Reflection on Case Study, Journal Articles, and Annotated Bibliography

Running head: BUSINESS LAW
BUSINESS LAW
Name of the Student
Name of the University
Author Note

BUSINESS LAW1
Reflection on case study
The object of this case study is analyzing the strategies and issues of risk management. In the
first case, the Volkswagen cheated the emission standard of EPA by installing software in one of
their car model. The reasons behind their cheating are providing vehicles with fuel efficiency in
the American market and the company’s Wolfsburg headquarters culture. Volkswagen failed to
manage corporate governance and due to this, company’s sale reduced and various lawsuits were
filed against them. From the second case study we can analyze that the Corporations Act
significantly impacts the operations of the Australian organizations. The legal provisions identify
the company’s legal risks as well as the Managers, directors and stakeholder’s legal implications.
In the maintenance of company’s financial stability, serious threats can occur from such
activities. By being updated of the present laws as well as by undertaking corporate governance
framework regulated by the ASX, the directors and managers can reduce the risk chances.
Reflection on journal articles
Legal risk management, compliance and governance are the rules used by the legal departments
of a corporation in order to implement and adopt the combined approaches to business
problems1. risk management, compliance and governance are generally a set of tools which
manages a company or corporation or LGRC. The attorneys, general counsels, law firms, legal
corporate departments utilize similar tool sets in order to govern their corporations and also
themselves. Financial GRC and IT GRC are also included in the realm of risk management,
compliance and governance. Managing legal risks is the evaluating process of alternative non-
1 Michael Eburn and Stephen Dovers, "Legal Aspects Of Risk Management In Australia" (2014) 4(1) Journal of
Integrated Disaster Risk Management.

BUSINESS LAW2
regulatory and regulatory reactions to risks as well as their selection2. In addition to the
knowledge of law, economic, social and also business knowledge are also required in this
process3. In case of an organization, risk management is known as the process of identifying
potential risks, setting up of risk tolerance and prioritizing them on the basis of their business
objectives and also mitigates and manages those risks of the organization. Legal governance is
the process of establishing, executioning, interpreting and rules put by the legal departments of a
corporation for ensuring smooth run of legal corporation and department4. Legal compliance is
known as the process which ensures that the organization is following the relevant laws, business
rules and regulations properly5. The previous standard of risk management for Australia and
New Zealand was replaced in 2009, November, which set out 11 risk management principles.
Which are-
Creation and protection of value
A good risk managing contributes in achieving the objectives of the agency by continuous
review of the systems and processes.
Integral part of organization’s process
Risk management is to be incorporated with the governance framework of the agency and
becoming the part of its processes of planning at both strategic and operational level.
2 Chance, Don M., and Roberts Brooks. Introduction to derivatives and risk management. Cengage Learning, 2015.
3 Sadgrove, Kit. The complete guide to business risk management. Routledge, 2016.
4 Craig Cameron and Christopher Klopper, "University Lawyers: A Study Of Legal Risk, Risk Management And
Role In Work Integrated Learning Programmes" (2015) 37(3) Journal of Higher Education Policy and
Management.
5 Drennan, Lynn T., Allan McConnell, and Alastair Stark. Risk and crisis management in the public sector.
Routledge, 2014.