Lesson 6 of 6 · 14 min
A framework for ethical decision making
An identify–consider–act–reflect framework makes you look at a decision from every stakeholder's angle before acting, so fewer choices have ethical consequences you did not see coming.
In short
- A code of ethics is necessary but not sufficient; individual judgement, trained through practice, turns principles into good decisions.
- Senior management building a culture of integrity may be the single most important factor in promoting ethical behaviour in a firm.
- Framework: Identify (facts, stakeholders and duties, ethical principles, conflicts of interest) → Consider (situational influences and biases, additional guidance, alternative actions) → Decide and act → Reflect.
- The process is iterative, not a fixed sequence; you may loop back for more information, and sometimes no fully acceptable answer exists.
- Seek guidance from someone not exposed to the same influences; raising an issue first with a senior person inside the firm is often a good starting point.
- Client interests come before those of the employer, colleagues and yourself, except where market integrity takes precedence.
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