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HUMBER COLLEGE

Bachelor of Commerce Finance Degree

Ethics & Standards in Finance (FIN 4501)

Ethical Reflection

This assignment needs to be completed in groups of 3 students. Please form your own groups and sign up in Blackboard with the names of your group members. There are 2 parts to this assignment, one that will be marked individually and one for which you will receive a group mark. Both parts of the assignment need to be handed in together on the due date with the 3 individual pages upfront (clearly marked with a name on each page) and the group assignment behind it.

Decisions can be tricky, no matter what they are about. Ethical issues are a normal part of life. Please reflect on a real ethical dilemma that you have faced in your life, e.g. a situation you found yourself in where the proper course of action was unclear.

Individual (5%): In no more than 1 page describe an ethical dilemma that you have personally faced including: the circumstances/background behind it, the nature of/reason for the dilemma, the people involved, what options you considered, what you decided to do and why, any consequences of your decision, how you felt about your decision, what you learned about yourself and/or your ethical principles from the experience.

Group (5%): Choose 1 of the ethical dilemmas that you or one of your group members has written up. In 2-3 pages, use The CFA Ethical Decision Making Framework below to revisit the ethical dilemma in more detail. Assume you as a group are using this framework as you work through the ethical dilemma faced. Beside each bullet point in the framework provide the information/context relevant to the ethical dilemma. You can use bullet points or short paragraphs. In the Reflect section also include whether you think this framework was a helpful tool in working through the ethical dilemma and whether the decision(s) your group came to was different than the one made originally by the individual.

CFA Ethical Decision Making Framework

Identify

• Ethical Principles: Which fundamental ethical principles are at issue?
• Duties to Others: To whom do you owe a duty? Some duties may be more important than others.
• Important Facts: What facts do you know and what additional information do you need to make an informed decision?
• Conflicts of Interest: Are there any encumbrances, relationships, or incentives influencing your actions?

Consider

• Situational Influences: Are outside pressures (such as conformity to group opinion, obedience to authority) or internal biases affecting your decision-making?

• Alternative Actions: Have you brainstormed multiple solutions and avoided a particular preconceived path?
• Additional Guidance: Have you sought the independent, objective assessment of other parties to gain additional perspective?

Act

• By Making a Decision: The specific action required may vary based on the individual aspects of the situation. Your decision may require multiple actions or steps, or none at all.
• By Elevating the Issue to a Higher Authority: Alternatively, the best course of action may be to elevate your concerns to a more appropriate party. You may remain connected to the scenario, so you may need to follow up with the other individual to ensure appropriate action is taken.

Reflect

• On What You Have Learned: Once you have taken action, take the time to review the path taken. The lessons you learn will help you reach ethical decisions more quickly in the future.
• On Strengths and Weaknesses: Regardless of positive or negative consequences, understand strengths and weaknesses for better future decisions.

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