Scandals at Total and Diageo Highlight The Importance of Effective Risk Management

On August 2, French oil giant Total SA announced that French prosecutors had called its CEO in for questioning in relation to an ongoing investigation into corruption relating to the controversial Iraqi Oil for Food program.  A week earlier Diageo Plc, the British spirits maker, which produces Johnnie Walker scotch and Smirnoff vodka, reported that it will pay more than $16 million to settle