Prudence as an ethical foundation for risk management

Marshall, A.; Ojiako, U.; Abdoush, T.; Vasilakos, N.; Chipulu, Max

Abstract

Purpose
This paper aims to draw on historical conceptions of true and false prudence within the broader context of virtue ethics ideas, to create a prudence framework for developing risk-and-ethics cultures in organisations.

Design/methodology/approach
The authors use a theoretical analytical approach as a means of examining plausible representations of risk as ethical practice.

Findings
While the ethical ideal of true prudence is explained primarily with reference to psychological theories of generativity, false prudence is explained as undesirable, primarily with reference to psychological problems of narcissism and the broader dark triad. True and false prudence are represented as centring upon very different motivations for foresight, each of which might set the cultural tone for organisational risk management.

Originality/value
This paper’s main contribution is therefore to call attention to the benefits for organisations of reflecting upon differences between true and false prudence when planning the risk management they want.

• Journal Article Type: Article
• Acceptance Date: Dec 12, 2022
• Online Publication Date: Jan 6, 2023
• Publication Date: 2024
• Deposit Date: Dec 13, 2022
• Publicly Available Date: Jan 6, 2023
• Print ISSN: 1746-5680
• Publisher: Emerald
• Peer Reviewed: Peer Reviewed
• Volume: 19
• Issue: 1
• Pages: 113-131
• DOI: https://doi.org/10.1108/SBR-09-2022-0244
• Keywords: Prudence; Ethics; Risk management
• Public URL: http://researchrepository.napier.ac.uk/Output/2982777