Ethics in Finance: Doing the right thing even when no one is looking
Being able to work successfully with ambiguity is increasingly cited as a critical skill in modern work places. Ambiguity presents numerous challenges, among them the ability to identify reliable principles to base decision making on, and the ability to apply a process through which to systematically evaluate options for action.
Ethical dilemmas are a form of work place ambiguity, readily generated by the competing priorities in finance and investment business. It is a common misconception that unethical action is an uncommon occurrence, performed by already bad people. On the contrary, ethical dilemmas are entirely commonplace occurrences, and often result in perfectly good people deciding to do questionable things - driven by psychological biases, social & organisational factors, and situational influences that can affect decision making and behaviour.
This case based Ethical Decision making workshop broadly has 3 goals:
Encourage participants to become more conscious about their thoughts & behaviours, so that they are more likely to notice, and act upon ethical issues before they become a problem.
- To recognise that ethical dilemmas are a normal & predictable part of most jobs.
- To discuss & practice approaches for dealing with ethical dilemmas.
Bio: Steve Wallace, CDDA, CAIA
Steve is Director of Outreach, MENA, based in CFA Institute’s Abu Dhabi office and is responsible for managing external institutional relationships across the MENA region. He was visiting lecturer at Cranfield School of Management covering Investment Banking and Ethics in Finance from 2014-17 and has over 20 years’ experience in the investment industry.
Steve started his career as investment strategy & portfolio construction specialist for private bank clients in Australia. On returning home to London he joined Société Générale Corporate & Investment Banking on the cash equity desk in relationship management before being headhunted to run the relationship management function for the emerging markets cash equity desk at ING.
Subsequently, Steve managed the UK office of an emerging market equity hedge fund and headed the EMEA & Australia business development activities of CAIA Association as its first industry relations hire. On leaving the CAIA Association, Steve ran his own consulting business where he: structured a UCITS platform to onboard US hedge funds for EU distribution; offered EU hedge fund distribution advice to non-EU hedge funds; and ran commercial contracts for a number of clients.
Steve joined CFA Institute’s London office in December 2014 as Director of Institutional Partnerships, EMEA before transferring to their Abu Dhabi office in August 2018. Steve has a Bachelor of Business in Financial Planning from RMIT, holds the Certificate of Investment Management and Certificate in Commodity Derivatives from CISI, the Chartered Alternative Investment Analyst designation, CFA Institute Investment Foundations Certificate and holds the Chartered Due Diligence Analyst designation. Steve is an avid epee fencer and has represented England in the Commonwealth Fencing Federation tournament and Great Britain in the European Veterans Fencing Championships.