ACCA on Monday published a collection of essays from experts in the public and private sectors assessing the role of ethical corporate behaviour in risk management and governance. The paper, Risk & Reward: Shared Perspectives, features contributions that address how value-based principles can be applied and how they may impact on business performance and the interests of stakeholders.
"In the aftermath of the financial crisis, we have seen a huge focus on structural matters, most obviously the regulation of the banking sector", says Head of ACCA Pakistan, Arif Masud Mirza." "But, however, business activity is regulated, decisions will always, ultimately, be taken by individuals. As we have seen, this; where the regulatory process can collapse."
In the context of trying to ensure that material risks are better identified and managed than they have been in the past, this dimension of behavioural risk needs to be recognised as being crucial to the process of risk management, as well as to the wider framework of good governance. The paper aims to stimulate debate in that area.
The paper includes eleven contributions from ACCA, PwC, the Audit Commission, the European Commission, FairPensions and others. Shared Perspectives is a follow up to 2010's Risk & Reward: Tempering the Pursuit of Profit, which explored corporate planning and accountability and the risks that businesses need to identify and manage.-PR
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