Ch 3 Managing Legal Risks.docx

2 Pages
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Department
Management and Organizational Studies
Course Code
Management and Organizational Studies 2275A/B
Professor
Frederick King

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Description
Managing Legal Risks 10/24/2012 5:51:00 PM Chapter 3 Assessing the Legal Environment  There are two basic approaches to how a business can manage it interaction with the law and legal issues: o Preventative approach – requires a thorough evaluation of the risks associated with the business’s activities in order to minimize their impact o Reactive approach – recognizes that legal problems may still materialize so the firm needs a strategy in place to deal with such developments  Legal risk management plan o Legal risk – a business risk with legal implications o Legal risk management – a comprehensive action plan for dealing with the legal risks involved in operating a business Risk Management Four Step Process  Step one: identify the legal risks o Assess the organizations functional areas  Functional areas are those that are recognized in business organization charts like accounting, finance, marketing, production, human resources and information systems o Review the organizations business decisions o Examine the organ
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