Tort and Regulatory Risk Plan - 1681 Words

There are many risks for a company in the legal realm and it is important for them to minimize their tort and regulatory risks. A company should have a risk plan in place that can help them succeed. This plan can be a continuously changing plan depending on needed improvements on the plan. A risk plan can be developed easily when you look at the Alumina Inc. case as an example. A company such as Alumina can manage their risks through three basic measures which are preventative, detective, and corrective. Preventative measures are the easiest for a company to control and change. These can include anything from the company’s internal laws to the education of these laws. Freedom of speech is a civil right given to people and in cases†¦show more content†¦It is also hard for Kelly to prove that if in deed the water from Lake Dira caused the leukemia and that Alumina was the sole contributor. The â€Å"Scientific Society Report† showed an increase in automotive acti vity around Lake Dira (Cheeseman 2010). Corrective measures are extremely important in a case such as this and can help solve the case in a reasonable fashion. This can save a lot of resources, money, and heart ache for both the company and someone like Kelly Bates. The best way to solve this is by Alumina having an ADR clause created as part of their preventative measures. They can use some sort of arbitration or mediator to help solve the problem as well. A company also needs to solve issues and address them when they come up. It is not good for a company to ignore issues like these when they arise. When addressing these issues proper documentation is vital for future litigation. By doing this it can prevent any further problems that can arise from the same case in the future and prevent the company from being charged with Liability Without Fault-Strict Liability(Cheeseman 2010).. Litigation can be a very costly process for a company and could even serve as a main component in the m closing their doors. If a company takes all issues as serious and as honest as possible they can survive most issues that arise. They also need to learn from examples such asShow MoreRelatedRecognizing and Minimizing Tort and Regulatory Risk Plan1432 Words   |  6 PagesRecognizing and Minimizing Tort and Regulatory Risk Plan Business Law LAW531 June 14, 2010 Recognizing and Minimizing Tort and Regulatory Risk Plan Organizations in today’s business world must deal with regulatory risks such as tort liability daily. Proper management and preventative measures can reduce a business’s tort liability and remains the key to a successful business. Federal and state laws and regulations are enforcing severe fines and penalties for damages. Failure to complyRead MoreTort Regulatory Risk1109 Words   |  5 Pagesrealized that the company needed to come up with a plan to manage torts and regulatory risks. Common business torts include intentional torts, unintentional torts (negligence) and strict liability. Intentional torts refer to actions that are taken with the intent to cause injury to the plaintiff. Unintentional torts, or negligence, refer to actions that are not taken to directly harm someone but where harm is a foreseeable consequence. The third type of tort is strict liability which means liability withoutRead MoreAlumina Inc: Minimizing Tort Liability Arising Out of Regulatory Risks1338 Words   |  6 Pages Regulatory risks are risks associated with the failure to comply with a whole host of governmental regulations. Such risks impact a company’s existing assets, earnings, and often, reputation. 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