Management and Organizational Studies 2275A/B Chapter Notes - Chapter 3: Legal Risk, Debt Management Plan, List Of Fables Characters

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After studying this chapter, you should have an understanding of: methods of managing the legal environment of business, methods of managing legal services. A business can manage its legal environment by assessing that environment, developing a risk management plan, reacting to changes in the legal environment, and managing its legal services. It is crucial for a business to actively manage the legal risks arising from its activities in order to avoid and minimize legal claims and expenses. Legal risk management involves a four-step process: identifying legal risks, assessing those risks, devising a risk management plan, and implementing the plan. Risks can be identified through assessment of the functional areas of the business, the decisions made within the organization, and the internal and external relationships maintained by the business. The risks are then assessed in terms of how likely they are to occur and how severe the losses might be. There must be an action plan for dealing with each risk.

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