LESSON 1 FINALS Flashcards
is the process or procedure to ensure that an organization
follows relevant laws, regulations and business rules.
Legal compliance
within an organization is done for the benefit of the company
and the employees.
Ethical compliance
can both reduce the chances of a workplace lawsuit
and help to create a positive work environment.
ethical standards
includes the negotiation and execution of the contracts and other
legal documents associated with the acquisitions and endeavors of an organizations.
legal obligations
simply means the legal responsibility for one’s actions and omissions, and the
obligation to compensate the person harmed by those acts or omissions.
Liability
Is the legal responsibility to meet one’s financial and performance
obligations included within a contract.
Contractual liability
may result from misrepresentation or the failure to inform, provide
accurate information, investigate, or deliver.
Professional liability
is concerned with wrongful acts or non-contractual duties that allow an injured
person to obtain compensation from the person or entity that caused the harm or loss
Tort law
is the thorough and objective investigation to determine the accuracy of
claims made by parties to a transaction and to evaluate the financial and organizational
stability, the conditions that may cause harm, and the technical capacity and/or
infrastructure necessary to deliver on those claims
Due diligence
an agreement that is enforceable at law. It is a primary tool through
which institution’s govern relationships and understanding with the other party.
Contracts
Contracts should contain anything that is important to both parties, and parties
can agree to anything that is not illegal or against public policy. T OR F
TRUE
include concerns of quality, value, and honesty as well
as the category of corporate responsibility.
Ethical issues
Involves a sense of protection in offering safe products
for consumers that are created through decent working environments for the
people who manufacture or create them.
Corporate responsibility
is a branch of medicine which is concerned with the
intersection of work and health.
Occupational health
focuses on work practices and has a
different focus to other forms of health and safety-related activities, such as public
health, environmental protection, traffic safety, consumer protection, fire safety
and personal health.
Occupational health and safety (OHS)
is a systematic approach to identifying what can go wrong
in a situation. involves anticipating a specific hazard based on specific
events or known risks at local, national, regional or even global levels, and
establishing operational procedures for response, based on expected resource
requirements and capacity.
Contingency planning
represents a written plan or series of steps a
company takes to ensure if remains a going concern. These plans are often put in to
action when a company needs to recover from a disaster or put new management
into place to maintain future business operations.
Business continuity planning
is a term used to describe the consumption of resources that
occurs when a company sustains financial losses in the course of conducting
business.
Risk financing
Assuming
there are two or more partners in the business venture, each partner agrees to
assume a percentage of the risk, and creates their own reserves to manage that
risk.
risk pooling
is a life insurance policy with special arrangements made for
the payment of the policy premiums.
Financed insurance
can be an investment vehicle and an integral part of a wealth
transfer plan for high worth individuals.
Life insurance
