Finsia members’ commitment to ethics - CISI’s ‘IntegrityMatters’ is important
Introduction
Today’s post serves as a reminder to all Finsia members that are transitioning to membership of the Chartered Institute for Securities and Investment (‘CISI’) via the Finsia strategic alliance, that a requirement of becoming a member of the CISI is the completion of the ‘IntegrityMatters’ e-learning module.
Background
In the world of finance, where Dictum Meum Pactum, ‘My Word is My Bond’, serves as a foundational motto on the crest of the CISI, membership signifies a commitment to integrity, trust and high ethical standards in the financial services industry. Adopted from the London Stock Exchange, the motto emphasizes acting with honesty and integrity and reflecting on the historical ‘handshake deals’ of the London financial district.
Integrity does matter
The CISI doesn't just talk about ethics, it promotes the adoption and understanding of ethics for all new members via the IntegrityMatters e-learn module.
The IntegrityMatters e-learn module is a globally adopted benchmark designed to ensure that for every professional that decides to become a member of the CISI, the global financial services industry understands that the CISI member will understand that integrity in our profession really does matter, with how we all conduct ourselves as participants in financial services.
Promoting trust in global markets
The financial sector has from time-to-time battled reputational damage from various missteps. By making IntegrityMatters a mandatory requirement of membership, the CISI aims to:
Demonstrate action: It shows that members are taking tangible steps to maintain public trust in global financial services through ongoing ethics training.
Promote ethics globally: Since its launch, over 20,000 candidates worldwide have completed the quiz, extending its reach from the UK to Ireland, Europe, the Middle East, North America, Asia and now to Australia and New Zealand.
Establish a ‘Moral Compass’ or ethical guidelines: The e-learn module ensures that new financial services entrants that sit the module understand the importance of ethics the moment they enter the industry.
Navigating real-world grey areas
Unlike a traditional test, IntegrityMatters is a multiple-stage, scenario-based online quiz which can be likened to a ‘choose your own adventure’ book. The journey of the module can reflect the often messy reality and confusion of dealing with actual workplace dilemmas through:
Evolutionary dilemmas: New members face six real-life dilemmas that evolve, based on their choices throughout the module. This helps professionals recognise situations where their judgment might be tested in the ‘real world’.
No ‘one right answer’: The focus of the IntegrityMatters is on the process of ethical decision-making and balancing daily business pressures with the ethical obligation to do what is ethical and ‘doing the right thing’.
Broad application: While based on financial scenarios, the principles of being honest, open, transparent and fair can apply across multiple business sectors and indeed in life.
A lifetime commitment to ethics in CISI membership
Integrity isn't a one-time achievement. The CISI integrates this testing into the fabric of professional standing:
Mandatory entry: Since 2013, new capital market entrants must pass the module before sitting any CISI exams.
Chartered Status: Passing is a strict requirement for achieving and maintaining individual Chartered status with the CISI.
Professional refreshers: All members are required to pass an IntegrityMatters refresher every five years to remain in good standing with the CISI.
CPD integration: Completing the e-learn module counts towards Continuous Professional Development (‘CPD’) requirements, specifically the 5-hour annual ethics quota for many CISI membership categories.
Conclusion
By requiring members to take IntegrityMatters, the CISI ensures that its members, the next generation of finance professionals and indeed its current leaders can reflect on the ongoing ethics training that the CISI provides all of its members. The goal for CISI is for all members to be a professional in financial services where the bedrock of integrity, transparency and fairness are the global standards for our industry.
Disclosures
Andrew McNeil is a member of the Australian and New Zealand Advisory Council for the Chartered Institute for Securities and Investment and is a Fellow of the CISI. He is also a former Vice President of the Financial Services Institute of Australasia (‘Finsia’) and is a Senior Fellow of Finsia.
Permissions
The CISI has granted permission to use its logo and branding for this Blog post.
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