The theme "Ethics and Risk Management" signifies that each of these two disciplines—risk management and ethics—depends on the other. Good risk management requires good ethics; and good ethics requires good risk management. This implies that, from a positive perspective: •First, for an organization/company to manage its risks well, everyone who represents that organization/company must practice good ethics. •Second, for an organization/company to act ethically, everyone who represents that organization/company must manage risk well.
And, conversely, from a negative perspective:
•First, an organization/company that permits or encourages unethical actions by anyone who represents it is not practicing good risk management. •Second, an organization/company that permits or encourages anyone who represents it to manage its risks poorly is acting unethically.
Risk management is a process for making and carrying out decisions designed to minimize the adverse effects of accidental or business losses on an organization/company by reducing the number or size of these losses or by cost effectively financing recovery from any such losses.
The Event owners/management:
Ethics means not acting wrongly against a person, property or society; protecting all people’s rights: and not damaging a company or a person’s name and/or reputation by per example making public statements that are false and malicious. Unethical behaviour within an organization is poor management of that organization.
The event management’s legal and ethical responsibility is to address all risks. For example: if health and safety problems are likely or perceived to be a risk, insurance should be taken out to cover this risk. This also implies identifying all the risks that could have a critical impact upon the viability of the event/employees if they occur, and developing contingency plans for those risks;...