Risk Management in Legal and Ethical Issues: A Detailed Report

This report examines the critical aspects of risk management, focusing on legal and ethical issues within organizations. It identifies key legal and ethical concerns, including discrimination, workplace safety, social media rhetoric, accounting ethics, corporate infiltration, privacy issues, nepotism, and environmental leadership. The report also addresses legal issues such as BREXIT implications, resourcing, fiscal values, business licensing, employee relations, intellectual property rights, shareholder disputes, market competition, and insurance components. Ethical theories, like the Utilitarian Approach, are discussed, along with strategies for managing ethical and legal risks by nurturing organizational values and establishing reporting systems for unethical practices. The report emphasizes the importance of professional codes of ethics in guiding workplace decisions, ensuring confidentiality, and promoting moral standards. It outlines a structured approach to solving ethical dilemmas, involving identification, ranking, and development of action plans. The conclusion underscores the inevitability of risk in business and highlights the report's exploration of risk management scope, legal and ethical frameworks, and the significance of ethical conduct in business operations. Desklib provides access to this and similar solved assignments.

RISK MANAGEMENT IN
LEGAL AND ETHICAL
ISSUES

TABLE OF CONTENT
• INTRODUCTION
• TASK
• LO1 Identify key legal and ethical issues, the policies and the
decision making frameworks the communicate complexities
ideas effectively
• LO2: Display awareness of professional/ethical codes of
conduct in relation to beliefs and rights and apply problem
solving skills to an ethical dilemma
• CONCLUSION
• REFERENCES

INTRODUCTION
Comprehension regarding the Scope of Risk Management,
taking it into the purview of the companies, the occurrence of
risks is not new to the organisation. When it comes to the
parameters of risk which can cloud the working of the
companies, the managers have to be extra careful in order to
secure the corporations. Potentially, when the compass of
globalisation showcased the various kinds of risk which can
effect the performance of the company,

LO1 Identify key legal and ethical issues, the policies and the decision
making frameworks the communicate complexities ideas effectively
In the scope of ethical and legal issues which usually
occurs in an organisation, be it specifics in any kind.
The happenings relate when the a decision, task or
difference of opinions circumstances lure out
diminishing behaviour within the purview of the
company or the any standards which are prescribed by
the community.

Ethical Issues Structure
• Discrimination and Harassment
• Safeguarding measurements of health and safety in workplace
• Rhetoric related to social media and other issues regarding the
whistleblowing
• Ethical variable in the purview of bookkeeping spaces and other
accounting application
• Infiltration and shadowing in the corporate field
• Application regarding technicalities and privacy issues
• Partialism and issues of Nepotism within the workspace
• Leadership and Management regarding the Environmental issues

Legal Issues Structure
• In the context of United Kingdom, the recent legal issues which
affected the organisation, was tend to be BREXIT.
• Resourcing
• Fiscal Values related to the terms of tax paying
• Registration and Licensing of the business
• Issues with the Employees
• Problems related to the scope of Intellectual Property Rights
• Difference of opinions and other disputes with the shareholders
• Occurrence of competition in the marketplace between various
companies
• Components of Insurance

Theories of Ethics
• The Utilitarian Approach – The determined theory
was penned in the new age by John Stuart Mill,
which structured the system well and appraise the
standards which works on the postulates of
Happiness, as the concept. Moreover, it reflects the
ideal doctrine of Pleasure. This approach is covered
in the notion of Consequentialist Theory.

Ways to manage the Risk Management in Ethical and Legal Issues
• Nurturing the values – The organisation must stick to the
values, as an example the company must hold a sense of
dignity with the following the words , Honesty, Integrity and
Accountability. The behavioural strategies which works on
the leadership board will enhance the devotion in the workers.
• Introduction of a system- Every organisation must establish
a system where the report and complains regarding the
various types of unethical issues and practices can be put
forwards or complain about . The company take strict action
regarding the unethical issues.

LO2 Display awareness of professional/ ethical codes of conduct in relation to
beliefs and rights and apply problem solving skills to an ethical dilemma
Professional code of ethics provide the set of guidelines to take
better decisions at workplace. It is very beneficial for the
organisation's operations, it develop the moral standards and
foster harmony in the organisation and build a better image
among clients or customers. Code of ethics act as a model that
employee's should accord with. It ensure that every individual is
responsible for their behaviour and for their treatments.

Professional Code of Ethics in Business Organisation
It informs the employee's about the behaviours and action they have
to perform in the ethical dilemmas or in challenging situations. Some
examples are;
• Confidentiality and Privacy Policies- As an employee it is their
duty to keep all the secrets sensitive information of the
organisation safe such as; company data or organisation
blueprints. Some companies take initiative, they make the
employee's to sign the document of non-closure agreement to
protect business interest.

There are some steps of Solving Skills to an Ethical Dilemma
• Determine- It means to identify if there is a conflict of
values, rights and so professional responsibilities (Ren,
2019 ).
• Identify- It means to identify the principles involved, and
what meanings and limitations are attached to values.
• Rank- after identifying, the problem is putting rank wise
which is relevant to the issue or dilemma.
• Develop- an action plan is consistent with the ethical
prioritise that have been determined as central to dilemma
(Zimon, and Madzík, 2019).

CONCLUSION
In each and every business organisation, there is chances of some
risk. None of the business will run without taking risk. In the above
report, the scope of risk management got discuss and accordingly
the legal and ethical issues, policies and decisions making
framework and communicate complex ideas would described.
Apart from that, the awareness of professional and ethical codes of
conduct in business organisation would also discuss in the above
report which includes, components of professional code of ethics ,

REFERENCES
• Alabdullah, T.T.Y., 2022. Management accounting insight via a new
perspective on risk management-companies' profitability
relationship. International Journal of Intelligent Enterprise, 9(2), pp.244-
257.
• Brozek, B., 2019. The Legal Mind: A New Introduction to Legal
Epistemology.
• Bush, S.S., Heck, A.L. and Liff, C.D., 2022. Ethical issues in geriatric
neuropsychology. In A Handbook of Geriatric Neuropsychology (pp.
537-554). Routledge.