Business Tort LiabilityPurpose of AssignmentYou may be familiar with personal torts such as negligence; however, business torts are different as they are being committed not against the person but rather against its intangible assets. Think about what this means and how each aspect of your work might result in a business tort being committed.Assignment StepsResources: Legal Environment of Business: Online Commerce, Business Ethics, and Global Issues: Ch. 5, Ch. 6 and Ch. 7; Legal Source database located in the Week 3 Electronic Reserve ReadingsScenario: In the midst of the ongoing rhetoric and movement to achieve Tort Reform, business tort liability must be acknowledged and planned for as a reality. As the manager of legal risk and corporate governance for a major multi-national pharmaceutical corporation, the board of directors has commissioned you to work alongside your CEO and General Counsel to prepare a report regarding this liability and the exposure it creates for the organization.Create a maximum 1,050-word report, excluding title and reference pages.Address the following in the report:Evaluate the impact of business tort liability on the pharmaceutical industry in general.Determine the growth of business tort liability in the pharmaceutical industry and discuss where and why tort reform is needed.Assess the impact of business tort liability on corporate liability under the Alien Tort Statute.Explain how business tort liability can be reduced through the implementation of the risk management process.Analyze how business tort liability can escalate to criminal liability.Cite a minimum of two references for the five content areas taken from a business or legal resource. One reference must be from the University Library.