ADM 3360 Chapter 3: Ch.3 – Managing Legal Risk
3 Dec 2016
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Document Summary
Assessing the legal environment: need to find the right balance between managing the present and planning for the future, dealing intelligently w/ the legal env. decreases the likelihood of making mistakes that are: Costly in term of the expense of legal services and damage claims. Distracting in terms of time and effort. Harmful in terms of relationships and reputations in the industry: there are two basic approaches to managing the interaction w/ the law and legal issues. Preventive approach require thorough evaluation of the risks associated w/ the business" activities in order to minimize their impact. (cid:523)compliance & anticipation(cid:524) Reactive approach recognizes that legal problems may still materialize, so the firm needs a strategy in place to deal w/ such dev. ***both are combined in a mgmt. plan to reduces the impact of legal risks of the business: legal risk management plan ***talked )n class" word for word(cid:524)
