Tort and Regulatory Risk Plan

Usually, the most common risk management strategies can be subdivided into multi-stage approach in order to obtain a better impression of the underlying risks and thus to increase the probability of mitigating the firm’s risks properly and successfully. Also General Motors Corporation has developed various rules and guidelines to help manage minimize the risks associated with their business and investment operations.

The following short case will give you a good idea of how risks surface in business and project planning and what companies do about it. Consider that you are the Risk Manager as you look at this case, as it will be a good exercise for the time when you will be that Risk Manager!

Should the Plaintiffs really get the $1.3 million ordered by the Courts? Should they be awarded any money for their “other cost and losses”?

In today’s business environment it is important for all organizations to develop and maintain a plan to avoid regulatory risks. Management should be able to manage any risks through preventive, detective, and corrective measures. As a manager it is important to prevent extensive loss, environmental and commercial, preserve the companies’ public image and abide by pertinent environmental statues. Ensuring the company follows an extensive plan will help to eliminate any risks, by outlining steps that should be taken to resolve these

At the end all the risk are finance related, because the liability’s cost money and this will have an effect in the company’s earnings, so what is important is not only to try to avoid such events but also to be prepare in case they happen and have a plan, is like the saying “Hope for the best but be prepare for the worst”.

These kinds of acquisitions can cause the company to payout thousands of dollars. Even though we work in right-to-work state, if we go against any law listed under the Title VII of the Civil Right Act will lose this case. In 1991, The Civil Right added remedies to benefit the employees. These remedies were compensatory damages, which employees are “Money awarded to compensate the injured party for direct losses. Compensatory damages may include future pecuniary loss, emotional pain, suffering, inconvenience, mental anguish, loss of enjoyment of life, and other no pecuniary losses. Punitive damages are permitted when it is shown that the employer’s action was malicious or was done with reckless indifference to federally protected rights of the employee (Bennett−Alexander−Hartman, 2007; “p” 87). This memo is recommending the general manager of Anderson Cost Club needs to have documents on all his employees. The suggestion for this case will be a lost to us because we have no reason to fired Pablo, his work performance, and attendance was on target. The acquisitions made by Sue have to be proven not true. She also can fall under the retaliation policy.

This sounds more like a third world country than the United States of America. After going through all this, then a company can appeal to the real judicial system. That is, after their brand and reputation was already dragged through the mud.

Identify the potential risks which affect the company and manage these risks within its risk appetite;

Till today, the threat of lawsuits remains. These scandals give a bad image to the company

actions. This decision by the courts set a precedent for other companies in the future. They will

The company must develop a recurring campaign to educate its employees on what will and will not be tolerated from their employees.

Although there was bad judgement by both parties, I believe they should maintain their relationship amongst each other. However, there are still legal actions that should be established for an ethical framework and productive business relationship. Before either party rushes into a lawsuit of any kind both businesses should consider these two factors as mentioned by Kubasek, et al (2015), the likelihood of the suit’s succeeding, and whether they wish to maintain a business relationship with the breaching party. A breach of contract is based on whether or not the plaintiff 's request monetary or non-monetary damages. Although I am in agreeance that both parties should remain as business partners, there are a few reasons continuing business with Marshall could present future problems. If the company elects discontinue business with Marshall it could result with him taking legal actions that could cause damage to the company.

2. It will save the company’s reputation in the market. After realizing their mistake and dropping the lawsuit the company will be considered as an ethical firm. As of now, the company is considered unethical and media is projecting its image as a company who thinks just about profit. (profit centric firm rather than a people centric firm).

They could decide not to file lawsuits and continue to support and help rebuild the company. This is not an easy task considering that the company broke their trust.

Risk management is the term applied to a logical and systematic method of establishing the context, identifying, analyzing, evaluating, treating, monitoring and communicating risks associated with any activity, function or process in a way that will enable organizations to minimize losses and maximize opportunities. (Lecture notes)Risk Management is also described as 'all the things you need to do to make the future sufficiently certain'. (The NZ Society for Risk Management, 2001)