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Flashcards in Ethics And Professional Standards Deck (9)
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1

What are the business benefits of ethics

Builds trust and confidence among consumers, increasing their engagement and therefor revenues as cross selling becomes easier

2

What are some of the ethical issues found in financial services

Commission driven miselling
Unclear overly technical documentation
Remuneration
Conflicts of interest
Complaint handling

3

What is the key driver of ethical culture

Management behaviour

4

What must every firm have for whistleblowing

Whistleblowing champion

5

What are the 4 components of an ethical framework within a firm

Commitment (statement of values etc)
Leadership
Operational- policies, procedures etc
Oversight

6

What are the 5 key steps for ethical leadership

Understand he language of ethics
Craft a clear ethical vision
Be good at shaping the way people make decision
Remove hurdles to ethical decision making
Set an example

7

What are the 3 steps you can take to help solve an ethical dilemma

Take account of personal values, corporate values and professional values
Consider dilemma from each perspective
Consider the option and which most effectively resolves the tension between values

8

What MI can give insights into ethical issues

Lapses/cancellation
Complaint volumes
File reviews
Business mix

9

What are the 12 steps to implement corporate social responsibility programmes

Identify stakeholders
Prioritise stakeholders
Establish important issues to them
Understand how these issues can affect business
Understand current position
Estimate where stakeholders expect you to be
Understand level of resources
Decide how to use resource
Implement improvements and monitor progress
Communicate to stakeholders
Check CSR programme is working
Tell people how the business has improved