CIMA launches ethical scenario tool for today's business people

20% of survey respondents work for an organization in the UAE that has suffered from a reputation failure

Thursday, 26 September 2013: Business is flagging and your boss is putting you under pressure to present more optimistic forecasts - and offering you an incentive to do so. Would you do the right thing?

The Chartered Institute of Management Accountants (CIMA) has produced an ethical scenario tool to help people comply with ethical standards in a volatile and complex business environment.

This follows a recent Chartered Global Management Accountant (CGMA) survey which revealed that 20% of respondents in the UAE worked for an organisation that had suffered from a serious reputational failure. Globally this has reached 25% while the numbers rose to over a third in the UK, which has witnessed a series of corporate crises ranging from LIBOR to tax avoidance and meat scandals.

Yet in the UAE, nearly 75% of companies are prepared to lose profit in the short term for the sake of protecting its reputation and driving more success in the long term. This is promising for the region considering that a CGMA research last year also highlighted that one in three finance professionals around the world have faced pressure to act unethically.

As CIMA members are committed to upholding a Code of Ethics, the institute has produced this interactive tool to support and guide ethical decision-making. Created with input from members globally, and available to the wider business community, it takes the user through a series of challenges in areas such as conflict of interest, the supply chain, bribery and data protection.

Tanya Barman, CIMA's Head of Ethics, said:

"Ethical challenges are part of working life, and often there is no perfect answer. But if they are not dealt with appropriately, there may be severe consequences when they come to light - both for the individuals and for the companies they work for."

"Unfortunately it is still common for employees, be they in finance or in other parts of the business, to face pressure to compromise their ethical standards, and the standards of their company. It is vital to act ethically; to build long-term business success and avoid the shortcuts that can turn into tomorrow's scandal."

"Through releasing this tool - to both members and the wider business population - we hope to encourage better working cultures that lend themselves to the ethical standards that most firms subscribe to."

Geetu Ahuja - Head of GCC, CIMA said:

"We are seeing a strong effort by the government and businesses in the UAE to adhere to ethical guidelines across all sectors. Just recently the process of pitching for clients by advertising and marketing organisations has received an overhaul in the UAE. Many in the industry have signed up to a best practice guideline, a code that is the first of its kind in the region and that has the support of the International Advertising Association's UAE Chapter."

These kinds of initiatives, including CIMA's ethical scenario tool, helps employers and employees alike ensure that they are acting in an ethical manner that meets both local and international standards."

The tool is available at: www.cimaglobal.com/ethicstool

For press enquiries please contact:
Ewan Abbasi
Ketchum Raad Middle East
T. +971 (0)4 425 8991
E. ewan.abbasi@ketchum-raad.com

The Chartered Institute of Management Accountants, founded in 1919, is the world's leading and largest professional body of Management Accountants, with over 203,000 members and students operating in 173 countries, working at the heart of business. CIMA members and students work in industry, commerce, the public sector and not-for-profit organisations. CIMA works closely with employers and sponsors leading-edge research, constantly updating its qualification, professional experience requirements and continuing professional development to ensure it remains the employers' choice when recruiting financially-trained business leaders.

Professionalism and ethics are at the core of CIMA's activities with every member and student bound by robust standards so that integrity, expertise and vision are brought together.

CIMA has formed a joint venture with the American Institute of CPAs (AICPA) to establish the Chartered Global Management Accountant (CGMA) designation. CGMA is the global quality standard that further elevates the profession of management accounting.

CIMA is proud to be the first professional accounting body to offer a truly global product in the fast-moving area of Islamic Finance.

For more information about CIMA, please visit www.cimaglobal.com