plastic fan parts created in Hangzhou China. The Research and Development is done at the corporate headquarters n San Jose, CA. The majority of customers entail automotive parts manufacturers, beverage makers and bottlers, appliance manufacturers, aircraft manufacturers, and several high-level government contracts. To regulate the sales team perform to greatest benefit and therefore enable Riordan to meet its two-year revenue goal, a few internal efficiency concerns needs be addressed. At this time there are inequities in Riordan’s financial and accounting systems.

Legacy work processes inside the inventory, purchasing, and shipping divisions, integrated with need of consolidation of essential customer information and sizeable sales data will hamper Riordan’s goals Right now Riordan Manufacturing has been capable to increase both nationally and overseas without moving to a higher superiority, company-wide computer system that will supply the company with a better communication and data storage capabilities, alongside better efficiencies inside the sales, inventory, and shipping divisions.

But, with the expansion with the latest two-year revenue goal comes stronger requirement for keeping data up to date. Team B’s proposes that Riordan Manufacturing obtain an Inventory Tracking System for Manufacturing and Distribution. Also have IT update an efficient computer system that will be controllable and unproblematic to gain access to. Presently an inventory clerk manages the inventory method in manual set up.

This causes an information hindrance as the data might not show as reorganized until the next day or days later. Manual input of data can indicate human error with over or under stocking of inventory. The reward of a technology upgrade will lead to fewer inventory mistakes, savings inside the budget for Riordan and clients equally and cost savings for each inventory clerks. References Inventory Tracking System www. essortment. com/career/inventorytracki_sagk. htm

×

Hi there, would you like to get such a paper? How about receiving a customized one? Check it out