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Identifying And Managing Regulatory Risks

Kevin Nwankwor
University of Phoenix
10/*5*/2009 */ Week 2* Assignment
LAW 531
Professor Shannon Rivers
Environmental regulations is a very serious issue in our society, because it is a primary concern of all living things, both human and animals. Due to the large waste products by companies, and past records on how much damage this has caused, how many lives that have been lost due to environmental and water pollution, EPA and federal government has enacted rules and regulations that will not only protect the individuals but also protect both animal and plants existing in the society.
Speaking about identifying regulatory risks, we can identify and manage regulatory risks through preventive measures, by ensuring that we have a blue print of all the EPA regulations and federal government laws regarding water and environmental pollution. Once these regulations have been clearly understood, there should be a department created specifically to update EPA agencies, Federal Government agencies and the community with information regarding the companies policies and actions that promote environmental cleanliness. This will also help the company to learn of any new changes in environmental regulations and help Identify any default before it gets to the press. This also facilitates the detective measures, because Company can learn easily where they have faulted. Another detective means is to conduct independent site study monthly to check for new violations of any of the regulations.
Corrective measures is applied as soon as a discovery is made on any default , and these corrective measures ranges from creating an alternative means of discharging the waste products without polluting the environment. The best method to use here can be a form of technology that allows recycling. When this corrective measure is taken, which is only to avoid future occurrences, another corrective measure is to ensure that those affected are compensated accordingly based on...