A global organization that aims to advance the use of sound management practices in the financial services industry has issued a new set of ethical conduct principles.
The Risk Management Association has been setting standards for the industry for over a century but the new principles mark its first uniform set.
"At a time when trust in the financial services industry is more crucial than ever, the principles encourage honest conduct, fair dealing, proper handling of conflicts of interest, full disclosure, compliance, and acting with integrity while contributing to a safe and inclusive work environment," said RMA President and CEO Nancy Foster.
The principles include acting with integrity, reporting wrongdoing, dedicated to service their financial institution’s stakeholders, avoiding improper gifts and conflicts of interest, accurately and fairly report information, maintain confidentiality, have fair and honest business practices, promote a diverse and collaborative workplace, and seek legal counsel where you are unsure of conduct or ethics issues.
"RMA recognizes the need for a uniform and voluntary set of ethical principles that can be useful to the entire financial industry," said Foster. "With a growing number of technologically advanced competitors battling for market share, financial institutions need to earn and maintain trust of the customers. The way to do that is through acting ethically and through dedication to customers and all stakeholders."
The Principles, the culture framework, conduct risk framework, and conduct risk definition are available at rmahq.org.
RMA members include large financial institutions such as banks and non-banks, with around 18,000 individual members across North America, Europe, Australia, and Asia Pacific.
