Tort and Regulatory
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- Date Submitted: 07/11/2010 03:41 PM
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Running head: Recognizing and Minimizing Tort and Regulatory Risk Plan
ADR Clause for Learning Team Charter
University of Phoenix
Laws, rules, and regulations are vital parts of our society. They keep our society in order and provide a level playing field for all parties. Without them, there would be chaos and society would not advance. However, with laws, rules, and regulations mean they need to be upheld, any violations whether intentional or un-intentional would have consequences. Violators would be punishable by fines or criminal penalties. The same applies to organizations. Organizations that failed to comply with regulations can exposed themselves to tort liability and fines from government. Impact to organizations would be much greater since there would be damage to reputation, loss of market shares, and impact to the bottom line revenue.
Given the complexity of the laws and regulations of the United States and the competitiveness of today’s business environment, there is a high probability of organizations being exposed to regulatory risks. Therefore, it is imperative for organizations to have preventive measures in place to identify any potential risks early and often to minimize or eliminate these potential risks. The plan should also include on how to manage in the event of regulation risks have been identified or tort liabilities have been raised against the organization through preventive, detective, and corrective measures so the organization can react swiftly to avoid any further damages.
This plan first focuses on regulation risks for Alumina. There are several areas where the organization has exposure to regulation risks through local, state, and federal regulations. Alumina is in the aluminum manufacturing, bauxite mining, alumina refining, and alumina smelting. Many of Alumina related businesses deal heavily with hazardous materials; as a result, it has the highest exposure risk when dealing with environmental...
ADR Clause for Learning Team Charter
University of Phoenix
Laws, rules, and regulations are vital parts of our society. They keep our society in order and provide a level playing field for all parties. Without them, there would be chaos and society would not advance. However, with laws, rules, and regulations mean they need to be upheld, any violations whether intentional or un-intentional would have consequences. Violators would be punishable by fines or criminal penalties. The same applies to organizations. Organizations that failed to comply with regulations can exposed themselves to tort liability and fines from government. Impact to organizations would be much greater since there would be damage to reputation, loss of market shares, and impact to the bottom line revenue.
Given the complexity of the laws and regulations of the United States and the competitiveness of today’s business environment, there is a high probability of organizations being exposed to regulatory risks. Therefore, it is imperative for organizations to have preventive measures in place to identify any potential risks early and often to minimize or eliminate these potential risks. The plan should also include on how to manage in the event of regulation risks have been identified or tort liabilities have been raised against the organization through preventive, detective, and corrective measures so the organization can react swiftly to avoid any further damages.
This plan first focuses on regulation risks for Alumina. There are several areas where the organization has exposure to regulation risks through local, state, and federal regulations. Alumina is in the aluminum manufacturing, bauxite mining, alumina refining, and alumina smelting. Many of Alumina related businesses deal heavily with hazardous materials; as a result, it has the highest exposure risk when dealing with environmental...