The paper "The Regulatory Craft: Controlling Risks, Solving Problems, and Managing Compliance" is a wonderful example of an assignment on law. Issue: Should the industrial attempts to compromise compliance provisions on environmental care standards that help reduce soot pollution from power plants be considered legal? RulingA legal case from a current event that has taken place within the past 2 years is that where an appeals court in Washington DC on the 11, March 2014 upheld power plants soot compliance regulations. This followed an attempt to weaken the provisions for compliance with the environmental standards that aim to reduce the pollution by soot from power plants.
The governance principle of the regulatory requirement involves rules that require the power plants to use procedures that are low cost in ensuring the effective working of their technologies for pollution control. Additionally, the principles involve conducting capacity testing to confirm a firm’ s compliance. The courts’ ruling provides confidence that the standards for pollution are to be met (Environmental Defence Fund, 1). Application Methods for managing legal risks arising from regulatory compliance issues include the following: first, evaluating the alternative as well as the nonregulatory responses to the risks and selecting among them.
Second, a set of risks tolerance, identifying the risks potential and manages as well as mitigate the risks within the organizations (Sparrow, 21). These methods, when carried out, will come in hand in managing the legal risk arising from regulatory compliance issues. ConclusionRegulatory compliance refers to adherence to law, regulations, specifications, and guidelines by an organization, that are relevant to the business carried out by it. As such, violation of these regulatory requirements often results in federal fines or legal punishments against the organization (Sparrow, 3).