WIL practitioners encounter ethical issues, dilemmas, or conflicts ('risks') in the delivery of work-integrated learning (WIL) programs. Ethical risks which are not properly managed can have reputational, legal, and financial consequences for the higher education institution (HEI). Whilst students' experiences of ethical risks, particularly in health-related WIL programs, have been extensively reported in the literature, there is no known systematic study that has explored ethical risks in WIL from the sole perspective of WIL practitioners. A case study of 10 Canadian practitioners identifies five key characteristics of ethics underpinning the delivery of co-operative education programs, as well as ethical risks that they have experienced relating to the conduct of WIL practitioners, students, and employers. The findings can be applied by WIL stakeholders to enhance their ethical awareness, and to improve management of ethical risks.