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Erm 7-Step Process

In: Business and Management

Submitted By kadieshrock
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ERM 7-Step Process

ERM 7-Step Process
According to Harb, Enterprise Risk Management is people, systems and processes working together across the organizations to systematically think about and manage a wide range of risks that could impede achieving organizational objectives/opportunities. In this paper we will discuss the potential tort risk that arose as a result of Non-Linear Pro leasing unsatisfactory equipment to Quick Takes, and how to effectively apply the 7-Step Enterprise Risk Management process in evaluating the violation that was imposed upon Quick Takes by Non-Linear Pro, when they failed to supply equipment that performed as advertised it to perform.
In the Product Liability Video, Non-Linear Pro leased hardware to Quick Takes. The equipment was leased to Quick Takes with the understanding that it would speed up editing time. Quick Takes soon discovered that the equipment did not have enough memory to get the job done, which caused their competent editors to work tirelessly for two weeks with little results. From the video we gather that Non Linear Pro has committed several tort violations in the dealings with Quick Takes such as:
1. Misrepresenting the quality of the product.
2. Express Warranties – Non Linear Pro made the express warranty as to the way a product would perform, guaranteeing the product would in fact perform that way.
3. Breach of Contract – Product did not perform the way it is intended to.
4. Damages: Benefit of the Bargain- Employees were engaged in useless work because they could not finish the product that they were supposed to be producing.
5. Rescission of the Contract – Entitles the Quick Takes to terminate immediately the contract, and to therefore have no liability under the contract.
6. Possibly sue for the injury the employee sustained from handling the product and Quick Takes employee having her finger…...

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