• What is the importance and impact of standards set by professional bodies and trade associations in the Management Consultancy industry? The principal objective of setting standards by professional bodies and trade associations in the Management Consultancy industry is for the advancement of the professions of management consultancy and business advice but also for the establishment and maintenance of the highest standards of performance and conduct by its members in the promotion of the knowledge and skills required for that purpose to be achieved. “At the heart of best practices – whether in business advice, management consultancy or management in general – is the maintenance of high standards of professional conduct and competence, underpinned by the principles of honesty and integrity. These standards apply equally to personal behaviour as professional, working relationships with team members and colleagues, interaction with clients, customers, suppliers, business partners and other stakeholders, responsibilities to the wider community, and responsibility to your professional Institute.”(IMC, 2009) The importance and impact of standards in the Management Consultancy industry is essential as the management consulting companies provide expert advice to companies and fulfil client expectations which involve time, organisations people, environment and the client’s wishes and expectations. To achieve these there is a need of certain standards in the Management Consultancy. The Professional and regulatory bodies play three important roles (Harvey & Mason, 1995). * The professional bodies are set up to safeguard the public and private interest. This is what gives them their legitimacy. * The professional bodies also represent the interest of the professional practitioners and act as a professional association or trade union contributing to continuous professional development. * The professional body represents its own self-interest: the organisations act to maintain their own privileged and powerful position as a controlling body.
For example, the IMCA is authorized to award the Certified Management Consultant (CMC) designation in Ireland based on strict certification requirements relating to competence, ethics and independence (IMC, 2009) Similarly, The Institute of Business Consulting provides a Certificate in Management Consulting Essentials and Diploma in Management Consultancy for members who are new to the profession or looking for formal accreditation of their skills, and the Certified Management Consultant (CMC®) Award - internationally recognised and independently awarded for more experienced consultants.
The importance and impact of these professional bodies and associations is to provide the client and customer with the best of the practices as well as to save guard the interest if their members as well by: For example,
The Institute of Business Consulting and the Chartered Management Institute has set up the investigation and disciplinary process for all its members to ensure the best of the professional practices are adopted. To ensure that if any information about the conduct of a member is not in accordance with the provisions of the Institute Code, to be investigated and appropriate disciplinary procedures are in place to deal with it. Membership of a professional body in management consultancy implies that it’s the duty of every member to fulfill their professional responsibilities by adhering to the professional standards of conduct and competence, as well as the personal values, which members are expected to exemplify. The importance and impact of standards set by professional bodies and trade associations in the Management Consultancy industry is essential to ensure that all members understand that their membership may be in jeopardy if formal notification and evidence is received implying a breach of any section of the Code. If any such complaint is received, it is subject...