Identify the current practice of legal risk management

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Reference no: EM133412562

The purpose of this Task is to enable the students to apply the law in managing the legal risks in the selected industry when running a project.

REQUIREMENT:

Although the construction industry plays important roles in contributing to the economic performance, the construction industry continues to rank among the most dangerous industry worldwide. The number of accidents and fatalities that occurred in this industry will not only affect the victims' families but also the employer, which will suffer the loss of an experienced worker and be forced to absorb the incidental cost due to the interrupted project activities, increased insurance premiums and medical expenditure. In Malaysia, the number of occupational accidents was 32,674 cases in 2020, with the number of occupational fatalities being 312 cases (DOSM, 2021). Meanwhile, contract risk is often defined as the possibility of financial loss either due to a buyer reneging on the contract or a failure by the organisation to adequately manage the contractual benefits or obligations.

Identify the current practice of legal risk management in the abovesaid industry. Your may also propose any recommendations to reduce the risks faced by the said industry.

Reference no: EM133412562

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