Risk Management: Reed and Bogardus (2012) writes that “many HR risks can be managed by educating managers about the exposure created by unlawful practices or inconsistent application of policy in an organization” (p. 890). Recognizing the need for management to address risk management proactively, answer the following questions:
i. Identify the four basic steps to managing risk.
ii. Define the terms liability and tort.
iii. Name the four ways that risk can be managed once all risks have been identified and prioritized by company management.
iv. Review the bulleted listing of five ways that many HR risks might be managed, as discussed in the Risk Management section of chapter 2 of the PHR/SPHR study guide. Select one that you think would be important for your current organization to address immediately and tell why.