Recognizing and Minimizing Tort and Regulatory Risk Plan

Recognizing 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 comply with local, state, and federal laws and regulations can effect a business through assets, earnings, and image. Businesses allocating resources to identify any existing regulatory risks and implementing action plans can avoid possibilities of†¦show more content†¦The false article harmed Alumina’s reputation and image in such that the organization can be rewarded by a court of law for the damages. The American Scientific Society (ASS) proved that the increase in PAH levels was due to increased boat traffic in Lake Dira. Presented is enough evidence to prove defa mation of character has been committed on Alumina, Inc., but going to trial is a lengthy and costly route. Alumina, Inc. decided that mediation would be the best route to solve the dispute for both parties involved. Both parties settled on reimbursement of medical expenses for the daughter, an education fund if the daughter survives leukemia. Bates agreed to sign a release of all claims and strict confidentiality agreement (University of Phoenix, 2010). The simulation showed negligence to be the most common theory under which Bates based her complaints. Bates claimed Alumina failed to comply with strict EPA regulations that caused her daughter’s illness. Throughout the simulation Bates accused Alumina of contamination the water of Lake Dira of which her daughter had consumed. Alumina’s side of defense states the contamination problem was corrected five years ago and was not the cause of Bates 10-year-old daughter’s illness. In fact, the scientific society report shows the increase in PAH levels are due to the increase of boat traffic on the water. Alumina can show that the PAH discharge levels is well within the legal limits of the EPA.Show MoreRelatedLaw 531 Week 2954 Words   |  4 PagesQuiana Fryar University of Phoenix Business Law/531 Recognizing and Minimizing Tort and Regulatory Risk Plan Mrs. Lillian Watson June 14, 2010 Recognizing and Minimizing Tort and Regulatory Risk Plan 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, environmentalRead MoreThe Effect Of Latest Laws On Texting And Driving2779 Words   |  12 Pages A recent study had shown that banning texting at the time of driving failed to reduce fatalities, injuries or accidents (Lippman, 2012). Therefore, it is essential to think about the effects and causes of distracted driving before devising any regulatory or legislative action for addressing the epidemic of usage of mobile devices. Mobile Device distraction while driving There are a number of forms of distracted driving. Apart from getting distracted by Internet, texting or conversing, drivers alsoRead MoreWal-Mart: Strategic Management11571 Words   |  47 Pagesheadquarters and the company’s distribution centre. Most important for management, it helped detect sales trends quickly and speeded up market reaction time substantially. At the beginning of 2000, Wal-Mart set up a separate company with website with plans to go public. Social Environment: Wal-Mart had launched several programs to highlight popular social causes-â€Å"Buy American†, 1985. The theme was â€Å"bring it home to USA† and its purpose was to communicate Wal-Mart’s support for American manufacturingRead MoreWal-Mart: Strategic Management11565 Words   |  47 Pagesheadquarters and the company’s distribution centre. Most important for management, it helped detect sales trends quickly and speeded up market reaction time substantially. At the begin ning of 2000, Wal-Mart set up a separate company with website with plans to go public. Social Environment: Wal-Mart had launched several programs to highlight popular social causes-â€Å"Buy American†, 1985. The theme was â€Å"bring it home to USA† and its purpose was to communicate Wal-Mart’s support for American manufacturingRead MoreMarketing Mistakes and Successes175322 Words   |  702 Pagesto aggressive new competitors? Ethical Mistakes Merck, the pharmaceutical giant, learned that its blockbuster arthritis drug, Vioxx, doubled the risk of a heart attack or stroke. Over five years and $500 million in advertising, it had 20 million users in the United States at the time it recalled the drug September 30, 2004. Critics and tort lawyers assailed the company for waiting so long to recall this drug, since some research studies as early as five years before had raised questionsRead MoreHuman Resources Management150900 Words   |  604 PagesThese topics are examined in Chapters 2, 3, and 4. Equal Employment Opportunity Compliance with equal employment opportunity (EEO) laws and regulations affects all other HR activities and is integral to HR management. For instance, strategic HR plans must ensure sufficient availability of a diversity of individuals to meet affirmative action requirements. In addition, when recruiting, selecting, and training individuals, all managers must be aware of EEO requirements. The nature of EEO compliance