The CFA Institute Ethical Decision-Making Framework is a tool for analyzing and evaluating ethical scenarios in the investment profession. The Identify-Consider-Act-Reflect framework advances a decision-making structure for situations that often fall outside the clear confines of "right" and "wrong."

Neither a linear model nor a checklist, the framework provides a summary of the key elements of making ethical decisions. The framework is offered with the understanding that there likely will be additional influences, conflicts, and actions unique to each ethical scenario and beyond those detailed in the framework.

Identify: ethical principles, duties to others (to whom do you owe a duty?), important facts, conflicts of interest.

Consider: situational Influences, alternative actions, additional guidance.

Act: make a decision or elevate the issue to a higher authority.

Reflect: What did you learn? The lessons you learn will help you reach ethical decisions more quickly in the future.