This important form looks at a range of issues which are central to businesses and the finance profession. Key among these in my opinion, is that of risk and reward.
There is a key role for ethical corporate behaviour in risk management and governance, because while, there has been a huge focus on structural matters in the aftermath of the financial crisis, most obviously the regulation of the banking sector, there is a need to recognise that however business activity is regulated, decisions will always, ultimately, be taken by individuals. And, as has been witnessed, this is where the regulatory process can collapse, since it is impossible to regulate bad behaviour out of existences.
So, as business and the accountancy profession work to ensure that material risks are better identified and managed than they have been in the past, it is important that behavioural risk is recognised as being crucial to the process of risk managements, as well as to the wider framework of good governance.
Research undertaken by ACCA emphasises the importance of ethical leadership from the top. While guidance, standards, and supervision may be put in place to regulate what businesses do, whether or not they operate in a way that is in tune with the long-term interests of a business and their stakeholders is down to the behaviour of an entity's lead actors.
Clearly, accountants have a critical role to play in providing ethical leadership. ACCA recognises this, which is why it places so much emphasis on professionalism and ethics within its qualification and within the continuing professional development which members are required to undertake. I hope that all participants get a great deal from their involvement in today's forum - and I wish you well in your discussions.
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