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¶ … Enterprise Risk Management
Alumina, Inc., henceforth being referred to as AI, is an aluminum-based company. AI is at the center of focus in the Business Regulation Simulation that was studied for the purpose of this paper. This paper will identify a significant tort that was committed by AI in regard to the legal issues and their corresponding principles as drawn from the simulation (Harb, 2008).
Negligence is the greatest tort committed by AI in the legal issues realized from the simulation. The first and most delicate legal issue arising from negligence by AI is the threat of a destructive lawsuit being forwarded by a 38-year-old lady, Kelly Bates. The lawsuit accuses AI's continual role in polluting Lake Dira's water that ended up affecting her 10-year-old daughter by contracting leukemia. The other legal issues that AI faced were the threat of defamation regarding AI's responsible in safeguarding human welfare, which also form its consumer base, and the issue of exposure resulting from release of highly confidential information that would have compromised the company's position in competition among its competitors. All these legal...
The same negligence could be evaded by the release of some confidential information that was not a truly desired option by the company's board of directors as it would compromise its competition levels. Defamation came by due to the threat of the lady's accusations and also the fact that the company lacked responsibility in waste disposal.
Using the seven elements of Enterprise Risk Management, this tort could have been easily averted to avoid the entire current melee in legal issues that the company was entangled. The first element, management commitment, would tie the entire crew of employment with the responsibility to safeguard human right to a clean environment. This would also ensure responsibility and accountability from the workers…
References
Lam, J. (2003). Enterprise Risk Management: From Incentives to Controls. New York: Wiley.
Harb, T. (2008, June 17). 7 Essential Elements of ERM and the Role of Internal Audit. Retreived http://www.google.co.ke/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&ved=0CCIQF
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