Business Awareness Flashcards
Name the 6 PESTLE factors
Political
Economic
Social
Technological
Legal
Environmental
Name the 5 fundamental ethical principles
Integrity
Objectivity
Professional Competence and Due Care
Confidentiality
Professional Behaviour
What is professional behaviour?
Being professional at all times, complying with relevant law and behaving ethically at all times
What is Professional competence and due care?
Being capable to do the task and maintaining professional knowledge at the level required through Continuing Professional Development (CPD)
What is Confidentiality?
Keeping information confidential - GDPR
Not using information gained through work for personal gain.
What is Integrity?
Being honest, transparent and fair
What is Objectivity?
Acting without bias or conflict of interest
What are the 5 threats to the fundamental ethical principles?
Advocacy
Self Interest
Self Review
Intimidation
Familiarity
What is Advocacy threat?
When a member promotes an opinion or position to the point where objectivity may be compromised
What is self interest threat?
Where a financial or other interest will influence the members judgement or behaviour
What is self review threat?
When a previous judgement needs to be re-valued by the member responsible for the judgement
What is intimidation threat?
When a member is threatened or deterred from acting objectively
What is familiarity threat?
Becoming too sympathetic to the interest of others due to the close or personal relationship with them
Which ethical principle does self interest affect?
ALL OF THEM
integrity
objectivity
professional competence & due care
confidentiality
profession behaviour
Which ethical principle does familiarity affect?
ALL OF THEM
integrity
objectivity
professional competence & due care
confidentiality
profession behaviour