Carmen Carmona wins an Ethics in Finance Robin Cosgrove Prize

Carmen’s winning paper addresses the potential gap between codes of ethics and actual ethical behaviour, the challenge of ensuring that ethical principles are carried forward into real-world business decisions. She proposes ways in which this gap can be resolved using techniques already established and used in other contexts.

The Prize was set up to promote greater awareness among young people throughout the world of the benefits of strengthening ethical approaches in all aspects of finance, and has launched a global debate on the role of ethics and integrity in this sector. The goal is to use the fresh ideas and discussion that result from this dialogue to inspire the young finance community and to re-inspire the broader finance, civic and academic communities.

“My consulting work at Catalyze has contributed key ideas and concepts for this essay. After being immersed for almost a year in many decision making processes I’ve realised that despite the availability of data and facts, most of the time decision makers need to make judgments based on intangible values such as reputation, future product potential or customer satisfaction. These are the really good but really elusive things that make decisions difficult. Ethics is of course one of these intangible values, and isn’t easy to measure, monitor or evaluate. Therefore who can be surprised that this leaves directors and senior management facing constant dilemmas? My proposition is to use Multi-Criteria Decision Analysis (MCDA) to address these challenges while making strategic decisions, particularly when businesses need to decide where to allocate resources or prioritise projects. The idea is that MCDA can translate ethics into meaningful values, bringing to light the true motivation behind investments.” – Carmen Carmona.

The full paper can be found here: Decision: The Space between the Code of Ethics and the Ethical Behaviour

More details about the prize can be found at: