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Ethics, governance and risk management

Drennan, Lynn T.
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Drennan, Lynn T.
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Keywords
risk-benefit-appraisal
Good governance
business ethics
management
GE Subjects
Economic ethics
Business ethics
Ethics of economic systems
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Business Ethics
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Drennan.pdf
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http://hdl.handle.net/20.500.12424/173988
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Abstract
While corporate failures, such as Enron and WorldCom, have focused attention on issues of business ethics, corporate governance and risk management, there is nothing intrinsically new in the reasons behind their collapse. Neither is there anything fresh in the media’s rush to identify a ‘scapegoat’. An examination of the financial collapse of Mirror Group Newspapers and Barings Bank, demonstrates failures within both these companies’ corporate cultures and management systems, which allowed, if not encouraged, unethical behaviour by key individuals. It is argued that a combination of legislation, regulation, effective risk management and appropriate sanctions are needed, if such unethical behaviour, and resulting corporate failure, is to be prevented in future.
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Preprint
Date
2004
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With permission of the license/copyright holder
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