In February 2007, the Global Association of Risk Professionals (GARP) adopted the code of conduct for promoting the risk management profession.
The Israel Association of Valuators and Financial Actuaries (IAVFA) adopted GARP's code of conduct and see it as our code of conduct.
IAVFA's code of conduct is comprised of 5 Principles and Professional Standards:
Professional Integrity and Ethical Conduct
IAVFA's members pledged to act professionally, ethically and with integrity, to exercise reasonable judgment in the provision of risk services while maintaining independence of thought and direction, not knowingly to misrepresent details, not to engage in any professional conduct involving dishonesty or deception, and not to compromise our integrity.
Conflict of Interest
IAVFA's members pledged to act fairly in all situations and must fully disclose any actual or potential conflict and to make full and fair disclosure of all matters that could reasonably be expected to impair our independence and objectivity.
IAVFA's members pledged not to make use of confidential information for inappropriate purposes, to maintain the confidentiality of both our work and our client, and not to use confidential information to benefit personally.
IAVFA's members pledged to comply with all applicable laws, rules, and regulations (including this code, when in the case of conflict, the law overcomes this code), always strive to understand the needs and complexity of the client, to be diligent about not overstating the accuracy or certainty of results or conclusions, to clearly disclose the relevant limits of the results or conclusions, and not to outsource or delegate the ethical responsibility to others.
General Accepted Practices
IAVFA's members pledged to collect, analyze and distribute value and risk information with the highest level of professional objectivity, to execute all services with diligence, to be familiar with current generally accepted valuation and financial actuarial science practices, and to make a distinction between fact and opinion in the presentation of analysis and recommendations.