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Tort And Regulatory Risk Essay

742 words - 3 pages

Recognizing and Minimizing Tort and Regulatory Risk
Managing regulatory risks such as tort liability can be managed through preventative detective and corrective measures. The goal of this management plan is to prevent extensive losses, environmental and commercial, preserve the image of Alumina and abide by the important environmental statutes. The strategies include transferring the risk to another party, reducing the negative effect of the risk, and accepting some or all of the consequences of a particular risk. Risk mitigation needs to be approved by the appropriate level of management. For example, a risk concerning the image of the organization should have top management decision ...view middle of the document...

This is especially true if other work is suspended until the risk management process is considered complete. It is also important to keep in mind the distinction between risk and uncertainty. Risk can be measured by impacts x probability. Once risks have been identified, they must then be assessed as to their potential severity of loss and to the probability of occurrence. These quantities can be either simple to measure, in the case of Kathy Bates, or impossible to know for sure in the case of the probability of an unlikely event occurring. Therefore, in the assessment process it is critical to make the best educated guesses possible in order to properly prioritize the implementation of the risk management plan. In order to respond to any breach of duty, Alumina will continue to test and retest the water and make appropriate notifications or warnings for consumption. If Alumina has a class action or individual lawsuit for contamination of a body of water, someone’s life or anything related to pollution we follow the same steps. We identify if this is a situation that can be handled by mediation or by traditional litigation. We have the best...

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