Question

1. Create & communicate strategies to minimize risk, create value and manage legal disputes for business leaders in a global environment.

Answer 1

Common strategies to stay clear of dispute, create value and minimise the risks in global environment.

(I) Ensuring that the organisation's culture is conducive, inclusive, diverse, progressive and encompasses cultural sensitivity, so as to avoid incidents of discrimination, interpersonal rivalries and conflicts, issues related to employee well being, and avoid subsequent legal risks.

(ii) Uphold ethical standards in all aspects of organisation's functioning. It is essential to build a good name and reputation on international level for sustained competitive advantage.

(iii) Choose the partners carefully, particularly in developing nations where the condition of law and order is not up to the mark, and the company might be dragged into controversies owing to the actions of partners.

(iv) Identify and Manage the stakeholders carefully, so as to ensure the success of all endeavours and minimising the chances of troubles and roadblocks.

(v) Invest in employees and empower them for keeping their morale and productivity high, reducing attrition rates and attract best talent in the industry.

(vi) Invest in continuous improvement of processes, and strive to make the company standards at par with the best in the business.

(vii) Know the regulations applicable to the company in all countries it works, and ensure that they are complied to. It will save it bad name, penalties and interruption in the business.

(viii) Make sure that the company obeys law of land in every nation where the company works. Respect the local customs, traditions and cultural attributes to assimilate with it and establish greater connect with the people.