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CQiB > 2. Ethics and Professionalism > Flashcards

2. Ethics and Professionalism Flashcards

1
Q

What are the four overarching ethical frameworks?

A
  1. Moral rules
  2. Virtue based ethics
  3. Metacognition
  4. Consequentialism
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2
Q

What are the two camps of moral rules?

A
  1. Moral absolutism
  2. Moral relativism
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3
Q

What is moral absolutism?

A

People who think that there are universal rules that apply to everyone.

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4
Q

What is moral relativism?

A

Dispute the idea that there are universal rules that all cultures ought to obey.

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5
Q

What are the arguments of moral relativists?

A
  • Different cultures or different periods in history had different moral views
  • What is ‘good’ depends on what a particular group of people approve of
  • Relativism considers the diversity of human societies and responds to the different circumstances surrounding human acts
  • Those who adhere to moral relativism would say “when in Rome, do what the Romans do”
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6
Q

What is virtue based ethics?

A

Practice that starts with the idea that we can identify what it would be like if we lived up to our own standards, and every decision we made moved us towards being the best version of ourselves.

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7
Q

What are the key concepts of virtue based ethics?

A
  • Flexible approach because there are no universal ‘rules’ to apply when making a decision
  • Does require you to be true to yourself and learn from role models (dead or alive)
  • A virtue is a moral characteristic that a person needs to live well - what Aristotle called “a fulfilling life”
  • The basis of virtue ethics decision making are simple questions such as: “If I choose to do X, will that reflect me being the best person that I can be?”
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8
Q

What is metacognition

A

Broadly, thinking about thinking.

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9
Q

What are the key concepts of metacognition?

A
  • Helps us to plan, assess, and improve our thinking
  • Often used in educational content to refer to the way people improve their ability to learn
  • Being capable of making ethical decisions is not necessarily a natural skill, it is a practical capability that we develop with knowledge and experience
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10
Q

What is consequentialism?

A

A way of working through the consequences of a decision. The right decision is the one that achieves the best outcome (or benefit) with the least amount of harm (or cost).

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11
Q

What is one of the main subsets of consequentialism?

A

Utilitarianism, which states that an action is morally right if the consequences of that action are more favourable than unfavourable to everyone. It is about maximising human wellbeing. What decision would result in the greatest good for the greatest number of people?

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12
Q

What are the key concepts of consequentialism?

A
  • A way of working through the consequences of a decision
  • Tends to regard everybody’s happiness or unhappiness equally valid. Therefore, you have to consider the entire utility, rather than viewing it from a self-centred perspective
  • When a person thinks that the means justify the ends
  • Whether an act is right or wrong depends only on the results, or consequences, of that act
  • The more good consequences an act or behaviour produces, the better or ‘more right’ that act or behaviour
  • You consider all the costs and benefits before making a decision
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13
Q

What are the five steps of the ethical dilemma framework?

A
  1. Recognise
  2. Facts
  3. Discuss
  4. Act
  5. Review
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14
Q

Provide a high level overview of each of the below five steps of the ethical dilemma framework:
1. Recognise
2. Facts
3. Discuss
4. Act
5. Review

A
  1. Recognise the ethical dilemma
  2. Look at the facts of the situation, including what are the available options
  3. Talk about your chosen action
  4. Implement your chosen action
  5. Review the outcome
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15
Q

What are the steps involved in: Recognise the ethical dilemma?

A
  1. Write down everything you know about the issue - try to identify which points are verifiable facts, which points have an element of intuition and which ones are based on assumptions
  2. What are the values at stake? Pay attention to language used. Things on the surface may look to be facts but also imply whether we consider it to be “good” or “bad
  3. Define the issue in terms of value or ethical tensions
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16
Q

What are the steps involved in: Look at the facts of the situation including the available options?

A
  1. Once relevant stakeholders are identified, look at the interests each of them has
  2. What interests are common and what are in opposition?
  3. When looking at the possible actions available, you want to consider as wide a range as possible
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17
Q

What are the steps involved in: Talk about your chosen action?

A
  1. To ensure you make the most ethical decision, it is a good idea to take your preferred two options and “test” them by asking questions and seeking agreement from stakeholders
  2. Talk to others and seek their opinions
  3. Then step back - do you need to rethink or adjust your intended course of action?
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18
Q

What are the steps involved in: Make the decision and implement it?

A
  1. Are you ready to implement the course of action you think is most appropriate?
  2. Remain open to feedback and seek additional data or the view of others

3/ You will need to be prepared to explain not just the decision but the decision-making process to stakeholders

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19
Q

What are the steps involved in: Review the outcome?

A
  1. Build on your knowledge and seek further guidance as part of your review
  2. Reflect on the decision-making process both during and after implementation
  3. Share this process with others, to build the ethical capability of your peers, company or the profession more broadly
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20
Q

What is whistleblowing?

A

A whistle-blower is a person who reports information, usually gained from their employment, concerning illegal or unethical activities or misconduct within an organisation. It usually doesn’t work.

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21
Q

What are the six principles for effective whistleblowing programs?

A
  1. Bank executives need to demonstrate strong and visible leadership cough cough
  2. Bank whistle-blower policies must allow for disclosures on a range of issues from people who have a connection with the bank
  3. Banks are to provide clear guidelines on the reporting and investigation process
  4. Banks will provide support and protections for whistle-blowers
  5. The whistleblowing program is known, accessible, and effective training is provided
  6. On an ongoing basis, banks will monitor the awareness and effectiveness of a whistle-blower program
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22
Q

What were the six key underlying principles highlighted by the Royal Commission into Banking?

A

There are six underlying principles for the financial services industry:
1. Obey the law
2. Do not mislead or deceive
3. Act fairly
4. Provide services that are fit for purpose
5. Deliver services with reasonable care and skill
6. When acting for another, act in the best interests of that other

23
Q

What are the two ethical concepts underpinning the the ethics of data analysis?

A

Privacy and consent

24
Q

What are the two major concepts concerning who bears the responsibility for decision making algorithms making bad or faulty decisions?

A
  1. Moral agent
  2. Moral responsibility
25
Q

What is a moral agent?

A

A “being” who has the ability to discern right from wrong and make a considered judgement based on professional experience, seek further information or gain a second opinion.

26
Q

What are the three conditions of moral responsibility?

A

We are morally responsible if:
1. We are causally responsible for the effects or lack of effects of our actions or inactions
2. We intentionally brought about the effects or could have foreseen them
3. The effects are morally important

27
Q

Is someone morally responsible if they accidentally cause harm to someone else?

A

If someone accidentally causes harm to someone else, they will still be regarded as morally responsible, although we could consider them less blameworthy because it was not intentional.

28
Q

Is someone morally responsible when they fail to do something they should have done?

A

Yes

29
Q

What are machine learning algorithms?

A

These are a specific kind of algorithm which “learn” their own ways of analysing data and reaching decisions.

30
Q

Why are machine learning algorithms valued?

A

These algorithms are prized because they alter their decision-making procedure based on the data they are given and the goal assigned, with little to no pre-established rules placed on the system by the designers.

31
Q

What are the two things that are needed to build a machine learning algorithm?

A
  1. Data (what happened in the past); and
  2. Definition of success (what we are looking for - according to an opinion, which becomes embedded in the code)
32
Q

What is a profession?

A

A disciplined group of individuals who adhere to ethical standards.

33
Q

What are nine of the standards which may be included in a profession?

A
  1. Specialist knowledge and skills
  2. Barriers to entry such as the successful completion of professional exams and assessments
  3. A professional body that may stipulate requirements for CPD and different levels of membership
  4. Adherence to codes of values and conduct
  5. Professional activities governed by a membership-based professional body
  6. Professional body sets out minimum accepted standards of behaviour in a code of conduct or ethics
  7. Acceptance of a duty to society
  8. The public expects high levels of integrity to be maintained; rely on the profession
  9. Apply knowledge and exercise skills in the interest of others
34
Q

What are the six aspects covered in a professional code?

A
  1. Trustworthiness
  2. Respect for human rights and dignity
  3. Responsibility
  4. Fairness
  5. Caring and doing no harm
  6. Citizenship
35
Q

What are the two approaches for establishing a code of conduct?

A
  1. Rules based approach
  2. Principles based approach
36
Q

What is a rules based approach for establishing a code of conduct?

A

Prescriptive in that it clearly sets out what a member or employee can or cannot do. This focus on compliance is designed to leave little room for misunderstanding.

37
Q

What is a principles based approach for establishing a code of conduct?

A

Sets out the broad, ‘high-level’ principles for members to comply with. How members go about complying with these principles is up to them.

38
Q

What is the main benefit of a principles based approach for establishing a code of conduct?

A

As this approach is more about providing guidance that can be applied to various circumstances, it can be applied more broadly than a rules based approach and encourages the taking of responsibility and exercising of professional judgement.

39
Q

What are the three things principles based codes usually refer to?

A
  1. Acting in the public’s best interest
  2. Adopting ethical or high-level principles
  3. A framework, which defines the safeguards that should be applied to address the threats posed by non-compliance
40
Q

What are the four values underlying the FINSIA code of conduct?

A
  1. Integrity
  2. Professionalism
  3. Objectivity
  4. Respect
41
Q

How often will the FINSIA code of conduct be reviewed?

A

The code will be reviewed every three years to ensure its continuing relevance and compatibility with FINSIA’s purposes and governance.

42
Q

What are the five threats to professionalism?

A
  1. Self-interest
  2. Self-review
  3. Advocacy
  4. Familiarity
  5. Intimidation
43
Q

What is self-interest?

A

Where a financial or other interest inappropriately influences your judgement or behaviour.

44
Q

What is self-interest?

A

Where a financial or other interest inappropriately influences your judgement or behaviour.

45
Q

When does self-review usually arise?

A

Can often arise where you are involved in auditing or evaluating the work of others.

46
Q

What is advocacy?

A

The threat that you will promote a customer’s or employer’s position to the extent that your objectivity is compromised.

47
Q

What is familiarity?

A

Due to a long or close relationship with a customer, you may be over-sympathetic to their interest, leading to a familiarity threat.

48
Q

What is intimidation?

A

Where you are deterred from acting appropriately due to pressures (actual or perceived), including attempts by another influence you.

49
Q

What are the six safeguards to threats to professionalism?

A
  1. New entrants to the banking industry must meet minimum education, training requirements
  2. People working in the banking industry should complete ongoing CPD
  3. Adherence to corporate governance regulations
  4. Abiding by industry wide professional standards
  5. Professional or regulatory monitoring and disciplinary procedures for non-conformance
  6. External review by a legally empowered third party, for example a regulator
50
Q

What is CSR?

A

Corporate social responsibility refers to how a bank manages its business in order to have an overall positive impact on society. It can be described as an obligation, beyond that required by the law, for a bank to pursue long term goals that are good for society.

51
Q

What areas does CSR aim to positively impact?

A

CSR aims to embrace responsibility for the bank’s actions and, through its activities, encourage a positive impact on the environment, consumer, employees, communities and other stakeholders.

52
Q

What is the pyramid of social responsibility?

A
53
Q

Describe ISO 26000 - Social Responsibility.

A

An International Standard that provides guidance on how businesses and organisations can operate in a socially responsible way. It provides guidance rather than requirements and helps clarify what social responsibility is. It is aimed at all types of organisations regardless of their size, activity or location.

54
Q

What are the seven core subjects identified by ISO 26000 - Social Responsibility?

A
  1. Organisational governance
  2. Human rights
  3. Labour practices
  4. The environment
  5. Fair operating practices
  6. Consumer issues
  7. Community involvement and development

CQiB (7 decks)

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