Risk Management Portfolio - Analysis of Australian Legal Compliance

Risk Management Portfolio 1
Risk Management Portfolio

Risk Management Portfolio 2
Table of Contents
Introduction......................................................................................................................................3
Legal Environment..........................................................................................................................4
Governance......................................................................................................................................6
Managing legal relationship............................................................................................................7
Management of Obligations..........................................................................................................11
Future Proofing..............................................................................................................................13
Conclusion.....................................................................................................................................15
References......................................................................................................................................16

Risk Management Portfolio 3
Introduction
This assessment is demonstrated over the analysis of risk management portfolio in relation to the
case study with relation to the Australian legal compliance. This report is focused on the
development of reflection over the analysis of case base studies as Australian Wheat Board in
order to managing the risk. In context to this, the legal framework and regulations are elaborated
which are applied over the settlement of disputes among the parties. Along with this, the legal
risks are also discussed in reference to the case study. The governance theories, liabilities,
opportunities and threats are also assessed in context to the corporate governance. On the other
hand, managing relationships is also elaborated in relation to the stakeholders of businesses.
Apart from this, the management of obligation is also evaluated with related aspects as tort of
law, negligence, due diligence and breach of contract. Moreover, the future proofing aspect is
also reflected in context of strategic planning for the expansion of business such as new
branches, takeovers, mergers, joint ventures and franchisees.

Risk Management Portfolio 4
Legal Environment
It is identified that there is a significant role of the laws and regulations established by the
government for the businesses as businesses have to comply with the rules and regulations
established by the government. The main reason behind it is that it affects the overall
performance of the company. I have gained knowledge regarding different laws that affects the
relationships of the businesses with its stakeholders such as contract law, agency cost, goods and
services law and employment law. I have learnt that the companies are required to provide equal
employment opportunities to the potential candidates. I have also learnt that the law of contract
states that there is an existence of the agreement between two or more persons that can be
enforceable by the law (McKendrick, 2014). I have also gained information related to the sources
of law such as federal, state and common law. This lecture has also helped in attaining the
information related to the components and elements related to the legal contract such as the
parties entering into the contract should not be minor. Besides this, the contract should be formed
with free consent, person with sound mind. Besides this, there should be an existence of an offer
and agreement. This has also helped me understanding different types of offers that can be made
for entering into a contract in a legal manner (Knapp, Crystal & Prince, 2016).
It is essential for the businesses to enter into a contract that can be enforceable by the law as this
may provide them the opportunity to sue the other party for not fulfilling the agreed terms and
conditions in the court and receive compensation in return. In addition to this, the contract is
valid if the intentions to the parties to contract are to form legal relations. It is also found out that
the contract is considered as legal if it is not influenced by fraud, mistake, misrepresentation,
duress and undue influence. I have get the in-depth understanding of the elements of the contract
law by the relevant legal cases occurred in the past. I have also learnt that the owner of the