01:377:204 Lecture Notes - Lecture 1: Intellectual Property, Labour Law
8 Sep 2016
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Risk management: the function or process by which an organization identifies and manages the risks of liability that arise from its activities. Preventive law: the scope of preventive law provides the broader focus, to include environmental, political, economic, regulatory, institutional and cultural risks o. Five steps that make up the preventive law process: The process of determining the probability that particular risks will result in claims during a specified period and the magnitude of the potential liability arising from such claims. Once you have assessed the probability and the magnitude of particular risks, you can evaluate these risks in conjunction with the mission of your organization and the importance of certain activities to you organization. We can cope with the risks according to 4 possible strategies: Risk elimination: should be used only if the exposure to risk greatly outweighs the benefits of retaining the activity or operation. Risk retention: your organization chooses to bear the financial consequences of an activity.
