This presentation discusses the legal environment management of Wesfarmers, an Australian based company engaged in chemicals, coals, fertilisers, and export of fruits and vegetables. It covers the legal governance and issues, dimensions of legal environment, high legal risk, strategic options and recommendations for the company.
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ο Managing Legal Environment
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ο οWesfarmers is Australian based company οIt was found in 1914 οThe current revenue of the company is $65.98 οIts competitors are Woolworths, BHP Billiton οThe business in which the company is engaged is chemicals, coals, fertilisers, export of fruits and vegetables (Wesfaremrs, 2018). Overview of Organisation
ο οThe company needs to comply with the different laws and rules such as οCorporations Act 2001 οCompetition and Consumer Act (Wesfarmers, 2017). οThe issues that affect the organisation are οDisputes οIncentive policy οAppraisal οNo morale and no goals Legal Governance and issues
ο Dimensions of legal Environment (Source: Roddan, 2015)
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ο οGeneral The general specifications includes the adherence to laws and to cater the services to the customer in the best manner through the compliance of the laws οSpecific Under the specific scenario the amendments to the laws and such as Super Annuation Industry Act 1993. (Wang, Dulaimi & Aguria, 2004). In the case ofACCC vs JJ Richards and Sons Pty Ltd [2017] FCA 1224, ACCC took action against to enforce the unfair trade practice in terms of standard form small business contracts (Recruiters Casebook 2017). General and Specific Legislation
ο οThe legal risk are categorised into four areas οStructural οLitigation (Wesfarmers, 2017). οRegulatory οContractual οSustainability High Legal risk
ο οUncertainty οGovernment pressure οCompetitors strategy οEconomic slow down οRapid changes in the industry οEntry of new substitutes οPolitical unrest Reasons and Implications of the Risk
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ο οRisk Avoidance οRisk Acceptance οRisk transfer (Wang, Lin & Huang, 2010). οRisk Limitation Strategic Options
ο οThis step is the method under which the risk is totally avoided and is not taken in the consideration at all οReverse method (Holzmann & JΓΈrgensen, 2012). οMost expensive method οCompanies do not use much of this Risk Avoidance
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ο οUnder this methodology the risk is completely accepted οThe steps to mitigate are researched οAll the best options are evaluated οThe best fit option is implemented οCost effective Risk Acceptance
ο οThe risk of the company is transferred to the third party οFor example outsourcing of customer services οPayment of the bills through the third party vendors οMedium level cost (Roddan, 2015). Risk transfer
ο οThe most used and common method οThe hybrid policy of the two methods οMixture of Risk acceptance and risk avoidance οOnly potential risks are accepted οNon potential risks are ignored οCost effective Risk Limitation
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ο οComply with laws and regulations οAudit shall be undertaken οRenew polices according to changes in environment οCustomer Satisfaction οMaintain market share οAdhere by the policies Recommendation
ο οRoddan, M. (2015).Economic downturn, supermarket wars biggest threats to Wesfarmers: analysts.Retrieved from https://www.theaustralian.com.au/business/business-spectator/economic-d ownturn-supermarket-wars-biggest-threats-to-wesfarmers-analysts/news-st ory/159c85822921871c865faf7435ca2969 οWesfaremrs, (2018).Annual Report.Retrieved from https://www.wesfarmers.com.au/docs/default-source/default-document-libr ary/2017-annual-report.pdf?sfvrsn=0 οWesfarmers, (2017).Sustainability Report.Retrieved fromhttps:// sustainability.wesfarmers.com.au/media/1835/edited-extract-of-wesfarmer s-2016-sustainability-report.pdf οWang, J., Lin, W., & Huang, Y. H. (2010). A performance-oriented risk management framework for innovative R&D projects.Technovation,30(11- 12), 601-611. οWang, S. Q., Dulaimi, M. F., & Aguria, M. Y. (2014). Risk management framework for construction projects in developing countries.Construction Management and Economics,22(3), 237-252. οHolzmann, R., & JΓΈrgensen, S. (2012). Social risk management: A new conceptual framework for social protection, and beyond.International Tax and Public Finance,8(4), 529-556. οRecruiters Casebook (2017). JJ Richards & Sons Pty Ltd admits itβs time to take out the garbage Retrieved from References