Behavioral sciences and business ethics – 11/03/2019

In 2008, Richard Thaler, "father" of behavioral economics and later Nobel Prize, published Nudge (push), a book where it shows how to help people make better decisions with little "psychological shoves". One of his readers was David Cameron, who in 2010, as British Prime Minister, created the team Behavioural Insights Team dedicated to apply behavioral economics to the design of public policies.

Interviewed by the Economic Last year, Thaler noted that “behavioral economics can help reduce corruption by strengthening social norms and reminding people that the majority obey laws. Without a doubt, it is an interesting domain that deserves further study. ”

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lazy square - Behavioral sciences and business ethics - 11/03/2019

The study of the motivations of “bad behavior” to develop corporate policies that “push” good behavior It was one of the trends analyzed during the First Corporate Compliance Meeting organized by YPF.

Facundo Manes was in charge of presenting the block on behavioral compliance. “That discipline studies human behavior and why people make certain decisions and what are the little shoves that can be given from corporate policies to make the right decisions”, Explains Luján Bianchi, Compliance Manager of YPF. "Suppose we see that what makes making the right decisions is a motivational issue: a policy of including integrity in performance evaluation could give the push," he exemplifies.

The Argentine Association of Ethics and Compliance, which organized together with Refinitiv, a provider of financial data, the IV International Compliance Congress on October 10, has among its study committees a dedicated to behavioral compliance, according to Ramiro Cabrero, president of the Asociation.

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lazy square - Behavioral sciences and business ethics - 11/03/2019

“The question is why the person ends up doing something wrong knowing that it is prohibited. Therefore you have to work more on the behavior that leads to the wrong behavior than on the control", He says. In this sense, the key would be "what are the incentives to transgress, and oppose other incentives."

Cybersecurity

One of the tasks of the compliance area is ensure an ethical culture. "Almost all of the ethical codes of companies include the issue of confidentiality of relevant information," says Bianchi. Therefore, another of the central discussions in compliance is cybersecurity.

"That the company is safe is the responsibility of compliance and regulators, ”said Esteban Grin, global director of Security at Tenaris, during the International Congress. The executive revealed that the company stopped 394 million emails with malicious content, but "you can never be 100% protected, so risk assessment is also a task."

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lazy square - Behavioral sciences and business ethics - 11/03/2019

According to Silvina Bruggia, director of Business Development for Latin America at Refinitiv, “In Argentina we are in a good moment: We are not very late, although we are not pioneers, because we are applying many things that are already important at the regional level ”.

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