RMA releases guidelines for ethical conduct

Guidelines intended to promote best practices in risk management

RMA releases guidelines for ethical conduct

Risk Management News

By Roxanne Libatique

The Risk Management Association (RMA) has released ethical conduct guidelines for the risk management industry.

RMA’s “Principles of Ethical Conduct” contains nine “rules of reason” to encourage fair dealing, compliance, honest conduct, appropriate handling of conflicts of interest, full disclosure, and the protection of institutions’ business interests.

The rules were outlined by RMA’s operational risk and enterprise risk management councils, composed of industry leaders who volunteered their time to promote best practices in risk management.

In a statement, RMA encouraged financial institutions to promote the principles and use them as foundation for their own codes of ethics and conduct.

"RMA recognizes the need for a uniform and voluntary set of ethical principles that can be useful to the entire financial industry," said Nancy Foster, president and chief executive officer of RMA. "With a growing number of technologically advanced competitors battling for market share, financial institutions need to earn and maintain trust of the customers. The way to do that is through acting ethically and through dedication to customers and all stakeholders."

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