Ethically informed risk management includes both the management of ethical risks and the ethical management of risks (professional ethics). This article aims to rekindle dormant discussion of professional ethics in health care risk management. It frames ethically informed risk management as a patient-centered and evidence-based practice, aligns its scope with that of biomedical ethics, and proposes specific ethical duties to guide risk management practice. It provides a starting point for more robust debate and the development of ethical standards for health care risk managers.