CFA Singapore

University ETHICS Challenge

A New Approach to ETHICS pedagogy

22 September 2018

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Why ETHICS Is Important

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New Approach to ETHICS Pedagogy

• First University Ethics Challenge to be organized in Singapore

and in Asia!

• Educate young professional on ethics through experiential learning

• Increase awareness of the ethical dilemma and issues in the industry

• Bring the ethics curriculum out of the classroom

• Real world challenges and experience on ethical situation and dilemma

• Embodies the mission of CFA Institute by promoting the highest standards of

ethics, education, and professional excellence

• Focuses on many of the elements of CFA Institute's Future of Finance

initiative

• Interaction with industry practitioners of more than 100 years of experience

• Prizes to be won & Credential Earned!

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New Approach to ETHICS Pedagogy

• Bragging Rights for the next 1 year!

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Remember Gordon Gecko from the movie Wall Street? Little did we know then

how closely life could imitate art when the likes of Enron, Bernie Madoff and a

worldwide financial crisis lambasted the world’s economy a few years ago.

Today, several studies illustrate the cultural changes in corporate ecosystem that

have elevated ethics and corporate social responsibility (CSR) more than ever.

Why ETHICS Is Important

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Competition Format

• 24 hours to work on the case and prepare the presentation materials

• Send presentation materials before 1700 hours 26 October 2018

• Email: ethicschallenge@cfasingapore.org

• Next 15 hours to rehearse presentation

• 10-minute presentation + 10-minute Q&A

• Judges represented from regulator, industry practitioner and CFA professional

body

Date Description

22 September 2018 Kick-off event.

“Ethical Decision-making framework” workshop

22 September 2018 – 24 October

2018

Familiarization of Standards of Professional Conduct

Case Practice

25 October 2018 – 1700hours Final National round case to be given to teams

26 October 2018 – 1700hours Teams to send in presentation materials

27 October 2018 – 0800hours Final National Challenge presentation

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Preparation

• CFA Institute’s Code of Ethics and Standards of Professional Conduct

oThe Code of Ethics and Standards of Professional Conduct (Code and

Standards) are the ethical benchmark for investment professionals around

the globe.

• Online video series: CFA Institute: An Introduction to the Code and

Standards (Video Series)

oThe Code of Ethics and Standards of Professional Conduct video series is a

22-part primer to the CFA Institute Code of Ethics and Standards of

Professional Conduct (Code and Standards), the ethical benchmark for

investment professionals globally. Participating teams will find the content

helpful to learn about the fundamental ethical principles applicable to the

investment profession and identify common ethical dilemmas and possible

ways to resolve them. Each video conveys the key concepts of the standard,

recommended compliance practices, and provides case studies to allow

users to practice application of the standard to real world scenarios.

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Judging Criteria

CRITERIA POINT ALLOTTED

1. Understanding the Dilemma

• Are the key issues and concerns identified?15

2. Violations to the Code of Ethics & Standards of Professional Conduct

• Is there a clear outline of the main violations to the code?

• Has the team demonstrate appropriate depth and breadth of analysis of the

violations?

25

3. Compliance

• Has compliance failed in the organization? How?10

4. Course of Action and Solution

• Is a detailed plan to resolve the issues in the ethics case presented?

• Are other alternatives rejected?

• Is the action practical and implementable?

• Does the plan lead to a possible resolution of the situation that is satisfactory?

25

5. Team involvement / dynamics

• Team involvement in presentations / Question and Answer session

• Are the presenters confident and convincing?

5

6. Materials

• Quality of slides5

7. Questions & Answers

• Ability to answer questions effectively15

TOTAL 100

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Ethics Challenge Team

Dr. Tony TAN, CFA

Tony Tan, CFA, is co-head of ethics, standards, and professional conduct at CFA

Institute. He is responsible for leading the organization’s effort in maintaining the

Standards of Practice Handbook, innovating and creating ethics educational products

for the investment management industry, and helping enforce the integrity of the

organization’s members professional conduct.

Dr. Tan has worked for more than 20 years in the international financial markets, during

which time he was involved in financing projects in the oil and gas industry, advised

central banks and developmental financial institutions on risk management issues, and

ran a global capital market trading operation.

Prior to joining CFA Institute, Dr. Tan had adjunct roles with INSEAD, Singapore

Management University, and Nanyang Technology University and taught in the areas of

ethics and corporate governance. He was also an active volunteer with CFA Institute as

a member of its Capital Markets Policy Council.

He has co-authored two monographs for CFA Institute. One titled Portfolio Pumping in

Singapore – Myth or Reality and the other (with OECD) on Corporate Governance for

Asian Publicly Listed Family-Controlled Firms. He was also a member of the Institute’s

committee in managing the financial reserves.

Dr. Tan received a Master of Science in Financial economics degree from the University

of London and a Master of Research degree and a doctorate from the University of

Western Australia. He is also a CFA Charterholder.

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Mr. Daryl LIEW, CFA

Daryl Liew is Head of Portfolio Management for REYL Singapore, a

subsidiary of independent Swiss banking group REYL & CIE. Daryl is in

charge of managing REYL's Singapore-based clients and providing Asian

coverage for the REYL & CIE's private banking investment team based in

Geneva. Daryl’s initial training was in law. He received the Bachelor of Law

degree from the National University of Singapore and was subsequently

called to the Singapore bar. However, finding that his main interest was in

finance and investment related matters, Daryl went off and completed his

MBA, majoring in Finance, from the Asian Institute of Management in the

Philippines. Daryl holds the Chartered Financial Analyst designation and is

a regular speaker at investment seminars, and is often quoted in various

media in Singapore. Daryl co-chairs the CFA Singapore Advocacy

Committee and is a member of the SGX Listings Advisory Committee

Ethics Challenge Team

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Mr. Maurice TEO, CFA

Maurice Teo, CFA is a compliance professional in Citibank supporting the retail wealth management

and deposits business to comply with relevant Singapore laws, regulations and internal procedures.

He is dedicated to improving the organizational culture by promoting high ethical and professional

behavior and standards the bank has set for itself.

His interest in regulatory and compliance work dovetails with the mission of the CFA Singapore

Advocacy Committee. Maurice has been a volunteer with the CFA Society since mid-2014, serving

on the Advocacy Committee in various initiatives including engaging with regulators and the media

to advocate for CFA Singapore’s views, soliciting members’ feedback and responding to MAS and

SGX consultation papers, providing feedback to the CFAI global Trust Survey research,

participating in the Ethics Train-the-Trainer program, contributing ethics articles to the Business

Times CFA Singapore Insights column, and advising on the regulatory exemption for the Sunday

Times Save & Invest Portfolio Series.

Prior to his current role in Citi, he spent several years in KPMG consulting for banks and fund

managers on regulatory issues pertaining to Anti-Money Laundering, FATCA, Common Reporting

Standard (CRS) and OTC derivatives reform. He also led teams to carry out compliance reviews

and internal audits on banking and fund management clients covering the spectrum of front to back

office activities. Maurice had also worked in the regulatory department of MAS that is involved in

policy formulation and the supervision of capital markets intermediaries.

Maurice graduated from Cornell University on an Overseas Merit Scholarship from the Public

Service Commission. He received his CFA charter in 2008. He is also a member of the Association

of Chartered Certified Accountants (ACCA) and a Chartered Accountant of Singapore. Maurice is a

believer that education can take one places, and volunteers in his church to tutor children from

underprivileged backgrounds in the MacPherson neighbourhood.

Ethics Challenge Team

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Mr. CHAN Fook Leong, CFA

Mr. Chan Fook Leong, CFA is a member of the CFA Singapore

Advocacy Committee. He explores, writes and research on

themes in integrity and ethics, as well as promote professional

standards in the financial services industry. Having read

Industrial Economics in the University of Warwick, he went on to

sales of financial products, real estate, research and investor

relations.

Ethics Challenge Team

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Mr. Kanol PAL, CFA

Kanol Pal is Senior Advisor on Responsible Investments for BNP Paribas

Wealth Management Asia. He has been appointed to this role in 2017 to

define the Sustainable and Responsible Investments offer and to set up

the SRI product platform across all asset classes for high net worth

individuals.

Kanol has more than 30 years experience in the financial industry having

worked as Bank Treasury Manager, Head of Fixed Income & Derivatives

Sales and Head of Investment Services in Singapore and Europe.

He has also volunteered for various leadership positions at CFA Singapore

and CFA Institute.

Kanol is a graduate of ESSEC business school and a CFA charterholder.

Ethics Challenge Team

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Mr. Sam PHOEN, CFA

Sam Phoen is a financial markets practitioner with over 25 years of

experience. His working career has included 16 years in GIC, where he

was deputy head of the Foreign Exchange Department. He also had

successful stints in a large Singapore-based hedge fund, followed by over

six years in Shanghai managing the China Global Markets business for

an Australian bank. Sam is a Chartered Financial Analyst (CFA), and was

formerly a board director of CFA Singapore.

Ethics Challenge Team

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Vineet K. Vohra, CFA

Vineet is a senior financial services professional with almost 3 decades in

the Banking and Financial Services Industry, across wealth management-

buy and sell side, banking- private client and retail banking, and insurance-

pensions and life. He has an extensive track-record in driving sustainable

top-line growth, establishing effective risk-controlled governance regimes,

and spearheading lasting transformation, in both line and matrix settings.

Vineet has held roles of progressing responsibilities with HSBC, ANZ,

ING, and Citibank, at country, regional and global levels. Currently, he

leads the wealth management practice for Arete Financial Partners, a

management consulting boutique, that offers M&A, Digital and Strategy

consulting services to the financial services industry in Asia.

Vineet is a CFA charter holder, with a MBA and a degree in Engineering. A

Singapore national, he is a member of the Singapore Institute of Directors,

and CFA Singapore.

Ethics Challenge Team

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Ms. Sonia GANDHI, CFA

Sonia Gandhi, CFA, has spent over 20 years in the investmentmanagement industry working with several global blue chip investmentbanks. As Director, Equities she was responsible for Deutsche Bank’sAPAC client base. Previously, she worked with JP Morgan, BNP Paribasand Jardine Fleming—responsible for equity sales, capital markettransactions and global account management. Ms. Gandhi is a directoron the Board of the CFA Society India where she oversees theProgramming and Continuing Education (PCE) Committee. She isextremely passionate about the role of ethics in the financial industryand conducts ethics workshops for corporates as well as managementinstitutes & universities. She is also one of the lead voices of the‘Women in InvestmentManagement’ initiative of CFA Institute in India.

Ethics Challenge Team

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Concluding Thoughts – Dr. Tony Tan, CFA

Study

Learn

Think

Lead

Share

Enjoy

CFA Singapore

University ETHICS Challenge

A New Approach to ETHICS pedagogy

22 September 2018