Management and Organizational Studies 2275A/B Chapter Notes - Chapter 3: Enterprise Risk Management, Debt Management Plan, In Step

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: Philip King

Document Summary

Assessing the legal environment: many factors determine the success of a business. In which all risks within an organization, including those with legal implications, are assessed and managed: legal risk management attempts to identify and then manage threats that could generate negative legal consequences. In smaller organizations, the risk management function may be performed by the chief executive or someone outside the organization. I. e. a risk management consultant: regardless of where responsibility lies, risk management is not a task for any one individual, since no single person within the organization has complete knowledge. It could also approach the problem by assessing its business decisions, its business relationships, or its operations and transactions: the approach used will vary depending on the nature of the business and the industry. I. e. a small firm would not be organized by functional areas and therefore, it would more likely focus on legal risks arising from its business relations.