Terms of membership

Code of Ethics

The Code of Ethics and Standards of Professional Conduct form the foundation of the values that the Alliance of Isle of Man Compliance Professionals (AICP) advocates. Adherence to the Code and Standards is a condition of AICP membership. All AICP members are therefore expected to both adopt and promote these Codes of ethical behaviour and Standards of Professional conduct. They are vital to the credibility and good reputation of the AICP and its members.

Objectives

The objectives of the Code and Standards are to:

• promote ethical behaviour based on appropriate values;
• promote desired standards of conduct by all members;
• promote the integrity of the AICP and its members;
• provide a benchmark of expected behaviour and conduct;
• promote stakeholder confidence in the compliance profession.

For purposes of the Code, stakeholders include all individuals with whom AICP members may interact. These include, but are not restricted to, the public, employers, employees, colleagues, regulators, industry bodies, clients, potential clients, the AICP and other AICP members.

Code of Ethics

• Members shall at all times act with dignity, integrity, honesty and in an ethical manner.
• Members shall always act with due skill, care and diligence.
• Members shall work to establish, maintain and promote a culture of compliance and good governance.
• Members shall promote the interests of the compliance profession and shall not act in any manner that may bring the profession or the AICP into disrepute.
• Members shall maintain their professional skills and competence on an on-going basis.
• Members shall respect the principles of equal opportunity and cultural diversity.

Professional Conduct

Members shall…

1. maintain and enhance their knowledge of all applicable regulatory requirements, particularly those of the industries in which they operate.
2. make objective and impartial decisions based on thorough research and exercise their judgment in the same manner.
3. obtain specialist or other advice on matters that fall outside of their own professional competence.
4. liaise in an open and transparent manner with all stakeholders, including the regulators and shall not knowingly mislead. They shall encourage similar behaviour in others.
5. conduct themselves professionally and responsibly, recognizing the interests of stakeholders, and shall encourage similar behaviour in others.
6. in order to maintain their independence and objectivity, manage conflicts of interest between themselves and any stakeholders. Should any conflict arise, the member shall deal with it either by disclosing the detail of the conflict to all relevant stakeholders or by acting in such a manner as to eliminate the conflict.
7. not accept or offer any gift, benefit, compensation or consideration that may be perceived to compromise their independence.
8. comply with and observe the letter and the spirit of all legislation and regulation relevant to their areas of practice as well as the codes, principles and standards of the AICP.
9. not misrepresent their competence, including capabilities, experience, qualifications and credentials.
10. observe and protect the confidentiality of all and any information made available to them during the course of performing their duties, unless a legal obligation to disclose such information appropriately exists or should arise.