Question 1

What are risk avoidance, risk reduction, risk retention, and risk transference? When is each appropriate?

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Question 2

What is the value of having a legal risk management plan?

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Question 3

Identify and describe the four steps in creating a legal risk management plan.

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Question 4

Identify and briefly describe the legal risks associated with the human resources function of a business organization. Discuss the implications of not having a risk management plan in place with regard to its human resources.

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Question 5

What initial step would you suggest that a business should go through in selecting a lawyer?

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Question 6

What is enterprise risk assessment, and how is it related to a legal risk management plan?

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Question 7

Should circumstances require a business to retain outside legal advice, what three things are important to communicate to a potential lawyer?

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Quiz 3: Managing Legal Risks