Code of Ethics

Vialto Consulting – version 2.0 – 20th May 2023

This Code of Ethics contains general principles of good advisory conduct. Vialto Consulting has prepared its Code of Ethics on the basis of the Code of Ethics prepared and published by the Hungarian Association of Management Consultants (VTMSZ), in agreement with its principles and supplementing it. They commit to complying with the principles of the Code of Ethics in the provision of consulting services and conducting themselves in accordance with its provisions when dealing with their clients, professional partners, competitors, and each other.

The mission of Vialto Consulting’s staff is to provide high-quality, scientifically sound, proven, and objective intellectual services to client companies while also considering the broader interests of Hungary and the global community.

In order to achieve this goal, they voluntarily agree to comply with the rules of this Code of Conduct, in addition to the rules of business conduct required by law.

The Code of Ethics covers the relationships between advisers and their clients, advisers and each other, as well as addresses issues related to undesirable market competition and social responsibility. In this document, the term consultant is used to refer to Vialto Consulting and all its employees and professional partners. The term client is used to refer to any organisation currently using or intending to use consultancy services and all its employees. Vialto Consulting will use its best endeavours to ensure that the provisions of the Code of Ethics are adhered to by all its consultants and other employees during and after their employment.

  1. The consultant is only involved in work/projects that are in the real interest of the client. 
  2. The consultant shall disclose to his/her client the extent to which he/she has the necessary competences and qualifications to carry out the task and shall only undertake a task for which he/she and/or his/her subcontractor is qualified to perform it professionally and to a high standard.
  3. The consultant should entrust the management and supervision of each work section to a qualified and experienced person in the field. 
  4. In any case where the consultant’s independence or objectivity may be compromised, they must promptly disclose this to the client, make their involvement contingent on the client’s decision, and resolve the conflict of interest. 
  5. The consultant will maintain strict confidentiality regarding all information about its clients acquired during its consultancy work, in accordance with the client’s expectations, and will prevent the disclosure of such information to third parties without the client’s permission.
  6. The adviser should not use information obtained about the client during their mandate for personal gain, either directly or indirectly through others.
  7. The consultant should not hide the methods used in performing their tasks from the client. 
  8. The consultant shall act promptly and with due professional care in performing the mandate.
  9. The consultant provides professional opinions, advice and recommendations, and helps clients to solve problems and achieve their goals. 
  10. The consultant shall refrain from raising unrealistic or exaggerated expectations about the specific management consultancy service proposed. 
  1. The relationship between the consultant and the client is governed by a contract, based on a thorough knowledge of the task to be performed. The terms of the contract (purpose, product, work plan, timing and fee) must be clear, precise and unambiguous and understood and accepted by the client.
  2. If, during the course of the consultancy, the purpose and content of the consultancy work covered by the original contract changes substantially, the contract must be maintained, i.e. amended, supplemented or re-contracted to meet the new needs.
  3. The adviser and its employees/subcontractors may not accept from the client any monetary or other benefit or advantage (other than a personal gift customary in business dealings) not provided for in the contract describing the engagement.
  4. During the performance of his/her duties, the consultant shall cooperate closely with the client, informing the client of the progress of the assignment at agreed intervals (including reporting on any important circumstances that may have a significant impact on the performance of the assignment).
  5. The consultant will document his/her work on an ongoing basis, present it to the client on request and archive it after the work is completed. The documentation of the counselling process forms the basis for the certificate of completion.
  6. The consultant cannot avoid contributing to the implementation of his or her recommendations if he/she has the necessary competences and the client provides the necessary conditions.
  7. The consultant shall not entice or employ any of their client’s employees with whom they have come into contact during the performance of the assignment, except with the client’s consent.
  8. Consultants should compete with each other in the marketplace while respecting one another and working together to enhance the profession’s reputation. They should also respect different approaches and methods of advice used by other professionals in the field. They should refrain from engaging in any actions or making statements that reflect negatively on other consultants, whether they are firms or individuals, or that undermine their reputation.
  9. If two or more consultants are simultaneously working on the same task for the same client (engaging in ‘competitive work’) or making competitive offers, they should focus on the task or offer at hand and avoid criticizing each other.
  10. If multiple consultants are working concurrently on different tasks for the same client, they should initiate contact with each other and document any points of contact. They should collaborate to resolve boundary issues and, in case of differing views, present these to the client in an agreed-upon manner.
  11. Consultants commit to reviewing each other’s work only with mutual consent. In such cases, they shall collaborate with the other consultant involved in the work to understand the alternative perspective and the underlying reasoning for their decisions and proposals.
  12. The consultant should engage third parties in the work only with the client’s consent.
  13. The consultant should maintain a courteous, respectful, and professional demeanor in interactions with clients, colleagues, and members of the public.
  14. The counselor shall not accept gratuities from third parties in connection with their work and proposals.
  15. If the consultant involves a third party (e.g., a subcontractor) in the work, they should do so only with the client’s consent and ensure that the third party also adheres to the provisions of the Code of Ethics.
  1. The consultant is knowledgeable about and adheres to all applicable laws and regulations in the country in which they operate and the country where they work.
  2. The consultant respects social, environmental, and broader corporate responsibility considerations. They assess the impact of their actions on the environment and the surrounding society, striving to conserve resources wherever possible.
  3. It is important for the consultant to understand, accept, and manage diversity in terms of culture, faith, religion, race, and gender. They should also respect the customs, practices, and reasonable aspirations of others.
  4. The consultant values the understanding and application of Corporate Social Responsibility (CSR) principles in accordance with ISO 26000:2010 guidelines and encourages their clients to implement CSR principles within their organizations.
  5. Under no circumstances will the consultant become involved in any corruption case, adhering to the principles of the OECD’s 2009 Recommendation against Bribery.
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