The research related to the legal risk management of companies is a bread area. As discussed in the assignments there are various risks which a company has to face in relation to its managements such as environmental, corporate governance, employment and financial risks. In relation to the risks various journal articles, books and reports are available on the internet. What was difficult to be found in this case were the documents related to the shortcoming of such strategies.
The first case study related to Transnational corporations I found many journal articles and books which provided how such corporations function and what is the role of the government towards controlling the risks arising out of such corporations. In the second cases study I learned about the various risk which the organizations have to face while conducting their businesses. Various legislations available in relation to the environment, employment law, corporate governance and financial reporting allowed me to understand what situations would lead to problems in relation to the organization. The reports published by the center company on my research also made me understand how companies approach legal risks arising out of such situation. The importance of risk management was also made clear to me during the research for my assignments as I got to know that businesses cannot operate without a appropriate risk management framework.
I got to know that almost all operations of the organization are subjected to legal risks in some way or the other. This is because the parliament has laws for all aspects of the society like financial reporting, consumers, employee’s environment and benefits of the creditors and shareholders. I got to know that if risks are not addressed by the organizations properly that it would be very difficult for them frame and implement future goals and objectives for the organization.
Books
1. Wetzel, J. R.-M. (2016, January). Corporations and Human Rights.
This book seeks to provide how human rights provisions can be implemented in corporate entities. There have been a deficient of international mechanisms which can make the corporations pay penalties for their misconducts till date. According to the problem local problem solving would not be enough to address the issue properly instead n international approach would be needed to mitigate the risk arising out of human rights. I got to know from this book that how business may implement policies at corporate level to avoid negative impact and loss of reputation.
2. Boyle, T. (2015).Health and Safety: risk management. Routledge.
This book is related to the management of risk arising out of health and safety issues in an organization. In the recent times health and safety claims from the employees have increased dramatically. The claims are based on the duty of care of the employer. I got to know from this assignment that health and safety issues within the organization not only tend to raise the risk of legal breaches but also hamper the reputation of the organization as a whole. The productivity of the organization also takes a hit if the employees feel that the organization is not taking care of them.
3. Drennan, L. T., McConnell, A., & Stark, A. (2014).Risk and crisis management in the public sector. Routledge.
This book provided me the knowledge about the various associations of the word risk. Vast array of operational and strategic risks originate within the organization. With the help of risk management standards we can understand the risk management system. In order to analyze crisis its different phases such as responses, recovery, separation and prevention has to be considered. This book made me clearly understand what is risk and the difference between operational and strategic risks. I also understood fundamental element of risk management within an organization through this book.
1. Palazuelos, E., & Ferna?ndez, R. (2012, January). The importance of transnational corporations in the supply of oil to Europe: Implications.Energy Policy, p
The primary objective of this paper is to identify and analyze the role of transnational corporation in international perspective. Most of the employment around the world is handled by the transnational corporations. The process of globalization and international law helps the proper development of the organization and play a major role from protecting them against any government risk such as corruption. Laws like the stabilization clauses provided by international provisions helps the organization to carry on business with minimum risk.
2. Turner, J.R., 2014.The handbook of project-based management (Vol. 92). New York, NY: McGraw-hill.
This article seeks to provide information about how project bases risk assessment and mitigation is beneficial for the business. The author provides that businesses should not only have general risk management policies but all projects of the organization must also be subjected to system where potential legal risks can be identified and mitigated. The article helped me understand that how important project based risk management is as it narrows the scope of risk management making it easy and simple.
3. Bromiley, P., McShane, M., Nair, A., & Rustambekov, E. (2015). Enterprise risk management: Review, critique, and research directions.Long range planning, 48(4), p265-276.
The paper provides an overview of the risks which an enterprise has to face in relation to its activities. The paper points out various areas of risks which have been discussed in the assignment. The paper also helped me understand what the sources of each of these risks are and how training and precautions can be used to minimize the occurrence. The demand of a good risk management system is undoubtedly high within an organization but the supply is scarce. Thus risk management is a major issue which the organizations have to address.
4. Giannakis, M., & Papadopoulos, T. (2016). Supply chain sustainability: A risk management approach.International Journal of Production Economics, 171, p455-470.
This article provides an overview of a particular type of risk which occurs within the supply chain. This risk is related to the consumers and other competitors. The consumers have to be provided with best quality products which does not cause them any harm and is according to their expectations. I got to know that the companies must also not engage in any unfair trade practices or else they would be subjected to legal penalties.
Others
1. The Guardian. (2011, August). Retrieved from The Guardian: https://www.theguardian.com/environment/2011/aug/04/oil-nigeria-spills-fines-fights)
The article provided me with the knowledge that how the non compliance with environmental legislation can bring a disastrous effect on the company as well as the environment. The oil spill case in Nigeria not only made the company subjected to various fines and in relation to which large amount of litigations is still taking place but also subjected the environment to tremendous loss just because of small negligence on the part of the organizations. If a risk management system was is palace than such events would have been foreseen and ultimately prevented by the management which would have not only saved the environment but also the organization.
2. Company, C.C. (2017). Retrieved from www.coca-colacompany.com
This article on the company’s website made me aware how the chosen company on my assignment is committed towards the process of risk management both internally and externally. The organization makes it clear through the article that it seeks to address all risk situation with utmost importance. However the article also allowed me to locate a few flaws within the risk management system of the company.
1. The Corporation Act 2001
This piece of legislation is the primary Act which governs organization in Australia. The piece of legislation covers almost all areas of corporate governance and the risk which the organization may be subjected to are clearly provided through it. The penalties of non complies with the provisions are also given by the legislation. The duties of the directors towards the organization, the financial reporting obligations, the rights of the shareholders and creditors are all provided by the legislation.
2. Disability Discrimination Act
The legislations seek to prevent any kind of discrimination within workplace or any other sector in Australia. The legislation clearly provides and warns anyone who intends to discriminate in Australia that discrimination is a great offence in the country. I also learned from the legislation that how it applies in employment risk of an organization. What makes up a discrimination claim and how the employees may avoid it, was also noted by me.
3. Workplace Relations Act 1996
The legislation provides the best possible guidelines which the organizations can follow in order to address employment risk and increase the goodwill and productivity of the organization. The legislation clearly provides how employment relations should be maintained within the organization clearly setting out the rights and duties of employees and employer towards each other.
4. The Work Health and Safety Act 2001
The legislation provides the need of security and safety within the work place and what potential liabilities may arises if the provisions of the legislations are not complied with. This legislation helped me to point out what measures the organizations should take towards their operations to ensure safety of the employees. The number of claims in relation to health and safety has risen significantly in Australia thus this legislation has become all the more important for the organizations.
Boyle, T. (2015). Health and Safety: risk management. Routledge.
Bromiley, P., McShane, M., Nair, A., & Rustambekov, E. (2015). Enterprise risk management: Review, critique, and research directions. Long range planning, 48(4), p265-276.
Company, C.C. (2017). Retrieved from www.coca-colacompany.com
Disability Discrimination Act
Drennan, L. T., McConnell, A., & Stark, A. (2014). Risk and crisis management in the public sector. Routledge.
Giannakis, M., & Papadopoulos, T. (2016). Supply chain sustainability: A risk management approach. International Journal of Production Economics, 171, p455-470.
Palazuelos, E., & Ferna?ndez, R. (2012, January). The importance of transnational corporations in the supply of oil to Europe: Implications. Energy Policy, p47.
The Corporation Act 2001
The Guardian. (2011, August). Retrieved from The Guardian:
https://www.theguardian.com/environment/2011/aug/04/oil-nigeria-spills-fines-fights)
The Work Health and Safety Act 2001
Turner, J.R., 2014. The handbook of project-based management (Vol. 92). New York, NY: McGraw-hill.
Wetzel, J. R.-M. (2016, January). Corporations and Human Rights.
Workplace Relations Act 1996
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