Running head: BUSINESS REGULATION: A VITAL ELEMENT
Business Regulation: A Vital Element of Business
Steven C. Woodruff II
MBA program: University of Phoenix
LAW 531 – Business Law
Professor David Gross
April 8, 2009
Corporate responsibility, in areas such as compliance, ethics, and law is very significant to the sustainability and profitability of every organization. These areas have become key factors in many of the day to day business decisions that organizations face. It is imperative that management have a thorough knowledge of business regulation and the laws that surround it, specifically in the industry in which their organization does business. For instance, companies that do business close to lakes, streams, or the ocean, must know what environmental regulations exists that pertain to pollution and toxic waste. The federal government has formed an agency that is responsible for enforcement of environmental laws. This agency is called the Environment Protective Agency or EPA. In the following paragraphs, we will discuss how regulatory risks such as tort liability can be identified and managed through certain preventive and corrective measures.
Alumina Business Simulation
Our class materials provided a business simulation of an organization called Alumina that emphasized the level of importance government places on the preservation of the environment and its means of enforcing environmental regulation. The simulation also dealt with ethical issues business managers face when involved in lawsuits, and the preferred legal way out of such dilemmas. We will discuss our findings and what they did well or could have done differently and apply this to other organizations as well. “Environmental regulation is perhaps the most stringent area of government’s regulation of business. The government imposes great technology investment demands on industry for regulatory compliance. However, the penalty for a single act of recklessness can be far... [continues]
Business Regulation: A Vital Element of Business
Steven C. Woodruff II
MBA program: University of Phoenix
LAW 531 – Business Law
Professor David Gross
April 8, 2009
Corporate responsibility, in areas such as compliance, ethics, and law is very significant to the sustainability and profitability of every organization. These areas have become key factors in many of the day to day business decisions that organizations face. It is imperative that management have a thorough knowledge of business regulation and the laws that surround it, specifically in the industry in which their organization does business. For instance, companies that do business close to lakes, streams, or the ocean, must know what environmental regulations exists that pertain to pollution and toxic waste. The federal government has formed an agency that is responsible for enforcement of environmental laws. This agency is called the Environment Protective Agency or EPA. In the following paragraphs, we will discuss how regulatory risks such as tort liability can be identified and managed through certain preventive and corrective measures.
Alumina Business Simulation
Our class materials provided a business simulation of an organization called Alumina that emphasized the level of importance government places on the preservation of the environment and its means of enforcing environmental regulation. The simulation also dealt with ethical issues business managers face when involved in lawsuits, and the preferred legal way out of such dilemmas. We will discuss our findings and what they did well or could have done differently and apply this to other organizations as well. “Environmental regulation is perhaps the most stringent area of government’s regulation of business. The government imposes great technology investment demands on industry for regulatory compliance. However, the penalty for a single act of recklessness can be far... [continues]
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