I am a normal student.
Just want to discuss the topic with you.

Ethic issue is an very important topic in modern society.
When you look at the internal control system, you will be told that taking "professional skeptical" position. It means you'd better not assuming the management is honest or dishonest.

When you looked at back what had happened.
You may find out a lot of big economic problems were initiated by ethic comprising.
That's why audit firms make big money now and in the future.

Let's get to second part of your question.
Is an ethic issue a risk?

From the risk management standing point of view,
"anything could jeopardize your effort to get the mission accomplished is a risk."

So, we have no reason not to do so.

Don't emphasis too much on the vocabulary.  such as "hazard" or "risk".
You'd better apply the basic concept to illustrate your reasoning.

Actually, fraud has bigger influence on your daily life.
Since it is "intentionally unethical practice",
I was wondering what will you classified as "risk" if you leave it (ethic issue)alone.

I hope it helps.

Thanks for your answer~
I just cannot decided where to put the content of moral hazard in my review.
And I will think about your opinion. :)