Transcript Document
Explain the role of ethics in financialinformation management How the use of ethics in financial-information management benefits businesses. • conduct business ethically, with integrity and in compliance with applicable laws and regulations • never engage in behavior that may harm the reputation of the Company • proactively promote Company policies related to ethical behavior. I will demand such behavior from co-workers, business partners, vendors and others affiliated with the Company • cooperate fully with any investigations into compliance and ethics issues or concerns • maintain a proper professional competence level. Financial-information management’s stewardship function • Is an ethic that embodies the responsibility of planning and managing resources. Financial Information stewardship means that all parties who have a role in designing, producing, selling, buying or using Financial information assumes responsibility for the imformation. Financial-information management’s ethical duty to protect financial data from theft, loss, and/or tampering • comply with Company policies related to privacy, data protection and confidential information • protect confidential information related to the Company, its customers, and its employees against unauthorized access, use or improper disclosure • never use confidential information for personal or financial advantage • never use or disclose confidential information in ways that are inconsistent with the Company's privacy policies or with applicable laws or regulations • comply with Company document management procedures, as well as applicable laws and regulations relating to the preservation of documents and records • safeguard and appropriately use and control all physical, financial and intellectual assets and resources to which I am entrusted, and protect them from misuse, theft or damage Financial-information management’s ethical responsibility to control access to confidential financial information • While a business' assets may be measured in terms of its employees, buildings or cash on hand, the vast majority of its assets are stored in the form of information, whether it be electronic data or written documents. If this information is disclosed to unauthorized individuals, is inaccurate or deceptive, or is not available when required, the business may suffer significant harm such as the loss of customer confidence, contract damages, regulatory fines and restrictions, or a reduction in market share. In the worst case, a failure to control information could lead to significant financial losses or regulatory restrictions on the ability to conduct business. Performance Activity Write one paragraph that summarizes financial-information management’s ethical duties and responsibilities. Students should discuss their responses with their team members Performance Activity Research ethics in financial information of subprime lending in auto and mortgage leading. Describe how this has had an impact on the customers, investors, the economy, housing, and auto markets. Explain what steps could have been used to avoid issues caused as a result poor ethics in financial information.