MCS 3040 Lecture Notes - Lecture 3: Debt Management Plan, Listeriosis, Maple Leaf Foods
6 Nov 2016
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Document Summary
Why is it important for businesses to assess the legal environment. Reduce the likelihood and impact of mistakes that are: Costly in terms of expense of legal services and damage claims. Distracting in terms of time and 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 and employees at every level. May use a variety of methods, such as surveying, interviewing managers and employees, forming committees or convening a panel of experts. Creating a legal risk management plan: identify the legal risks, evaluate the risks, devise a risk management plan, implement the plan. Begin with an explanation of why identification is so important and explain the various approaches used by organizations to identify legal risks. Alternative assessment approaches are suggested here: functional areas, business decisions, business relationships and operations and transactions.
