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More businesses should sign up to the Investing in Integrity (IiI) charter mark to reassure the public that they are trustworthy, Lord Mayor, Alderman Alan Yarrow has urged.
“One of the direct results of the economic crisis was a loss of trust in the financial services sector. Since then the industry has spent a lot of time and effort trying to restore this and integrity has to be at the heart of that," he said.
“Addressing these negative perceptions is an important step for these firms but it is not the be all and end all. Simply saying “trust us” or “trust me” is no longer sufficient, if indeed it ever was, and a more transparent and open approach is required to convince today’s sceptical public.”
The Lord Mayor was addressing an audience at London's Mansion House at the relaunch of the IiI charter mark.
Founded in 2012, the joint Institute of Business Ethics and Chartered Institute of Securities & Investment (CISI) initiative enables an organisation to reassure its key stakeholders that its business can demonstrate a commitment to address conduct and behaviour risk and act with integrity at all times. The strength of the IiI assessment framework lies in the fact that it tests an organisation’s ethical conduct against its statements of values to ensure those values are properly embedded. Its aim is to help identify whether or not a company is truly living up to its values, from the boardroom to the shop floor.
Sam AlJayousi, group compliance manager at Carillion plc, which qualified for the mark last year, said: “Investing in Integrity is a unique chartermark where it rigorously tests an organisation’s ethical standards through formal audit and assessment of the organisation’s own people and what they say about it. In the course of the process some 35 senior people were interviewed, more than 4,500 responded to an online survey, including people at more than 20 of Carillion operational sites across the globe. Carillion is proud of its achievement being the first company to achieve the III charter mark across the support services sector.”
Since its launch only five companies have passed the standard with three organisations currently undergoing the process.
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