Companywide ethical risk management is the best approach to manage financial and operational risks

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2. Companywide ethical risk management is the best approach to manage financial and operational risks.

I think that companywide ethical risk management would be a more efficient and effective in managing financial and operational risks. If just the CGO is the key leader of preventing financial misconduct, then all of that responsibility lies with one person/ One person can’t be expected to catch all of the forms of misconduct, but if that person is also corrupt then there is no one to hold the CGO accountable. In companywide ethical risk management, everyone can be held accountable by others to maintain a good ethical standing. If there are multiple people holding others accountable, then the outcome will always be what most people consider to be good. Ethics are also a hard issue to examine, as opinions and morals can differ so it is important to have the input of multiple people and not just one person, where the outcome will always reflect that one person’s views and morals. In my opinion, virtue ethics is the best moral philosophy to be applied to this situation. An article written by Michael Slote in 1995 defines virtue ethics as, “An agent-based approach to virtue ethics treats the moral or ethical status of acts as entirely derivative from independent and fundamental aretaic ethical characterizations of motives, character traits, or individuals” (Slote 92). Virtue ethics takes more than one’s opinion into account, and defines ethics at what most people deem as “good” or “moral”. If ethical risk management is a company is only controlled by one person, then what they see as “good” and their morals will be all that matters regarding the handling of ethical situations. In a companywide ethical risk management system based on virtue ethical, situations are handled based on what most people see as “good” which can allow situations to be handled much better on a case by case basis because everyone’s morals and opinions are taken into account.

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