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Chapter 2 Flashcards - Flashcards

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Class:BSPM 4330 - Sport Law
Subject:Sport Management
University:Seton Hall University
Term:Spring 2010
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Risk Management the function or process by which an organization identifies and manages the risks of liability that rise from its activities. The traditional view is related to personal injury or property damage
Preventive Law looking at all the risks that could effect an institutions financial health. Includes environmental, political, economic, regulatory, institutional and cultural risks
The Preventive Law Process Five steps Risk identification Assessment of risks Risk Evaluation Preventive Law plan designed Preventive law plan implemented
Risk Identification AKA "The Legal Audit", an exploration of the legal landscape Should be Holistic--encompassing everything
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Risk Assessment Determining the probability that particular risks will result in claims during a specified period and the magnitude of the potential liability arising from such claims. Look at history of prior claims and types of litigation against similar companies
Risk Evaluation Once assessment is complete, evaluate the risks in conjunction with the mission of your organization and the importance of certain activities to your organization.
Four Strategies to Cope With Risks Risk Elimination--only if exposure to risk outweighs benefits. Risk Retention--bear the financial consequences of an activity Risk Transfer--shifts the possible financial loss to another party Risk Control--key aspect of a plan, since it involves the actual reduction of risk, not just methods to deal with the financial consequences.
Implementing the Plan Develop Effective Policies and Procedures Draft Contracts that protect your interests Design effective training programs Develop evaluation procedures
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 Risk Managementthe function or process by which an organization identifies and manages the risks of liability that rise from its activities. The traditional view is related to personal injury or property damage
 Preventive Lawlooking at all the risks that could effect an institutions financial health. Includes environmental, political, economic, regulatory, institutional and cultural risks
 The Preventive Law ProcessFive steps
Risk identification
Assessment of risks
Risk Evaluation
Preventive Law plan designed
Preventive law plan implemented
 Risk IdentificationAKA "The Legal Audit", an exploration of the legal landscape
Should be Holistic--encompassing everything
 Risk AssessmentDetermining the probability that particular risks will result in claims during a specified period and the magnitude of the potential liability arising from such claims. Look at history of prior claims and types of litigation against similar companies
 Risk EvaluationOnce assessment is complete, evaluate the risks in conjunction with the mission of your organization and the importance of certain activities to your organization.
 Four Strategies to Cope With RisksRisk Elimination--only if exposure to risk outweighs benefits.
Risk Retention--bear the financial consequences of an activity
Risk Transfer--shifts the possible financial loss to another party
Risk Control--key aspect of a plan, since it involves the actual reduction of risk, not just methods to deal with the financial consequences.
 Implementing the PlanDevelop Effective Policies and Procedures
Draft Contracts that protect your interests
Design effective training programs
Develop evaluation procedures
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