"From ignorance our comfort flows. The only wretched
are the wise." These words, written centuries ago by
English poet and diplomat Matthew Prior, could be emblazoned on
t-shirts worn by the modern day chief compliance officer.
After all, those sitting in corporate C-suites who are ignorant of
the ethics and compliance risks their companies face certainly
sleep better at night than the CCOs whose job it is to know the
risks, however "wretched" it might make them.
While CCOs take many paths toward "wisdom" and
the knowledge it entails, a formal ethics and compliance risk
assessment is quickly becoming an essential route. However, while
the term, "risk assessment" is thrown around early and
often in ethics and compliance circles, it is often hard to define
just what the term means and what should be included in an ethics
and compliance risk assessment. Our intent is to provide some
practical guidance, including a checklist of issues that should be
part of any
