It’s not every day that I get to go to lunch at Downing Street, a place where, as I’ve mentioned before, management accountants are generally pretty low on the ground.
There's no dilemma about ethics because, as highlighted in a previous blog and an article in April 2013 Velocity, failure to understand and/or address the ethical issues which are integral in all T4 cases is a "very dangerous strategy" which will lose you marks in the exam (T4 case writer feedback).
With the May exams looming, are you clear on how to apply an ethical framework to the questions posed? Ethical issues are threaded throughout all stages of CIMA exams (below) and you will need to be able to show you would analyse the situation appropriately and respond.
Being guided through the CIMA code of ethics is key and there are a number of resources available to help you think through how to do the right thing.
I recently was at an United Nations Global Compact meeting
with a focus on supply chain issues. Reflecting the growing importance of supply chain gobally the event was standing room only. One of the participants, involved in procurement for a high value global brand, sought to ascertain the credentials of the factories they were using in China Each of the 20 factories had been fully audited. The system showed that.
Here’s a thing. You might have noticed the story about a computer systems failure at Royal Bank of Scotland (RBS) over the last week or so which has left millions of customers without access to their bank accounts. RBS is now considering legal action against its technology suppliers.
In the week we launched the CGMA ethics theme I attended a lecture at St Paul’s Cathedral given by the eminent professor of government at Harvard University, Michael Sandel on the moral limits of the market. The “congregation” was at full capacity at nearly 1800.
When was the last time you faced an ethical dilemma at work? And what did you do about it? As a CIMA member or student you are obliged to take action. To do so you should ensure you are familiar with the Code of Ethics, which helps guides you to do the right thing.
In our upcoming CGMA report on ethics, our members and students globally reported that human rights had risen in importance as an issue of priority for business. Reflecting this, March saw the launch of the Children’s Rights and Business Principles.
Just a reminder that if you haven't had a look yet, check out the new CGMA site at www.cgma.org as there is lots to discover. My colleagues and I have been spending the last few months, beavering away to bring CGMAs some exciting new thought leadership reports and tools.
The final UN Global Compact meeting of the year focused upon Rio +20 UN conference on sustainable development, scheduled for June 2012. The day the UK UNGC participants gathered in London, the announcement of the outcome of the Durban climate change meetings was still fresh. After protracted negotiation a level of agreement was reached.
Countdown has begun to the end of 2011 and it is not a cheery time. Although with developments in Europe the markets are steadying, Christine Lagarde’s dire warning of a lost decade looms large.
At the CIMA & Tomorrow’s company event last week the theme was Leading with Integrity: engaging hearts as well as minds. As part of the Tomorrow’s Values series the session explored how employees align with a company’s values. Values and trust are evidenced by people and their behaviours - not just by tickboxing around rules and policies – although such regulations are important in framing the environment and creating the push…..
The CIMA World Conference is now about to start and I am pleased to say that it will see the official launch of a report that I have blogged about a few times already this year. It's on the theme of long-term business sustainability.
The United National Global Compact (UNGC) meeting in London recently focused on anti-corruption initiatives globally. In recognition of the overall cost to business, and wider economy and society of corrupt practices, principle ten of the UNGC is: "Businesses should work against corruption in all its forms, including extortion and bribery."
Companies that have an integrated approach to sustainability take a holistic approach to the strategy and management of the organisation; one that not only considers financial performance, but also the risks and opportunities inherent in the impacts of the organisation on the environment and society in which it operates, as well as the impacts of environmental and societal trends on the organisation.
In the past decade, there’s been a strategic shift in business management to embrace sustainability. The need for reporting and communicating the efforts being made has come alongside this trend.
Sustainability is no longer a voluntary part of business operations; a nice-to-have and “let’s do a bit of good on the side”. It’s become a business imperative with a focus on strategic implementation and sustainability becoming a way to create competitive advantage within the corporate workforce.
The 19th century philosopher Kierkergaard’s quote struck me as a challenge for finance professionals - linking existentialism and management accounting. As our members and students are engaged in informing decision making based on the facts at hand, how best can they ensure that companies progress well, ensuring profitability and success whilst mitigating risk and damage in the longer term. Not only in relation to the firm, but to society at large, and to themselves personally.