Tort Management Plan

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Submitted by: jerzeyboy252
Date: 02 / 10 / 2009
Category: Mixed Topics
Words | Pages: 1027 | 5
Views: 169

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Tort Management Plan

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Tort Management

With conservatively estimated annual direct costs of $180 billion, or 1.8 percent of GDP, the United States tort system is the most expensive in the world, more than double the average cost of other industrialized nations. Whereas an efficient tort system has a potentially important role to play in ensuring that firms have proper incentives to produce safe products, poorly designed policies can mistakenly impose excessive costs on society through forgone production of public and private goods and services (Council of Economic Advisers, 2002).   It is very important to businesses today to understand, react to, and incorporate regulatory risks into their daily operating practices.   Lawsuits are commonplace in today’s society and effective prevention is the strongest tool there is to combat frequent litigation.   To address the challenges of this new environment, companies need a refined and coordinated response.
      Tort liability forces companies to develop foresight to be prepared when the product or service they produce and deliver to consumers harms someone.   A child hurts themselves playing with a shiny new Tonka trunk he received for Christmas.   The Roller Coaster at Six Flags uses safety harnesses that restrict normal breathing during certain turns on the ride.   Chromium has contaminated former industrial sites and is suspected of causing different adverse health conditions in the communities in which they are located.   These are all common issues faced by businesses today.   The way that these issues are handled can make or break a company.
      To manage these risks efficiently, businesses should create and maintain an Office of Risk Management.   Risk management is action directed towards the assessment, mitigation and monitoring of risks to a business.   The strategies of risk management include shifting the risk to another party, risk avoidance, reducing the negative effect of the risk, and accepting some or all of the consequences of a...

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