GARP Code of Conduct
13 important questions on GARP Code of Conduct
What is the objective of the CoC?
Note: biggest risk is not legal or compliance but ethical decisions. But consider the circumstances and culture of the applicable global community.
What does the Code of Conduct include?
- Professional standards
- Rules of conduct
Which members agrees to uphold and implement
Principle - Professional integrity and ethical conduct?
- Higher grades + faster learning
- Never study anything twice
- 100% sure, 100% understanding
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Principle - Conflict of interest?
What professional standards?
- Best practices
- Communication and disclosure
Prof. standards - Fundamental responsibilities
- Endeavor and encourage others to operate at the highest level of professional skill
- Continue to perfect expertise
- Have a personal responsibility that is not out-sourced or delegated to others
Prof. standards - Best practices
- Promote and adhere to applicable best practice standards, and will ensure that activities performed under supervision satisfy this
- Recognize that risk management does not exist in a vacuum (has connections)
- Commit to considering the wider impact of their assessments and actions on colleagues and wider community
What Rules of Conduct?
- Conflict of interest
- Confidentiality
- Fundamental responsibilities
- General accepted practices
Rules of Conduct - Conflict of interest
- act fairly in all situations and must fully disclose any actual or potential conflict to all affected parties.
- make full and fair disclosure of all matters that could reasonably be expected to impair their independence and objectivity or interfere with their duties to any stakeholder.
Rules of Conduct - Confidentiality
- not make use of confidential information for inappropriate purposes and unless having received prior consent shall maintain confidentiality of their work/client or employer.
- not use confidential information to benefit personally
Rules of Conduct - Fundamental Responsbilities
- comply with all applicable laws, rules and regulations (including this code) for GARP members and shall not knowingly participate or assist in any violation.
- have ethical responsibilities that cannot be delegated
- understand the needs and complexity of their employer or client, and should provide appropriate and suitable advice and services
- be diligent about not overstating the accuracy or certainty of results or conclusions
- clearly disclose relevant limits of their specific knowledge and expertise concerning risk assessment, practices and applicable laws and regulation
Rules of Conduct - General accepted practices
- execute all services with diligence and perform all work in a manner that is independent from interested parties (highest level of objectivity)
- be familiar with current generally accepted risk management practices
- ensure that communications include factual data and do not contain false information
- make a clear distinction between fact and opinion in their work
How about applicability and enforcement?
Violation may result in:
- temporary suspension
- permanent removal
To roles, right to use FRM designation or any other GARP designation. In case a violation is confirmed by a formal determination of occurance.
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The question on the page originate from the summary of the following study material:
- A unique study and practice tool
- Never study anything twice again
- Get the grades you hope for
- 100% sure, 100% understanding
