Sociologists should try and improve society by researching it, thereby enabling those with neither the time or opportunity to research it to understand it more simply and yet more fully. This dissemination of sociological knowledge to the masses is most important and part of a sociologist’s task.

What Are the Challenges of Being a Sociologist?

• Job Competition. According to the Bureau of Labor Statistics, sociology is a popular field of study, but it has comparatively few job opportunities.
• Education. A sociology career has high barriers to entry.
• Skills.
• Balancing Work.

A Social Reform refers to any attempt that seeks to correct any injustices in a society. Social Reform is a kind of social movement that aims to make gradual change, or change in certain aspects of society, rather than rapid or fundamental changes.

Risk in Sociology: From Social Problems to Risk. The relationship between individuals and society has been central to sociological thought since its origin (Giddens 1984). They do not develop their own goals, values, and preferences apart from those that exist in society, but instead develop them in relation to these.

Typical mitigation strategies are portfolio diversification, insurance and hedging. They can be both, formal and informal. Reciprocity arrangements in families or communities are examples of informal insurance schemes. (iii) Coping strategies relieve the burden of risk once it has occurred.

Social risk comes from activities that affect the communities around the business. Things like labor issues, human rights issues, public health issues, and political uncertainty qualify as social risk.

Social – This type of risk pertains to a consumer’s social status. For example, they may decide not to buy a cheap car for fear that their friends would disapprove or that it might impact their social status among their peers. Financial – Every consumer suffers some extent of financial risk.

6 Steps to Legal Risk Management

1. Select framework. Risk management is a continuum.
2. Obtain organizational commitment.
3. Identify legal risks.
4. Analyze legal risks.
5. Evaluate legal risks.
6. Communicate and advise.

This article is written by Tushar Verma, Geeta Institute of Law, currently enrolled in the Ace your Internship course at Lawsikho. Legal risks refer to damage or any loss incurred to a business due to negligence in compliance with laws related to the business. It can be encountered at any stage of business proceedings.

8 Legal Risks Facing Businesses

• Employees charging discrimination, harassment, and unfair treatment.
• Employees charging wage and hour violations.
• Compliance with regulatory laws.
• Contracts.
• Taxes.
• Employee Benefits.
• Customer disputes.
• Taking out loans.

An uninsurable risk could include a situation in which insurance is against the law, such as coverage for criminal penalties. An uninsurable risk can be an event that’s too likely to occur, such as a hurricane or flood, in an area where those disasters are frequent.

Most insurance providers only cover pure risks, or those risks that embody most or all of the main elements of insurable risk. These elements are “due to chance,” definiteness and measurability, statistical predictability, lack of catastrophic exposure, random selection, and large loss exposure.

Insurable risks are risks that insurance companies will cover. These include a wide range of losses, including those from fire, theft, or lawsuits. When you buy commercial insurance, you pay premiums to your insurance company. In return, the company agrees to pay you in the event you suffer a covered loss.

Definition: A risk that conforms to the norms and specifications of the insurance policy in such a way that the criterion for insurance is fulfilled is called insurable risk. A risk may not be termed as insurable if it is immeasurable, very large, certain or not definable. …

Characteristics of insurable risks

• Large number of similar exposure units.
• Definite Loss.
• Accidental Loss.
• Large Loss.
• Affordable Premium.
• Calculable Loss.
• Limited risk of catastrophically large losses.

Legal risk is the risk of financial or reputational loss that can result from lack of awareness or misunderstanding of, ambiguity in, or reckless indifference to, the way law and regulation apply to your business, its relationships, processes, products and services.

Regulatory Risk is generally defined as the risk of having the ‘licence to operate’ withdrawn by a regulator, or having conditions applied (retrospectively or prospectively) that adversely impact the economic value of an enterprise.