In the accounting and financial services industries, employees should adhere to a high level of ethics; these careers require working with highly sensitive information, requiring confidentiality and the ability to make the right decisions when faced with potentially compromising situations. Unfortunately, not all employees follow ethical practices and standards, and many suffer the consequences for it: a slip-up regarding compliance can not only harm your career—since many will be less likely to hire someone with such an infraction, especially in times of increasing security and compliance measures—but can greatly affect the organization you work for and bring on severe legal repercussions.

Therefore, whether you’re an entry-level accountant or a c-level compliance professional, it’s important to prioritize ethics and make strides to fully understand all applicable laws, regulations, and policies. “The benefits of paying closer attention to ethics in your work are twofold,” says Elisa Dammacco, Managing Director of the Execu|Search Group’s Accounting/Finance division.  “Not only will learning more about your role help you comply with policies and procedures, it can act as a springboard for your career. The more you know about your industry and your job, the more likely you’ll be to obtain that promotion or appear desirable to employers in a job search.”

Though this may seem like common sense, many accounting/finance and financial services professionals commit infractions, either intentionally or without realizing it. In fact, JP Morgan—in response to the $63 billion in fines they’ve accrued over the past several years due to such violations—is implementing an algorithm next year that aims to identify “rogue” employees before they break any major laws. The algorithm logs such infractions as missing compliance classes and violating major policies, then predicts behavior based on these events. While the ethics of this algorithm in itself is still in debate—can you use a computer to predict human behavior and take action with an employee for things he or she hasn’t yet done?—the fact that a major player in financial services feels it’s necessary to implement it shows the industry’s heightened awareness of these issues.

“Whether an organization has a set algorithm like JP Morgan or not, chances are, you’re being monitored,” says Elisa. “So putting more effort into ethical practices early on will not only save you from major repercussions, it’ll earn you respect—this is true for any industry or office setting, but especially for financial services.”

So what, exactly, can you do? Elisa recommends…

• Put serious effort into your Continuing Professional Education (CPE) credits. For example, the CPA certification requires a periodic ethics credit that must be met. Rather than going through the courses grudgingly to get them over with and keep your certification, pay attention and stay engaged to learn the most you can.
• Make sure you fully understand your company’s whistle-blower policies and take advantage of them. Playground politics don’t apply here, so don’t feel you’re “tattling”—even small violations affect everyone, and should be reported by anyone who witnesses them.
• Keep a strict adherence to confidentiality with all your clients.
• Keep a paper trail – if you’re asked to do anything you’re uncomfortable with or something seems off, document it.
• Talk to a manager if you aren’t sure of something. Don’t guess or take a stab at something that could have major consequences.
• Double check your work to avoid costly mistakes.

Of course, not all employees who commit infractions have malicious intent—which is exactly why it’s important to make ethics a priority and follow these steps. “Employers want to hire someone who is attentive and invested in their work to begin with, not someone who just goes through the motions,” says Elisa. “So paying more attention to your job can only help your career as a whole. Ultimately, ethics will drive you to success.”