Recognizing and Minimizing Tort and Regulatory Risk Plan

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  • Date Submitted: 03/11/2010 11:12 PM
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Recognizing and Minimizing Tort and Regulatory Risk Plan

Recognizing and Minimizing Tort and Regulatory Risk Plan

University of Phoenix
Law 531

March 9, 2010
Recognizing and Minimizing Tort and Regulatory Risk Plan
This assignment is about writing a plan for Alumina Inc. An aluminum maker company with a total of $4 Billion sales volume, based in the U.S. 70% of Alumina's sales derive from the United States market and the rest is dispersed out of 8 different countries. Five years ago, Alumina Inc. was found liable of contradicting Federal Laws. Alumina has current tort liabilities due to the previous lawsuit and recent complaints that compound probable risks to company. This is the reason why the author of this paper is trying to develop a plan to help the company face these types of challenges.
This plan will clarify how regulatory risks such as tort load can be identified and managed through protective, detective, and counteractive procedures, with the intent to help Alumina moderate and tackle these types of liabilities and legal matters. What is a tort? Tort is a civil wrong that provides a remedy for its victim. There are three different types of torts: Intentional, negligence, and strict tort liability. Intentional, they come from intentional acts, for example, the striking of another person. Negligence, are those committed out of carelessness and not with a direct intention, for instance, careless driving which ends in an accident. Strict liability, are those that are considered with a direct intention, for example, something done with consideration.
There are others definitions of torts, such as, personal torts and property torts. Trespassing on a private property is considered a property tort. Defamatory actions are considered personal torts. Authoritarian risks are risks associated with the failure to comply with a whole host of governmental regulations. Such risks impact a company’s existing assets, earnings, and often, reputation. In the context of tort liability arising out of...
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