The Institute of Business Ethics (‘IBE’) have recently published a new survey: Ethical Risks 2024, The survey aimed to capture and report business leaders’ rating of ethical risk concerns for businesses. Understanding ethical risks is the starting point for taking action on ethics in any organisation. In the IBE Business Ethics Framework, an ethics programme begins with an ethics risk assessment for the organisation.
By sharing this data, it is hoped to help organisations compare their ethical risk analysis to others and provide a broader understanding of the ethical risks faced by business leaders.
Key findings from the survey include:
- Economic conditions are the highest-ranked risk factor based on aggregate scoring and can be seen to drive many of the other risks including fraud, theft, improper spending of company money (including expenses) and false accounting and reporting.
- The retail sector and small and medium-sized businesses ranked concern for vulnerable customers and fair treatment of customers highly. Larger organisations may be missing an important issue here by placing customers at a lower priority than other issues in an economic climate where it really matters.
- Fair pay and employment conditions are in 9th place. Remuneration and reward is ranked as 25th on the list. The IBE’s Attitudes of the British Public to Business Ethics survey shows that the British public is consistently concerned about pay, especially executive pay. Business leaders are at risk of being out of touch on this issue.
- Climate-related risks and use of artificial intelligence ranked lower than public debate might have suggested.
To obtain further information and a copy of the Guide click on the link.