Abstract
The subjects of ethical risk and ethical risk management are alluded to frequently in academic and practitioner literature on organizational risk management, but there is scant evidence to indicate that either issue has received deeper analysis. Thus, the question 'What does it mean to manage ethical risks?' remains largely unaddressed. This paper represents a first step in seeking a language for both ethical risks and ethical risk management. As such, it relies on an analytical framework developed by the Caux Round Table in its Principles for Business. This framework is the product of an extended international effort (by scholars and practitioners) to create a statement of business principles with global application. In turn, the framework supports an assessment process that allows organizations to evaluate their conformity with the principles. This paper suggests one possible risk management interpretation of the Principles for Business, and illustrates how language might emerge that can link with broader risk management frameworks--especially that of enterprise risk management.