What is the Ethics in Finance – Robin Cosgrove Prize?
The Ethics in Finance – Robin Cosgrove Prize promotes greater awareness among young people throughout the world concerning the benefits of ethics in finance, and encourages high-quality management of banking, insurance and financial services based on trust and integrity.
Launched in 2006 and now in its 5th Edition, the global competition for the Prize for Innovative Ideas for Ethics in Finance is open to young people, aged 35 years or younger, from throughout the world.
The goal is to promote the vision of Robin Cosgrove, an investment banker working in London who died tragically young, aged 31, who believed there was an ethical deficit in the finance sector which would ultimately destroy peoples’ trust.
The competition invites creative papers, which may be submitted in English or French, setting out analyses or proposals for innovative ways to promote ethics in finance. A prize of USD 20,000 is allocated for the winners.
The Prize has won recognition from the International Monetary Fund [IMF], which co-hosted the award ceremony for the 5th edition of the global Ethics in Finance Robin Cosgrove Prize. The Ceremony took place at the IMF headquarters in Washington, USA, at a special event on the 21st September 2015. Ms. Christine Lagarde, Managing Director of the International Monetary Fund congratulated the Prize laureates. For more information see http://www.obsfin.ch/ethics-in-finance-robin-cosgrove-prize-award-ceremony/
ACCA, CFA and Accenture are actively promoting the Prize to their staff and members and the wider financial services industry. Many other financial organizations across the world are promoting awareness of the Prize to their stakeholders and their younger staff.
Since its inception, nearly one thousand individuals have expressed interest in submitting a paper for the Prize from over 80 countries. Final submissions considered by the global Jury have been in excess of 300.
The financial management of the Prize is under the supervision of the Observatoire de la Finance/International Finance Observatory, which is a Swiss not-for-profit foundation, and home of the manifesto entitled ‘For finance that serves the common good’. Dr Paul Dembinski, Executive Director of the Observatoire, and Dr Carol Cosgrove-Sacks, Robin’s mother and a former director in the United Nations in Geneva, set up a distinguished international Jury of experts in ethics and finance to evaluate the papers submitted for the Prize. The Jury allocates the prize money of USD 20,000.
Spanish and Polish language versions of the Prize have also been run in parallel to the global Prize.
The Spanish language Ibero-American Prize was initiated with the support of MAPFRE (Spain’s largest insurance company) to focus on the special challenges of ethics in finance in the region. Three editions of the Spanish language Prize have been held in 2009, 2011 and 2013.
The Polish language version of the Prize was launched in cooperation with the Polish Bankers Association with the first edition culminating in a prize ceremony in Warsaw in February 2013 and the 2014-2015 closing in June 2015.
The winning papers submitted for the Spanish and Polish versions of the Prize are translated into English or French and subsequently nominated for the shortlist of best papers for the Global Prize.