The Chartered Institute of Management Accountants (CIMA) has produced an ethical scenario tool to help businesses comply with ethical standards in a volatile and complex business environment.
This follows a recent Chartered Global Management Accountant (CGMA) survey which revealed that nearly 25% of respondents worldwide worked for an organisation that had suffered from a serious reputational failure. This rose to over a third in the UK, which has witnessed a series of corporate crises ranging from LIBOR to tax avoidance and meat scandals. CGMA research last year also highlighted that one in three finance professionals around the world have faced pressure to act unethically.
As CIMA members in practice are committed to upholding a Code of Ethics, the institute has produced this interactive tool to support and guide ethical decision-making. Created with input from members globally, and available to the wider business community, it takes the user through a series of challenges in areas such as conflict of interest, the supply chain, bribery and data protection.
Tanya Barman, CIMA’s Head of Ethics, said:
“Ethical challenges are part of working life, and often there is no perfect answer. But if they are not dealt with appropriately, there may be severe consequences when they come to light – both for the individuals and for the companies they work for.”
“Unfortunately it is still common for employees, be they in finance or in other parts of the business, to face pressure to compromise their ethical standards, and the standards of their company. It is vital to act ethically; to build long-term business success and avoid the shortcuts that can turn into tomorrow’s scandal.”
“Through releasing this tool – to both members and the wider business population – we hope to encourage better working cultures that lend themselves to the ethical standards that most firms subscribe to.”
The tool is available at: www.cimaglobal.com/ethicstool