In the business reality of today, ethical performance has increased in importance for most organizations, for example:

  • The individual behavior of any employee can make or break an organization's reputation.
  • Globalization increases the potential for locally accepted behaviors to clash with the organizational values and ethical standards. 

This report discusses:
  • Issues driving the increased attention to ethical conduct and how they impact risk management and internal controls.
  • Steps required to clarify, define, and develop organizational values and to create codes of ethical conduct.
  • How to realize a culture where commitment to ethical values becomes the day-to-day operational expectation. 

Key Insights:

Financial professionals and management accountants must be prepared to:

  • Acquire a behavioral understanding of their human capital.
  • Develop the organization’s behavioral values.
  • Integrate ethical thinking into the core aspects of business process management.
  • Operationalize a culture of ethics.
  • Continuously monitor and improve ethical compliance.
  • Lead by example.

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About the Authors

Nick Shepherd , FCPA, FCGA, FCCA
Nick Shepherd, FCPA, FCGA, FCCA, is president of EduVision Inc. (www.eduvision.ca) and leads the work of the U.K.-based Maturity Institute on integrated reporting. Nick has more than 50 years of business experience in finance, general management, and consulting; is the author of books on corporate governance, controllership, and leadership; and has written several SMAs for IMA, such as the recent Behavioral Aspects of Cost Management. A member of IMA’s Toronto Chapter, Nick can be reached at nick@eduvision.ca.
Christopher Dowsett , CAE
Christopher Dowsett, CAE, is editor-in-chief/vice president, Publications, at IMA. You can reach him at cdowsett@imanet.org.
Mike Van Roy
Curtis C. Verschoor , CMA, CPA
Curtis Verschoor, CMA, CPA, is the Emeritus Ledger & Quill ­Research Professor, School of Accountancy and MIS, and an honorary Senior Wicklander Research Fellow in the Institute for Business and Professional Ethics, both at DePaul University, Chicago. He is also a Research Scholar in the Center for Business Ethics at Bentley University, Waltham, Mass., and Chair-Emeritus of IMA’s Committee on Ethics. Trust Across America—Trust Around the World awarded him a Lifetime Achievement Award in 2016. In 2017, IMA published his book, Curt Verschoor on Ethics. His email address is curtis­verschoor@sbcglobal.net.
Raef Lawson , Ph.D., CMA, CSCA, CPA, CFA, CAE
Raef Lawson, Ph.D., CMA, CSCA, CPA, CFA, CAE, is the Chair of IMA’s Research Foundation and former professor-in-residence and vice president of research and policy at IMA. You can reach him at raeflawson@outlook.com.
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