Minimizing Risk
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- Date Submitted: 12/08/2010 09:28 AM
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Minimizing Risk
Ronald Moore
University of Phoenix
Chontele McIntyre, Esq.
Minimizing Risk
The business world today is a mine field for lawsuits and risk. Anyone in business must be well prepared to deal with the issues that may arise in their particular industry. The government has many regulations and guidelines in place to protect not only the consumer, but also the business owner. The business owner is responsible for knowing these regulations and following the guideline put in place. When a company is out of line with government guidelines, it must come into compliance. At the point when the business in non-compliant, actions such as lawsuits may occur against that organization.
From the business simulation, Alumina, Inc. is currently in compliance with their regulatory guidelines, but should have been doing regular checks of the PAH levels to safeguard themselves from future incidents like what is being done in the Bates situation (Legal, n.d.). The main legal issues from the Alumina simulation were of regulatory compliance and environmental protection. Issues brought forward later were of ethics, liability, slander, and privacy. Both parties involved were faced with ethical issues, Kelly Bates for making the claim and Alumina for the actions that followed. Alumina was put in a position to defend against a liability claim and needed to be careful not to violate privacy policies in their own company. As far as the resolution, it was the best option as opposed to going to trial. A court case could last years, cost tons of money on both sides and be devastating to Alumina's business and reputation in the community. Negotiation to resolve an issue should always be tried before moving to more severe courses of action. In the future, Alumina should know the guidelines that would affect their business so that they would always be in compliance through constant quality checks and quick correction when they see issues on the horizon.
A tort...
Ronald Moore
University of Phoenix
Chontele McIntyre, Esq.
Minimizing Risk
The business world today is a mine field for lawsuits and risk. Anyone in business must be well prepared to deal with the issues that may arise in their particular industry. The government has many regulations and guidelines in place to protect not only the consumer, but also the business owner. The business owner is responsible for knowing these regulations and following the guideline put in place. When a company is out of line with government guidelines, it must come into compliance. At the point when the business in non-compliant, actions such as lawsuits may occur against that organization.
From the business simulation, Alumina, Inc. is currently in compliance with their regulatory guidelines, but should have been doing regular checks of the PAH levels to safeguard themselves from future incidents like what is being done in the Bates situation (Legal, n.d.). The main legal issues from the Alumina simulation were of regulatory compliance and environmental protection. Issues brought forward later were of ethics, liability, slander, and privacy. Both parties involved were faced with ethical issues, Kelly Bates for making the claim and Alumina for the actions that followed. Alumina was put in a position to defend against a liability claim and needed to be careful not to violate privacy policies in their own company. As far as the resolution, it was the best option as opposed to going to trial. A court case could last years, cost tons of money on both sides and be devastating to Alumina's business and reputation in the community. Negotiation to resolve an issue should always be tried before moving to more severe courses of action. In the future, Alumina should know the guidelines that would affect their business so that they would always be in compliance through constant quality checks and quick correction when they see issues on the horizon.
A tort...