Chat with AIExam 1: Introduction to Law and Management in Sport
Define both risk management and preventive law.
(42) 
Answered by Examlex AI CopilotRisk management and preventive law are two distinct but related concepts that are used in various fields to minimize potential harm or legal issues that could arise from certain activities or decisions.
Risk management refers to the process of identifying, assessing, and prioritizing risks followed by the coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events or to maximize the realization of opportunities. It is a broad concept that applies to any situation where there is uncertainty or potential for loss. Risk management involves a systematic approach to managing risks that can include transferring the risk to another party, avoiding the risk, reducing the negative effect of the risk, and accepting some or all of the consequences of a particular risk. It is often used in finance, insurance, project management, health and safety, and cybersecurity, among other areas.
Preventive law, on the other hand, is a legal strategy that focuses on anticipating and preventing legal problems and litigation. It involves the proactive identification of potential legal issues before they become disputes and the implementation of strategies to avoid them. Preventive law can include a wide range of activities such as drafting clear and comprehensive contracts, ensuring compliance with laws and regulations, providing legal education to employees, and conducting regular legal audits of an organization's practices and procedures. The goal of preventive law is to help individuals and organizations avoid legal pitfalls and the costs associated with legal battles by taking early action to address potential legal issues.
In summary, while risk management is a broader concept that deals with a wide range of potential risks, preventive law is specifically focused on legal risks and aims to prevent legal problems before they arise. Both approaches are proactive and seek to mitigate negative outcomes by anticipating and addressing potential issues early on.
Adopting a "preventive law" view encompasses a broader view of all risks that could affect an institution.
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VerifiedTrue
In the preventive law process, which of the following represent the first step?
(39) VerifiedA
Risk transfer means that your organization chooses to bear the financial consequences of an activity.
(37) Risk elimination is the method most commonly adopted to cope with risks.
(39) Risk assessment deals with determining the probability that particular risks will result in claims and the magnitude of the potential liability arising from those claims.
(35) The preventive law plan should be incongruent with your organization's core values.
(35) The first step in the preventive law process is to engage in risk evaluation.
(42) The preventive law process includes five distinct steps. Please identify and explain the essential elements of each of the five steps and discuss the importance of each step.
(39) The traditional view of risk management is often confined to risks related to a personal injury lawsuit or property damage claim.
(40) _______________ is a broader approach that looks at all risks that could affect an institution's financial health.
(35) __________ means that your organization chooses to bear the financial consequences of an activity.
(37) The preventive law process should be undertaken only once and then forgotten.
(36) _________ is the key aspect of the preventive law plan since it involves the actual reduction of risk.
(41) Which of the following is not part of the implementation process of the preventive law plan?
(43) Risk evaluation involves the use of methods to transfer risks of financial loss to another party.
(37) 
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