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1、 bcProfessional StandardsMarch 1998Author: Peter AmanContributors: Barbara Bjornson Laird ReedCopyright 1998 Bain & Company, Inc. 1bcCopyright 1998 Bain & Company, Inc. Professional StandardsBOS Agenda Compliance and IntroductionPoliciesCasesSources of additional information2bcCopyright 1998

2、 Bain & Company, Inc. Professional StandardsBOS Agenda Compliance and IntroductionPoliciesCasesSources of additional information3bcCopyright 1998 Bain & Company, Inc. Professional StandardsBOS Professional Standards Compliance Failure to follow described policies will result in significant p

3、enalties, up to and including immediate involuntary termination.4bcCopyright 1998 Bain & Company, Inc. Professional StandardsBOS Policy AreasProtecting / sharing client informationCompetitor data gatheringExclusivity and client conflictHarassment and discriminationInsider tradingGeneral and Expe

4、nse PoliciesPolicy Areas5bcCopyright 1998 Bain & Company, Inc. Professional StandardsBOS Whata set of worldwide professional standards (captured in client service policy statements) which reinforce our commitment to acting with integrity and honestyspecific guidelines (captured in client service

5、 policy statements) for tricky situations where there is tension between doing the best for the client and doing the “right” thing, or between needs of multiple clientsa group of people in the center and in local offices dedicated to interpreting and applying the policiesProgram Description (1 of 4)

6、6bcCopyright 1998 Bain & Company, Inc. Professional StandardsBOS WhyBains reputation and success ultimately depends on it to ensure that the instinctive reaction to a tricky situation is generally the right one8reinforce a firm wide commitment to “doing the right thing”8reinforce a culture which

7、 embodies integrity and honesty that we can all be proud of8provide a business environment consistent with firm management and employees valuesProtection from lawsuitsProgram Description (2 of 4)7bcCopyright 1998 Bain & Company, Inc. Professional StandardsBOS Whoevery individual employee - embod

8、ies our professional standards, thoroughly understands them and applies them consistently and comprehensivelylocal office Professional Standards Program Manager - interprets, counsels, provides feedback to other offices and the CenterProfessional Standards Program Director (Peter Aman) - central res

9、ource to manage implementation of program and assist driving of continued program development and improvementProfessional Standards Program Officer and Coordinator (Colin Anderson, Barb Bjornson) - central resource to further develop, refine, and interpret; mechanism for mediationManagement - reinfo

10、rce (actively), interpret, apply, provide incentives/disincentivesProgram Description (3 of 4)8bcCopyright 1998 Bain & Company, Inc. Professional StandardsBOS Howthrough local resources (Professional Standards Managers coordinated with the Center)worldwide training for all levelsrole modeling at

11、 the team levellocal communications and marketing coordinated by the center (e.g., intranet)internal/external marketingincentives and disincentivesBVUProgram Description (4 of 4)9bcCopyright 1998 Bain & Company, Inc. Professional StandardsBOS AgendaCompliance and IntroductionPoliciesCasesSources

12、 of additional information10bcCopyright 1998 Bain & Company, Inc. Professional StandardsBOS Professional Standards Policies Protecting and sharing client informationCompetitor data gatheringExclusivity and client conflictHarassment and discriminationInsider tradingGeneral and Expense Policies11b

13、cCopyright 1998 Bain & Company, Inc. Professional StandardsBOS client identityclient internal dataproprietary insightspurchased studies (permission may be overarching at case start)presentationsproposalsback-up informationsuccess storiesgeneral insights general developed informationpublicly avai

14、lable informationInformationWhich can and should be sharedWhich should be shared once sanitizedCannot be shared without explicit permission from the clientNo confidential or proprietary information (including the clients identity and characteristics of the relationship), provided by or obtained for,

15、 a client may be given to anyone outside the case team. Information which is neither proprietary nor confidential may be shared only with the express approval of a Bain partner on the originating case, and in many cases, the client.Protecting & Sharing Client Information - Guidelines12bcCopyrigh

16、t 1998 Bain & Company, Inc. Professional StandardsBOS When client information is provided to a competing case team or within a Practice Area, the material must be sanitized by or at the direction of the Operating VP who is then also responsible for approving the final productWhen client informat

17、ion is provided to a non-competing case team, the process of sanitizing the information may be done by or at the direction of the VP asking for the information but the Operating VP is responsible for approving the final product Sanitizing (or disguising) client information and approving/disapproving

18、 communication of the information is the responsibility of the Operating VP who did the work according to the following guidelines:Protecting & Sharing Client Information - Disguising Information13bcCopyright 1998 Bain & Company, Inc. Professional StandardsBOS Is the information confidential

19、 (or does it unambiguously belong to the client)?YesNoDoes the developed info create a competitive advantage for the client (i.e., would the value received by the clients be reduced by sharing the info?)NoDoes the developed information depend heavily on client proprietary data/input/informationSourc

20、e data highly proprietary (not public)Source data reliant on client input and or involvement (e.g., client interviews)NoDid client pay a significant portion (e.g., x% or $x) of the cost of Bains value-added in developing the information (i.e., insight paid for by one client, not many)?NoYesYesYesWou

21、ld sharing the info pass the “Sunshine Test”?Would sharing the info pass the “Sunshine Test”?YesNoNoYesSanitize Information and Share itInformation May Not be Shared Without Client PermissionInformation Should be SharedProtecting & Sharing Client Information-Decision Rules for Developed Info.14b

22、cCopyright 1998 Bain & Company, Inc. Professional StandardsBOS *Copyright permittingProtecting and Sharing Client Information - Policy SummaryExternal ReportsArticle or report name, date, author, etc.News or magazine articleLiterature searchReport purchased by Bain (not client)Bain Presentations

23、Methodology SlidesWorkplansIndustry overview dataStrategic insights (if the insights were developed over many clients and not just one (e.g., lessons learned from a retail customer segmentation case)Strategic insights (if the insights were developed for just one client (e.g., a sequencing algorithm

24、for two auto manufacturers)Internal client dataClient research/dataReport purchased by clientA study conducted by the clientA data spreadsheet from the clientXXX*X*XXXXXXX*XXInformation that can and should be sharedClient approval before sharing informationInformation must be disguised before sharin

25、gSubject to Operating VP approval15bcCopyright 1998 Bain & Company, Inc. Professional StandardsBOS The greatest amount of the highest quality informationAt the lowest possible cost for our clientWith the highest standards of professional conduct (and tradeoffs will always be resolved in favor of

26、 business ethics over data collection convenience)Competitor Data Gathering - Objectives16bcCopyright 1998 Bain & Company, Inc. Professional StandardsBOS Client confidentiality must be protected. never reveal client name without VP and client approvalAll statements, written or verbal, must be tr

27、ue. Lying is never acceptable under any circumstancesRefusing to answer questions is preferable to lyingBain Employees can not mis-represent themselves, the firm (name or type of enterprise), or the type of research they are performingCompetitor Data Gathering - Policies (1 of 4)17bcCopyright 1998 B

28、ain & Company, Inc. Professional StandardsBOS Interview respondents can be promised non-sensitive results of research only if such results are furnished as described and promisedNo company may be contacted by a case team for a competitor interview without express approval from a VP on the case (

29、to prevent inadvertently calling another offices/teams client by mistake)Competitor Data Gathering - Policies (2 of 4)18bcCopyright 1998 Bain & Company, Inc. Professional StandardsBOS Only VPs may approve/sign written statements which describe for competitor interview targets the purpose of the

30、questions or the destination/limitations on the use of the resulting dataNon-management employees may be contacted only with express approval (from a VP on the case)When interviewing someone currently associated with our client who previously worked for a competitor of our client, Bain staff should

31、clearly communicate thatwe expect them to honor their confidentiality commitments to their current (or previous) employerwe are specifically asking them to avoid divulging any information which is proprietary or should be considered confidentialwe are only asking for information that they are comfor

32、table divulgingCompetitor Data Gathering - Policies (3 of 4)19bcCopyright 1998 Bain & Company, Inc. Professional StandardsBOS In no circumstances may a Bain employee offer any kind of monetary or non-monetary incentive for the purpose of gathering informationBain employees are responsible for th

33、e actions of those they directly or indirectly superviseOverarching test of any decision is always the “Sunshine Test” - whether the action stands up under scrutiny by an objective 3rd party (or on the front page of the Wall Street Journal)Competitor Data Gathering - Policies (4 of 4)20bcCopyright 1

34、998 Bain & Company, Inc. Professional StandardsBOS How do we represent ourselves?I am (your name) of Bain & Company - a management consulting firmI am (your name) of Bain & Company - I am doing market researchI am (your name) a potential investorI am (your name) a potential customerI am

35、(your name); would you give me some informationI am (your name) a business school studentBain & Company - a market research firma market research firmAlways AcceptableAcceptable Only with VP and often client ApprovalAbsolutely ProhibitedXXXXXXXXCompetitor Data Gathering - Guidelines (1 of 3)21bc

36、Copyright 1998 Bain & Company, Inc. Professional StandardsBOS How do you represent the client?no mentionindustry of clientarea of interest to clientclient nameanything elseWhat organizations do we contact?customersindustry associationssupplierscompetitorssecurity analystsAlways AcceptableAccepta

37、ble Only with VP and often client ApprovalAbsolutely ProhibitedXXXXXXXXXXCompetitor Data Gathering - Guidelines (2 of 3)22bcCopyright 1998 Bain & Company, Inc. Professional StandardsBOS Who in the organization do we contact?senior managementmiddle and junior managementnon-management (labor and c

38、lerical)Are incentives appropriate for gathering informationmoneyother non-monetary rewardsAlways AcceptableAcceptable Only with VP and often client ApprovalAbsolutely ProhibitedXXXXXCompetitor Data Gathering - Guidelines (3 of 3)23bcCopyright 1998 Bain & Company, Inc. Professional StandardsBOS

39、Bain & Company is dedicated to helping our clients achieve outstanding results. As such, we pride ourselves on having the most rigorous standards in the consulting industry with respect to confidentially and conflict of interest.Confidentiality of data:Our goal is absolute protection of propriet

40、ary client dataRigorous internal policies and procedures“Assignment exclusivity:Bain & Company will not accept a client assignment worldwide where in our judgment success would cause an existing client assignment to fail. Under many circumstances, this permits Bain to serve two competitors in an

41、 industry. However, this will often restrict staffing and the office involved. To our knowledge, no other leading consulting firm operates a standard this rigorous.Exclusivity and Client Conflict - Policy Summary (1 of 2)24bcCopyright 1998 Bain & Company, Inc. Professional StandardsBOS Formal “p

42、erformance partnership”:Where appropriate, we aspire to agree to formal “performance partnerships” with our clients, aimed at creating sustained exceptional client results. Such arrangements are entirely at the behest of our clients. A “performance partnership” relationship is in no way a requiremen

43、t by Bain & Company.“Internal Bain gatekeeper”:A member of the Bain & Company worldwide Policy Committee is designated “internal gatekeeper”, to ensure any issues relating to possible conflict of interest are resolved in a manner fully consistent with Bain policies and client interests.“Peop

44、le exclusivity:Individuals who are involved in strategy work for a client are restricted from dong strategy work for a direct competitor for a minimum period following the end of an assignment - typically one to two years for senior individuals.Exclusivity and Client Conflict - Policy Summary (2 of

45、2)25bcCopyright 1998 Bain & Company, Inc. Professional StandardsBOS Harassment and Discrimination - Policy SummaryNo employee shall threaten or insinuate any adverse effects whatsoever on another employee who is refusing to submit to sexual advances.No employee shall engage in sexually harassing

46、 behavior, including propositions, sexual comments, sexually degrading terms, or the display of workplace decorations, which could possibly offend another employee.No employees shall create an offensive or intimidating work environment or experience by words, acts, jokes, threats, or printed materia

47、ls which demean or show hostility to an individual race, color, religion, gender, nationality, age, sexual orientation, or disability.26bcCopyright 1998 Bain & Company, Inc. Professional StandardsBOS Our policy on insider trading provides the greatest protection to both individual employees as w

48、ell as to the firm (designed to prevent any violations of securities laws, inadvertent or otherwise, as well as to avoid the appearance of improper conduct on the part of anyone employed at our firm).You are prohibited from trading, and from tipping others to trade, in a companys stock when: you kno

49、w material, non-public information about a company; or the company is a Bain client (and appears on Bains Restricted List); or the company is otherwise associated with Bain or a Bain client (and appears on Bains Restricted List)If trading outside the U.S., you are expected to adhere to local laws; h

50、owever, even if there is no local prohibition on “insider trading”, trading in the stock of a Bain client is not permitted.Insider Trading - Policy Summary (1 of 2)27bcCopyright 1998 Bain & Company, Inc. Professional StandardsBOS The “Restricted List” of companies in which employees may not trad

51、e is maintained by Local Controllers, Corporate Treasury and possibly the senior Librarian in each local office.If you own a security, you maysell the shares immediately (assuming no issue of insider information) orhold the shares (either in a “blind” trust or until 3 months after you leave Bain)in

52、rare circumstances and only with the approval of the Center, you may be able to sell a security on the Restricted List within a prescribed windowThe consequences of insider trading violations can be staggering:civil fines up to 3 times the profit gained or loss avoided by the tradingcriminal fines (

53、no matter how small the profit), of up to $1millionliability to those damaged by the tradingthe appearance of improper conduct can have a very serious impact on Bains business and financial resultssanctions up to and including termination of employment for causeInsider Trading - Policy Summary (2 of

54、 2)28bcCopyright 1998 Bain & Company, Inc. Professional StandardsBOS General and Expense PoliciesEmployees may not violate any criminal or civil laws or regulations (federal, state, or local) as part of any work for Bain & Company or its clients nor may they recommend (either seriously or in

55、 jest) that the client violate any criminal or civil laws or regulations.Bain & Company letterhead may only be used for Bain & Company business.Employees can not accept gifts or payments from 3rd party vendors except those generally accepted in the business community) (e.g., frequent flier a

56、wards).Employees cannot use Bain or Bain generated contacts to promote or sell products of companies in which they have a material interest.General Policies:Employees must follow Expense Standards to determine reimbursable expenses.Expense Policies:29bcCopyright 1998 Bain & Company, Inc. Profess

57、ional StandardsBOS Agenda Compliance and IntroductionPoliciesCasesSources of Additional Information30bcCopyright 1998 Bain & Company, Inc. Professional StandardsBOS While talking socially with a friend who is working for a different client in the same industry as your client (telecommunications)

58、, your friend mentions that her manager has just approved the purchase of a $4,000 industry report. This 200 page comprehensive document is from a research firm and has much of the data that she needs to complete her analysis. She thinks it might be helpful to your case team.You believe this report

59、contains much of the data and analysis that you would need for your own analysis. Your friend has a copy of the report, and, as it contains no private or confidential data from her client, she asks if you want a copy. Additionally, she offers you a number of general articles, web pages, and literatu

60、re searches on the industry that might be of some use to you.Situation:Complication:Cross-Team Sharing of External Data Sources (1 of 3)31bcCopyright 1998 Bain & Company, Inc. Professional StandardsBOS Can you photocopy parts of the $4,000 report that her Bain case team purchased?Can you use the publicly available articles, web pages, and literature searches your friend has found even though she conducted the search on time that was billed to another client?Ques