Statutory to Corporate Risk Management Term Paper

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This will minimize the risk of legal liability if an employee is injured or incapacitated by not following the risk regulations put in place.

After a thorough risk assessment, an investigation of statutory risk issues, and informing the employee base, a manager is then ready to put in place specific measures to integrate statutory with corporate risk management. These should be thoroughly delineated and explained, so that each employee is fully aware of the risks of not following the requisite procedures. In some cases injury or even death could result. If the necessary measures are in place, such injury or death can be ascribed to neglect by the employee rather than by management, and the employee and his or her family runs the risk of substantial financial and personal loss as a result.

Statutory and corporate risk are not simple issues, particularly in companies where the risk of injury is substantial, such as construction, fishing, or military establishments. Many factors can therefore complicate the successful integration of statutory requirements with corporate risk management.

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It is for example possible that communication do not reach all employees, especially in large companies. This is particularly the case where employees are required to study long and complex documentation on their own time. This is particularly the case if an employee does not believe that all the information in the documentation pertains specifically to him or her. To mitigate this, management should keep an open system of education and delegation. Middle managers for example can be given the task of studying the necessary documentation and relaying the information to the relevant employees.

Another way to facilitate the process is by maintaining an open system of communication. Managers and their attitudes towards employees play an important role in this. A manager should therefore be positive towards employees and their inquiries, be friendly when inquiries are made, and be willing to listen to any grievances related to risk measures......

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