Tort and Regulatory Risk
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- Category: Politics
- Date Submitted: 04/07/2010 12:10 PM
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Running head: TORT AND REGULATORY RISK
Recognizing and Minimizing Tort and Regulatory Risk Plan
The University of Phoenix
To create a plan for Alumina Inc. and other companies to recognize and minimize tort and regulatory risks will take a team to do. Alumina Inc. face legal issues because of events caused by compliance and lack of leadership. In this plan Alumina Inc. will be able to prevent, detect, a correct risks the company may come across.
Identifying regulatory risks
When looking at regulatory risks, risks are best viewed in the light of a parent/child relationship, with the company being the parent, and the products and services being the child. When the child does a wrong and the wrong causes harm to another, resulting in monetary compensation being necessary, the child is not the one held accountable. It is the parent that is made responsible. If the child is a bully and beats another child causing physical and mental harm, the parent is held accountable for the unruly child. Alumina Inc being the parent is to be held accountable for its high level of PAH (the child) found in the water. According to Jennings (2006), “Tort is an interference with someone or with someone’s property that results in injury to that person or to that person’s property” (p. 367). Tort explains a legal injury and who is held liable for causing this injury.
Alumina Inc., is an aluminum company worth four billion dollars and is operates in eight countries. Alumina has been following guidelines set by the Environmental Protection Agency since existence. But five years ago something changed. Below is a chart of the legal issues as well as principles Alumina Inc. is up against:
|Issues |Principles |
|11 million gallon crude oil spill |Oil Pollution Act Violation...
Recognizing and Minimizing Tort and Regulatory Risk Plan
The University of Phoenix
To create a plan for Alumina Inc. and other companies to recognize and minimize tort and regulatory risks will take a team to do. Alumina Inc. face legal issues because of events caused by compliance and lack of leadership. In this plan Alumina Inc. will be able to prevent, detect, a correct risks the company may come across.
Identifying regulatory risks
When looking at regulatory risks, risks are best viewed in the light of a parent/child relationship, with the company being the parent, and the products and services being the child. When the child does a wrong and the wrong causes harm to another, resulting in monetary compensation being necessary, the child is not the one held accountable. It is the parent that is made responsible. If the child is a bully and beats another child causing physical and mental harm, the parent is held accountable for the unruly child. Alumina Inc being the parent is to be held accountable for its high level of PAH (the child) found in the water. According to Jennings (2006), “Tort is an interference with someone or with someone’s property that results in injury to that person or to that person’s property” (p. 367). Tort explains a legal injury and who is held liable for causing this injury.
Alumina Inc., is an aluminum company worth four billion dollars and is operates in eight countries. Alumina has been following guidelines set by the Environmental Protection Agency since existence. But five years ago something changed. Below is a chart of the legal issues as well as principles Alumina Inc. is up against:
|Issues |Principles |
|11 million gallon crude oil spill |Oil Pollution Act Violation...