Ethics varies from one culture to another and sometimes we never know whether we have taken the right ethical decision or not for a given situation. Ethics defines the basis or the underlying framework of our societies and constitutes the core of our relationships. It consists of several conceptions or notions that affect our personal and business lives. These concepts include trust, judgement, responsibility, duty, obligation, right, damage, values, conduct, morals etc.
There exist several mitigation strategies that help managers in understanding risks and their impact on the business and on the organizational objectives. These treatment strategies are mainly branched into four common categories; risk avoidance or elimination, risk transference or share, risk mitigation, and risk acceptance. The choice of which of these methods to implement depends on the kind of the adopted decision-making model and on certain weighted, influential, organizational factors that should be taken into consideration in prioritizing, evaluating, and resolving risks. Since elimination of risk is unrealizable or almost impossible (Cervone 2006), managers should utilize the least cost methodology and the most appropriate control to lessen risks to a level corresponding to minimal impact. Besides, priority should be given to mitigating severe or high-impact risks since it would be impractical to address all recognized risks (Stoneburner, Goguen et al. 2002).