CFA Society Pakistan has conducted a series of ethical decision-making training sessions to develop and promote ethically grounded professionals in the investment and financial sector.
The local society facilitated eight Ethical Decision-Making (EDM) Workshops in Pakistan and used the “Ethical Decision-Making Framework” as a tool to analyse and evaluate a variety of ethical dilemmas that may be faced by investment professionals.
The framework presents a structured approach to making decisions in ethically challenging situations where there is no clear solution. It also recognizes the possibility of encountering ethical conflicts that require unique actions.
Conducted by nine CFA Charterholders, trained under a rigorous ‘Ethics Train-the-Trainer Program’, the sessions reached multiple stakeholders, including brokers, advisory companies, banks and regulators across the country. The workshops were customized for the Pakistan market by incorporating local case studies to enhance relevance and facilitate better understanding.
Mohammad Shoaib, CFA, Advocacy and GIPS Chair, CFA Society Pakistan, explained: “EDM train-the-trainer was initiated due to the overwhelming interest of the regulators and financial intermediaries to provide an opportunity to their employees to think and act in an appropriate manner when facing dilemmas. We have had a strong commitment from society members to go through train-the-trainer program to get “Ethics Trainer Certification” and conduct such sessions on a voluntary basis. This has provided us the necessary bandwidth to increase our outreach in the financial community and visibility with regulators besides promoting the common mission of the local society and CFA Institute to promote the highest standards of ethics.”
The Trainer Panel comprised of seasoned professionals with extensive experience at senior management levels, along with a thorough understanding of the financial sector. Mr. Alan Lok, CFA, Director, Ethics Training & Professional Standards, CFA Institute, co-managed the EDM workshop for the Securities and Exchange Commission of Pakistan (SECP) with Mr. Babar Ali., CFA. The workshop at Pakistan Stock Brokers Association (PSBA) was chaired by Mr. Mohammad Shoaib, CFA, and conducted by Mr. Malik Dilawayz Ahmed, CFA. Multiple sessions at the National Bank of Pakistan (NBP) were conducted by Ms. Shazia Farooq, CFA, Mr. Arif Irfanullah, CFA, and Mr. Faraz Bandukhra, CFA. Mr. Fahim Ahmed, CFA, trained the professionals at Al-Hilal Shari’ah Advisory.
The trainings were primarily conducted online due to the challenges presented by the COVID-19 pandemic. Through this initiative, the local society interacted with a wide range of participants, including members of the Pakistan Stock Brokers Association (PSBA), Senior Management of Pakistan Stock Exchange (PSX), National Clearing Company Pakistan Limited (NCCPL), Pakistan Mercantile Exchange (PMEX) and other capital market entities. Moreover, the workshop provided networking opportunities with fresh talent inducted in the SECP, management and operational personnel of the participant banks, as well as individuals at advisory firms.