what kind of relationship between ethic and risk management?

Simply stating risk entails a threat posed by the failure in decision making and managing of risk is how well we manage the resources (not just human) and management of stakeholders. The second aspect is something I believe has a closer relationship with ethics :). Francis describes 7 ethical principles and all of them have in one form or the other impact the risks, which are more at a Business or Corporate level. CSR (corporate social responsibility) is also relevant in this regard.

Good risk management requires good ethics; and good ethics require good risk management. Please read the following article:

https://www.irmi.com/articles/expert-comme...ment-and-ethics

Hope this helps.

Fosco, here are the 7 principles that Francis talks about
1. Dignity refers to treating each individual as an end rather than a means. This means respecting the interests of other.
2. Equitability is being just, fair and even-handed in decisions.
3. Prudence requires people to exercise a degree of judgement that makes a situation no worse, and applies when decisions must be made about recalling products that cause illness or are unsafe.
4. Honesty is reflected in straightforwardness, truthfulness and avoidance of lying, cheating or stealing.
5. Openness is about not concealing that which should be revealed.
6. Goodwill is about concern for others reflected in kindness and tolerance.
7. 'Avoidance of suffering' supports the view that pain and suffering should be prevented and alleviated arises in decisions about for example, the level of care and expense that should be invested in avoiding oil spills, avoiding production for chemical or biological warfare, or avoiding investment in some industries such as the tobacco industry.

I just quoted Francis (Australian professor) as I recently read his paper, but you could find similar references from other great minds. the 2 reference i have given below
1. Francis, R.D. 2000. Ethics and corporate governance: an Australian handbook. Sydney: Univ. of NSW Press
2. Francis, R.D. and Armstrong, A.F. 2000. `Can ethical commitment be gauged from company annual reports?’ Australian journal of professional and applied ethics. 2 1 54-60

Definitely there is a relationship between “bad Ethics” and “Poor RM”. If an organization is reluctant to implement Good RM practices, many times, subjacent root cause in bad ethics. With a “We do not need RM here because we trust people”, or “.. Because its cost is not justified”… there is actually fear to have bad behaviors uncovered.
However RM does not prevent or mitigate bad ethics by itself. Visualizing bad-ethics as a misconduct that need to be managed or mitigated is using a police-and-persecute approach. It does not work. In my Country there is a saying that states: “rule done, then workaround done”.
Bad ethics is confronted with transparency, good governance frameworks, training and setting examples from the top… independently of amplitude of vision

Great resource Rami, thank you!