Page 113 - RISK Management IC86 Ebook

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companies, individuals and others under Acts of parliament
and statutory regulations,

c) Contract Law: The application of contracts that a company
enters into with overall contract law supplemented by the
specific contract provisions.

It is, therefore important for an organization to

n Understand the potential for legal damage to a company,
n Develop a strategy for handling legal liability and associated

risks in the organization,
n Remember that there is no finite precision about the law i.e. it

will ultimately be decided in a court of law.

The best starting point for an organization to deal with such
a situation would be to characterize the legal risk
management process as:
n Knowing its legal obligations
n Operating within the law
n Being able to prove that it has operated within the law,
n Recognising and effectively handling all legal threats.
n An organization faces liability arising out of its property and

its activities. These sources of potential liabilities can be
categorized as under:
a) Ownership, use or possession of premises

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