The effect of spin polarized transport between ferromagnetic metallic electrodes on the relaxation process of a single molecular magnet (SMM) is considered theoretically. The relaxation times are calculated in the second order approximation (Fermi golden rule). The main objective of the work is to analyze the possible mechanisms responsible for the reversal of a SMM's spin. We investigate the regime in which the spin reversal is driven by an external magnetic field. In such a case, the magnetic switching of a SMM is essentially induced by the quantum tunneling of magnetization. The total charge flowing between the electrodes during the reversal process is calculated, and the analysis shows that such a system under consideration can serve as an electronic pump.
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