GIGAMIND

Folder:
115 CFA
File:
115.010.10.80 Reading 1 - Ethics and Trust - LOS h. framework for ethical decisions

h. describe a framework for ethical decision making

Command word

  • Describe: To portray in words "Describe the various forms of event risk"

Flash cards

What does the acronym I.C.A.R. stand for in the CFA Ethical Decision-Making Framework?
Identify, Consider, Act, Reflect

What is the primary purpose of the CFA Ethical Decision-Making Framework?
I.C.A.R. is a decision-making structure for situations that often fall outside the clear confines of "right" and "wrong".

Is the CAFA Ethical Decision-Making Framework a linear model or a checklist or neither? Why?
Neither. The framework provides a summary of the key elements of making ethical decisions. There will often be additional influences, conflicts, and actions unique to each scenario.

What does the "I" in I.C.A.R. stand for? What are the components of it?
"I" is for "Identify". The components are
- Ethical principles
- Duties to others (to whom do you owe a duty?)
- Important facts
- Conflicts of interest

What does the "C" in I.C.A.R. stand for? What are its components?
"C" is for Consider. The components are
- Situational influences. Are outside pressures (such as conforming to the group or obeying authority) or internal biases (such as overconfidence) affecting your decision?
- Alternative actions. Have you brainstormed multiple solutions and avoided a particular preconceived path?
- Additional guidance. Have you sought the independent objective assessment of other people to gain additional perspective?

What does the "A" in I.C.A.R. stand for? What are its components?
"A" is for Act. The components are
- make a decision or elevate the issue to a higher authority

What does the "R" in I.C.A.R. stand for? What are its components?
"R" is for Reflect. The components are
- What did you learn? The lessons you learn will help you reach ethical decisions more quickly in the future.

Which phase of I.C.A.R. should "Conflicts of interest" be ascertained?
Conflicts of interested should be ascertained in the Consider phase of I.C.A.R.


Source:
  • CFA