Risk management, thus, became little more than a rubber stamp and a stepping stone for employees moving around the company. The Enron’s case clearly describes the importance of ethics in risk management profession and the consequences of the lack of it.
A code of ethics which sets forth a discipline of moral duty and conduct in support of the demanding standards of risk management profession must necessarily be in place. At the minimum, the code of ethics should cover the standards for integrity and dignity, trust, confidentiality, competence and professional practice.