Navigating Unethical Leadership, Governance Pitfalls, and Building a Culture of Trust in the Cryptocurrency Realm.
The fraud, drama, and massive failure of FTX is a story of unethical leadership, inadequate governance, and organizational culture with low psychological safety. As with many frauds, the primary media focus is on the sensational details. In this case, the spectacular rise and downfall of the wunderkind entrepreneur Sam Bankman-Fried combined with the industry in which the fraud occurred: Blockchain and cryptocurrency.
But hidden beneath the surface of the enigmatic leader and the FOMO (fear of missing out) inherent in cryptocurrency are critical lessons in ethical decision-making, governance, and organizational culture.
In this on-demand, we will explore the FTX fraud and critical stakeholders using IESBA’s (International Ethics Standards Board for Accountants) five fundamental principles of ethics as the framework for our investigation:
● Integrity ● Objectivity ● Professional competence and due care ● Confidentiality ● Professional Behaviour
We will examine how a lack of psychological safety and a toxic organizational culture compromised the ethical decision-making process of numerous stakeholders.
We also examine the underlying technology at the heart of cryptocurrency, Blockchain, and why our professional judgment is most vulnerable with transformational technologies.
Founder of Sheriff Consulting
I am the founder of Sheriff Consulting which specializes in the development and delivery of accounting, auditing and foundational skill courses and workshops. Teaching and working with professionals in diverse and dynamic learning environments has been my passion and experience for over 10 years. As a qualified Canadian Chartered Professional Accountant (CPA, CA) and U.S. Certified Public Accountant (CPA), I work with finance and accounting professionals in both the U.S. and Canada to meet their training and development needs. My goal has always been to create an engaging and interactive learning environment. To help my own path of continual improvement in achieving this goal, I have also received training and worked as a professional actor. I am a member of ACTRA (the Alliance of Canadian Cinema, Television and Radio Artists) and a graduate in improvisation from the Second City Training Centre. http://sheriffconsulting.com/
