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

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Many factors determine the success of a business organization. The enterprise must have a set of function and systems in place (marketing, hr, By dealing effectively with the legal environment, the business will reduce the likelihood of mistakes that are: costly (legal services and damage, distracting (time and effort, harmful (relationships and reputation) Legal risk: a business risk with legal implications. Enterprise risk management: the process of identifying and managing all business risks. Attempts to identify and manage threats that could generate negative consequences. Requires an understanding of what could happen, how and how the impact can me managed. Large business have a senior manager who deals with this (risk maangament) Risk management requires the cooperation of managers and employees at every level. 4 steps: identify the legal risks, evaluate the risks, devise a risk management plan, implement the plan. Most critical step because a risk thats not identi ed cant be managed.

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