This is the part four of your Risk Management assignment. You will be looking at your business
Question:
This is the part four of your Risk Management assignment.
You will be looking at your business and typical contracts used in it.
How to Proceed
Using the business and Risk Management Template from Module 1 brainstorm contract risk. Using the list of risks you identified, perform a risk severity analysis and a risk response plan.
This part of the assignment will take approximately 1.5 hours to complete.
You will be assessed on your achievement of the following course learning outcomes:
Identify risks associated with contracts and the ways contracts are used to reduce risk.
Identify key contracts typical in your business
Develop strategies to mitigate legal risk
Instructions
Identify at least 3 different contracts used in your business.
Complete the Risk Severity matrix. (Jasleen)
Identify at least 3 different contracts used in your business.
Written Contract: Contracts relating to land, including sales and leases of land (Breen et al., 2022).
Example: FedEx purchases land to build a FedEx facility.
Standard Contract: Employment contracts
Example: Contract stating written and detailed description of the job, number of hours of work per week, wage rate, overtime rate, etc. signed by both FedEx employer and employee.
Electronic Contract: Contracts in electronic form are recognized as being equally valid as contracts in the other two accepted forms (Breen et al., 2022).
Example: Customer purchases from a third-party online shopping website and selects FedEx as the shipping delivery method.
Standard Contract: Shipping Contract
Example: Customer ships package out through FedEx and shipping contract outlines parties' liability in case of damage or loss of cargo.
Written Contract: Import/Export Agreements
Example: Businesses agree to import or export goods to each other overseas through FedEx.
2. Complete the Risk Severity Matrix
| Risk | Risk Level | Risk Likelihood | Category | |
| Written Contract Standard Contract Electronic Contract Standard Contract Written Contract | | | Contracts relating to land, including sales and leases of land Employment contracts Contracts in electronic form Shipping Contract Import/Export Agreements | |
| Probability | HARM SEVERITY | |||
| Minor | Marginal | Critical | Catastrophic | |
| Certain | | | | |
| Likely | | | | |
| Possible | | | | |
| Unlikely | | | | |
| Rare | | | | |
| Eliminated | |
| Key: | |
Expert Answer:
Answer To proceed with the risk severity analysis and risk response plan youll need to assign ea... View the full answer
