Risk Management and the Game-Changing Role It Can Play for Green Chemistry
On March 3rd, 2015, Professor Steve Maguire, Director of the Marcel Desautels Institute for Integrated Management (MDIIM), and Professor of Strategy & Organization in the Desautels Faculty of Management, presented as an invited lecturer at UCLA’s Global Business and Policy Forum. The event, focused on “Business, Law & Green Chemistry”, was jointly hosted by the Center for Global Management (UCLA Anderson School of Management) and the Lowell Milken Institute for Business Law and Policy (UCLA School of Law). Over the course of the afternoon, attendees gained insight into some of the challenges companies face in developing and adopting more sustainable substances.
Both Law and MBA students listened as Prof. Maguire presented on the business logics for green chemistry and how the concept of ‘risk management premium’ can drive firms to voluntarily adopt greener technologies. By reducing chemical risks, companies can in turn reduce business risks (such as regulatory, legal, or reputational risks) which can be costly to the financial bottom-line.
The presentation was followed by Professor Timothy Malloy, Professor of Law and Faculty Director of the UCLA Sustainable Technology and Policy Program. Malloy expanded on the limitations and caveats of the risk management premium and brought his legal perspective to the role that regulatory measures can play on firm decisions. A similar presentation was given to McGill MBA, MBA-Law, and Chemistry students on March 25th. Highly engaging, the visit offered McGill students and faculty the opportunity to gain a cross-border perspective on the opportunities and challenges faced by the chemical industry and companies wishing to transition towards more sustainable alternatives.
To view photos from the event, please visit: https://www.flickr.com/photos/ucla_anderson/16110574983/in/set-72157648870647763