MCS 3040 Lecture Notes - Lecture 2: Alternative Dispute Resolution, Legal Management, Insurance Policy

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 3040
• Professor: Joseph Radocchia

Document Summary

It reduces the likelihood and impact of mistakes that are: Costly in terms of expense of legal services and damage claims. A comprehensive acion plan for dealing with legal risks involved in operaing a business. Involves the cooperaion of managers and employees at every level. May use a variety of methods such as; surveying, interviewing managers and employees, forming commitees, or convening a panel of experts. Steps to creaing a legal risk management plan: idenify the legal risks. The objecive is to analyze the business to idenify potenial risks in order to determine how the law can be used to deal with those risks: evaluate the risks. All risks are not alike nor should they be treated alike. The key to efecively managing risks is to assess the probability of a risk occurring and to assess the severity of the impact on the business.