What is Professional Conduct and ethical standards?
A code of ethics and professional conduct outlines the ethical principles that govern decisions and behavior at a company or organization. They give general outlines of how employees should behave, as well as specific guidance for handling issues like harassment, safety, and conflicts of interest.
What is the purpose of standards of Professional Conduct?
The Standards of Professional Conduct are standards written by the CFA (Chartered Financial Analyst) Institute to encourage investment managers to invest in an ethical and professional manner. It was rewritten in 2006 to incorporate how the investment world has changed since the 1990s.
What are the six standards of conduct?
Act with integrity, competence, diligence, respect, and in an ethical manner with the public, clients, prospective clients, employers, employees, colleagues in the investment profession, and other participants in the global capital markets.
Why is professional conduct and ethical standard needed?
Why is a code of ethics important? A professional code of ethics is designed to ensure employees are behaving in a manner that is socially acceptable and respectful of one another. It establishes the rules for behavior and sends a message to every employee that universal compliance is expected.
What is the purpose of code of conduct?
A well-written code of conduct clarifies an organization’s mission, values and principles, linking them with standards of professional conduct. The code articulates the values the organization wishes to foster in leaders and employees and, in doing so, defines desired behavior.
What are the components of code of conduct?
Components of a code of conduct
- Mission statement and values.
- Workplace policies and procedures.
- Industry compliance and regulations.
- Disciplinary actions.
What is the primary purpose of Professional Code of ethics?
What is the purpose of a code of ethics? A code of ethics is usually established by a professional order as a way to protect the public and the reputation of the professionals . Indeed, people who breach their code of ethics incur disciplinary actions that can range from a warning or reprimand to dismissal or expulsion from their professional order.
What are the five codes of ethics?
Ethics can be defined as thinking about reasons in terms of values. The five ethical principles in the Ethics Code set forth psychology’s core values: Beneficence and Nonmaleficence; Fidelity and Responsibility; Integrity; Justice; and Respect for People’s Rights and Dignity.
How do you write code of ethics?
How to Write a Code of Ethics and Code of Conduct: 1. Review your mission statement and core values. 2. Talk to stakeholders. 3. Review past ethical issues. 4. See where other companies have faltered. 5. Create a draft code for input and discussion. 6. Create a final draft and share it.
What to do with your code of ethics?
1) Determine who is accountable for the code of ethics. Someone is – or should be – responsible for maintaining the code. 2) Build consensus. The code needs support throughout the bank. 3) Create awareness. 4) Documentation. 5) Training. 6) Document exceptions. 7) Monitor compliance. 8) Enforcement. 9) Regularly review and update your bank’s code of ethics.