MGT 3010 Lecture Notes - Alternative Dispute Resolution, Class Action, Business Ethics
Document Summary
The law: what is it and what does it do, creates boundaries, protects people, balances citizens interactions, empowers individuals and the sate, controls government and protects people from govt, minimum standard to live by. Law and business: setting up a business, risk management, audit of how you need o comply to regulations, must be aware of what you are doing as a business, after audit, you need to prioritize the risks, evaluate the risks, strategies for managing risk, implement the plan and review, watch the regulations and change. Four strategies to manage legal risks: avoid the risk discontinue action, reduce possibility of risk quality control, absorb the risk plan for expenses, transfer the risk to someone else insurance, business ethics, gm with faulty ignition they planned for damages and law suits instead of fixing the mistake and effecting stock prices, corporate social responsibility.
