Debate continues over the cause of the global financial crisis. Was it a failure of corporate ethics or a lack of regulation and risk management? Either way, business ethicists argue an adjustment of the collective corporate moral compass is required because increasing regulation is unlikely to deliver the right sort of change. The result may be just another breed of compliance experts, they say. And ultimately, organisations and governments might miss the opportunity to probe deeper issues on the role of financial markets, corporations and the privilege of limited liability.