Stanford Prison Experiment and Its Lessons for the Workplace

The 1971 Stanford Prison experiment was originally designed to investigate individual behavioral responses to the experience of the prison environment. It is back in the news on account of the release on a new film which dramatizes the events.

Preventing Fraud

It is important not to fall into the trap (often attributed to academics) of elegantly describing a problem without offering anything in the way of a solution. Let’s think about a solution in terms of the three legs of the Fraud Triangle (1) Pressure (2) Opportunity (3) Rationalization that we discussed in the last post.

The Fraud Triangle and the Financial Services Industry

While the Fraud Triangle is well-known concept in the accounting industry, I have not seen it used to describe acts of fraud in the financial services industry and I thought it would be interesting to take a closer look.

Market Virtues and Vices

In June 2014, the Chancellor of the Exchequer and the Bank of England announced the formation of the “Fair and Effective Markets Review” (Review). The impetus for the formation of this committee was to respond to: “The scale of misconduct seen in recent years [that] has both damaged public trust and impaired the effectiveness of these important markets. The lack of firm governance and controls, acceptable standards of market practice and a culture of impunity all contributed to a process of ‘ethical drift’, leading to huge fines, reputational damage, diversion of management resources and the reining in of productive risk taking.”

Cary M. Maguire Fellows in Applied Ethics

The Cary M. Maguire Center for Ethics in Financial Service has been privileged to receive funding for a Cary M. Maguire Fellow in Applied Ethics since 2009. In 2015-2016, the Maguire Fellowship will be used to support the research of four young scholars.

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