According to Accountancy Age, the link between ethics and value creation is real, making moral courage an important characteristic among future financial professionals.
What is moral courage?
It comes down to knowing the right thing to do under pressure when there is little time to analyse and ponder or consult traditional hierarchies. Moral courage is especially relevant today because we live in a digital age, where in mere seconds — through posts, tweets, shares and likes — crises can snowball and reputations can falter. In a digital age, no one is immune from potential scrutiny, and because issues can escalate quickly, reactions must be immediate and decisions need to be made in real-time.
How to champion moral courage
Making professional judgments based on an ethical framework can be tricky in the highly regulated and compliance-based industry of finance. However, many believe ethics is at the core of any successful organisation, and to thrive, compliance cannot be the only motivator. Therefore, a commitment to training young professionals in ethics and helping them develop a sense of moral courage is key to organisations’ success, as is company-wide adoption.
An organisation won’t thrive in an ethics-based culture unless everyone from the top down is committed to understanding, executing and championing moral courage. This also means a culture shift and upheaval of the traditional hierarchical structure. In our digital age, issues are fast-paced, requiring instantaneous attention and answers. People can no longer rely on the usual protocol. They need to be able to find the answers within themselves, which is possible with ingrained ethical training.
The general consensus among Chartered Accountants is companies that consistently proclaim and support their ethics and values will be successful in business. However, ethics and values can have different meanings for different people, so it’s important for organisations to define what it means for them specifically.
Online accounting programmes at CUC Online
If you are interested in learning about accounting issues, like ethics and value creation, to either secure employment in finance or improve current employment prospects in the field, consider online learning courses offered through Coventry University College Online. Our online professional accounting courses are designed for working professionals looking to attain a degree, as well as for individuals seeking undergraduate qualification in a flexible format.