Global Ethics Day will be celebrated on 17 October this year. Established by the Carnegie Council in 2014, the day’s focus is on ethics and professionalism. It also provides a moment in the year to explore the role of ethics in a globalised world.

This year, ACCA teamed up with the Carnegie Council and CFA Institute to promote Global Ethics Day as we all share a commitment to ethical behaviour.

For ACCA and our members, ethics and professionalism is 24/7 365 days a year. But Global Ethics Day gives us a chance to really think: What does ethical behaviour mean to me, to my team, to my organisation?

The Institute of Business Ethics (IBE) defines business ethics as the application of ethical values — such as integrity, fairness, respect, and openness — to business behaviour.

For professionals like accountants, lawyers or doctors, ethics is an important aspect of a professional’s training and their ongoing work. Our students have to sit an ethics and professional skills module in order to become a member.

Professional and ethical behaviour protects the public, and it also maintains the trust we have in the professions.

ACCA’s recent research Ethics and Trust in a Digital Age reveals that professional accountants around the world consistently — and thankfully — view good ethical behaviour as essential. Almost nine out of 10 professional accountants agree that ethics will become more important in a digital future.

The majority also support the view that ethical behaviour helps to build trust in the digital age, agreeing that the fundamental principles mentioned above remain relevant now and in the future.

This is important because the ability of professional accountants to create value depends very much on their ability to gain and sustain trust of their many stakeholders. These may be clients, perhaps the owner of a small business paying tax demands to the government, or colleagues in a business or organisation where the accountant works.

Clients, colleagues and other stakeholders are much more likely to continue investing their trust in an accountant if they believe that this professional will always act in an ethical way.

However, ethical behaviour in business is under pressure. Our working environment is so much more challenging than it was 10, five or even two years ago. Decisions and statements can be made at the click of a button, and just one small tweet can shatter trust.

In a digital world the ethical code to which professional accountants adhere is more important than ever. ACCA members are bound by the International Code of Ethics for Professional Accountants, which is embedded in ACCA’s own Code of Ethics and Conduct. This code has recently been revised so that it is stronger and clearer, while reinforcing the fact the changes do not alter the fundamental principles of ethics for the profession — integrity, professional behaviour, objectivity, professional competence and due care, and confidentiality.

In the Caribbean, the lack of integrity and ethics in various public and private sector dealings, as well as the underlying systemic corruption, has had a high cost and has been a severe impediment to sustainable economic and social progress in the region. A study last year by International Federation of Accountants confirmed the vital role professional accountants play in tackling corruption across the globe. They, in partnership with other professionals like lawyers, are watchdogs — they should be able to detect fraud and ensure that there are good systems of control in place which reduce the prospect of fraud.

Ethics is at the heart of the ACCA qualification. Our enhanced ‘Ethics and Professional Skills’ module helps to prepare future accountants for real-world work scenarios by developing vitally important ethical behaviour and judgement. At ACCA, we are committed to training and working closely in partnership with professional bodies, government and private sector stakeholders to ensure that our accountants are part of the solution and can positively impact corruption in our societies.

So what happens when someone doesn’t act ethically? How would you challenge or report his/her behaviour? How would you feel about ‘blowing the whistle?’

Whistle-blowing and speaking up takes courage, but it is something that should be encouraged. Last year, ACCA published Effective Speak-Up Arrangements for Whistle-Blowers: a comprehensive guide for effective speaking-up policies, in businesses large and small.

Having such arrangements in place is important, because they can contribute to better risk management and help to tackle misconduct that could ultimately lead to financial and reputational losses.

The guide, which can be downloaded from our website, offers a number of things that need to be in place, from giving employees a range of ways and channels through which they can voice their concerns to using an external independent advisor to help with cases.

Recording these concerns is also vital — proper records need to be maintained to analyse them and to also strengthen policies.

We also advise that sometimes we need to keep an open mind, being prepared to accept that some concerns may not be a case of speak-up or whistle-blowing. Some may appear to be individual grievances — or even trivial. But they should not be dismissed.

But the most important thing to do is to respond well and take necessary and appropriate action. And there lies the challenge for the modern day manager and leader: Ethics, professionalism, risk management, whistleblowing — all these things are interlinked. They can’t and shouldn’t be seen in isolation and can contribute significantly towards mitigating corruption.

Shelly-Ann Mohammed is head of ACCA Caribbean.