BUSI 4000 Lecture Notes - Lecture 3: Maple Leaf Foods, Tylenol (Brand), Listeriosis

• School: Memorial University
• Department: Business Administration
• Course: BUSI 4000
• Professor: Beth Mc Grath

Document Summary

Reduce the likelihood and impact of mistakes that are: costly in terms of expense of legal services & damage claims, distracting in terms of time & effort, harmful in terms of relationships and reputation. A comprehensive action plan for dealing with the legal risks involved in operating a business. Involves the cooperation of managers & employees at every level. May use a variety of methods: surveying, interviewing managers & employees, forming committees, convening a panel of experts. Business could harm the environment and result in prosecution under environmental legislation or civil actions by affected people. Employee harassment could result in human rights investigations. Aggressive marketing could result in investigation under the federal competition act. Machine breakdown could result in a loss of production and an inability to fulfill contract, resulting in lawsuits for breach of contract. Technology & the law assessing legal risk. Self-insurance: the organization can establish a funded reserve.