At the end of the day, compliance failures usually boil down to something done wrong by people. Little surprise, then, that one rapidly rising concern these days is, well, people risk.

So says the Conference Board, which published a report recently that ranked people risk—“human capital risk,” in consulting argot—fourth out of 11 among the various risks that executives say could harm their business. At the same time, however, that group also ranks human capital risk 10th in terms of how well they manage that risk.

In other words, a serious misalignment of risk and risk management exists in the personnel ...