Enterprise Risk Management Essay

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Enterprise Risk Management Marie Williams LAW/531 July 2, 2011 Jackie Williams Enterprise Risk Management Business opportunities and risks are changing in a challenging global economy, and organizations must identify these opportunities and risks. The need exist also to assess, manage, and monitor business opportunities and risks to stay competitive in the global market. Enterprise Risk Management (ERM) is an ongoing process designed to identify potential risks and manage those risks. The process is applied to the entire organization by employees at every level and geared toward the achievement of the organization’s objectives. Several tort violations exist in the Product Liability video located on University of Phoenix student Website. Tony Harb’s seven-step process is applied to the risk management process to mitigate the business risk associated with one of the tort violations existing in the video. Tort Risk In the Product Liability video, one potential tort risk that arose was misrepresentation. Intentional misrepresentation is also known as fraud. When a wrongdoer deceives another person out of money, property, or something of value this is considered fraud. When this happens the injured party can recover damages. Henry Cheeseman states that to file intentional tort against a person or organization for misrepresentation individuals must be able to prove the following elements: “First, the defendant had to have made a false representation of material fact and knew representation was false and intended to deceive. Second, the plaintiff justifiably relied on misrepresentation and was actually injured” (Cheeseman, p. 802, 2010). After reading the software manual and watching the video tutorial supplied by Non-Linear Pro, the two employees from Quick Takes Video found that the software did not perform according to the

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