Finance programs around the world have been revising their curricula following the Global Financial Crisis (GFC). While much of the debate has centred on the dominance of scientific and quantitative pedagogical approaches to finance education in business schools, one of the most egregious aspects uncovered during the deleveraging of the financial system was the scale and scope of finance crime and financial fraud (including the Madoff scandal, described as the largest Ponzi scheme in history). This paper argues that those “on (...) the inside”, the professionals within the finance industry, have a central role to play in safeguarding the ethics and integrity of financial markets. It is our conjecture that prevention and earlier detection of finance crime and financial fraud may be addressed, in part, by better educating finance professionals about these issues. We posit that the enormity of illegal activity uncovered in the wake of the GFC demands, as a matter of priority, the integration of criminological and criminal justice theory into the finance curriculum. (shrink)

Ethical cultures, corporate social responsibility (CSR), and sustainability strategies are increasingly being addressed through formal organisational policies and structures. This is evidenced by codes of ethics, conduct, whistle-blowing reporting lines, anti-bribery and corruption policies, and broader stakeholder and environmental engagement strategies. In the United States, corporate ethics managers are responsible for these functions, supported by specific professional and university-level qualifications. However, this is not the case in Australia and Asia where the role appears delegated to human resource personnel in organisations. (...) Human resource management (HRM) is increasingly advanced as a formal profession, yet whether corporate ethics content features as a significant component of the HRM profession is unclear. Expert knowledge is a foundation of a profession along with the duty to act within the limits of that knowledge and expertise. This paper scopes what constitutes professional expert knowledge. It examines corporate ethics expertise and HRM within this context. Major Australian and Asian organisations are examined to verify that HRM Departments, and thus HRM practitioners, are responsible for managing corporate ethics. Given the seniority and strategic importance of this function, the content of selected Masters in HRM and related fields are examined to identify the extent of ethics content. This is considered in the light of the expertise required to manage corporate ethics, and conclusions are drawn whether the HRM discipline is appropriately qualified to manage this function. Finally, recommendations and further research towards advancing the role and function of corporate ethics managers in general are proposed. (shrink)