The risk manager shall consider the following standards for settlement, among others:
(a) The reasonable likelihood that factual and legal liability exists;
(b) The costs of defense in light of the above likelihood;
(c) Fulfillment of requirements under the Act;
(d) The existence of waiver under the Act; and
(e) The interests and general welfare of the state.
006-4 Wyo. Code R. § 4-3