Which of the following is the first step in developing a general framework for ethics?
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For investment professionalsIdentify. Consider. Act. Reflect.These steps form the foundation of the ethical decision-making framework we developed to guide investment professionals as they resolve ethical dilemmas in the best interests of their clients. Using case studies to illustrate real-world situations, we've designed the online ethics course and live webinars to help you apply this framework with confidence. Read the article: "Can Investment Management Ethics Be Taught?" (PDF) How to Apply the Ethical Decision-Making FrameworkThis online course, which is hosted in the CFA Institute Ethics Learning Lab, helps you navigate
ethical situations using the Ethical Decision-Making Framework. You'll be presented with real-world scenarios and case studies in an online platform that allows you to interact with your peers and study at your own pace. Learn more Test your ethical decision-making skills with short
cases based on real-world scenarios. Download the Ethics in Practice casebook for personal use, in the classroom, or at your Society. About the Ethical Decision-Making FrameworkWe developed this Identify-Consider-Act-Reflect framework for ethical decision making to help investment professionals like you analyze and evaluate ethical scenarios where there is not a clear "right" and "wrong" path. This framework is not a linear checklist, but a summary of the key elements of making ethical decisions. Although you will likely encounter unique influences, conflicts, and actions beyond those detailed below, this framework can help you make ethical decisions in common day-to-day situations. ICAEW.com works better with JavaScript enabled. A framework to help resolve ethical problems starting with identifying the problems and parties involved to implementing the course of action and monitoring its progress. When trying to solve an ethical problem, you may find it useful to refer to the following framework, which is based on the framework included in ICAEW's Code of Ethics. The ethics advisory team has also developed a Resolving ethical issues flowchart to help members resolve ethical issues as they arise.
ICAEW framework - how to resolve ethical problems1) Gather the relevant facts and identify the problems
2) Identify the affected parties
3) Consider the ethical issues involved
4) Identify which fundamental principles are affected
5) Refer to the employing organisation's internal procedures
6) Consider and evaluate alternative courses of action
7) Implement the course of action and monitor its progressWhen faced with an ethical issue, it may be in your best interests to document your thought processes, discussions and the decisions taken. Written records will be useful if you need to justify your course of action. Other frameworksIn addition to ICAEW's framework for revolving ethical problems, there are a number of other frameworks for resolving such problems which you may find helpful.
Is the first step in the general framework of ethics?Given that ethical issues often arise because of a lack of sufficient information or evidence, as well as disagreements about the facts, the first step in the ethical decision-making process is an explicit call for identification of the facts.
What is the first step towards ethical behavior?Legal behavior is a first step toward ethical behavior. People should look at each situation individually and decide for themselves if its not right or wrong. In capitalist countries, the government decides what to produce and how the goods and services will be produced.
Which of the following represents the first step in the ethical decision making model?Stage One: The Knowledge Stage
The first stage is the knowledge stage. It begins before you are faced with the ethical decision. As is implied by the name, this stage is concerned with knowing a number of things that are involved in the ethical decision making process.
What is the correct order of the steps in ethical decision making?Ethical Decision Making Process. Step One: Define the Problem. ... . Step Two: Seek Out Resources. ... . Step Three: Brainstorm a List of Potential Solutions. ... . Step Four: Evaluate Those Alternatives. ... . Step Five: Make Your Decision, and Implement It. ... . Step Six: Evaluate Your Decision.. |
