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The responsibility of the person or organization responsible for a task to take credit for all positive outcomes and blame for all negative outcomes. Accountability is desirable in finance and economics because it promotes efficiency. See also: Transparency.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved


an employee's RESPONSIBILITY for the exercise of certain duties and the requirement to report to his superiors on his performance of them. In recent years, many managers have attempted to strengthen lines of accountability so as to achieve improvements in the job performance of their subordinates.

One approach to this has been th creation of PROFIT CENTRES. The profit performance of these subunits of the organization can be closely monitored by organizational leaders, thereby increasing the accountability of those working in the profit centres. In so far as creation of profit centres involves a measure of decentralization of decision-making, decentralization of responsibility and AUTHORITY can be coupled with increased accountability. See MANAGEMENT, ORGANIZATION.

Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson
References in periodicals archive ?
'But this was a substantial abuse of trust carried out over a significant period of time.'
Gambling companies must be held to account for this abuse of trust and power."
Judge John Griffith Williams QC told Yorath: 'In both these cases there was a grave abuse of trust on your part.
Back in the court yesterday, Sheriff Alexander Pollock passed the maximum sentence for what he called 'a gross abuse of trust'.
Judge John Pini said Khan "fell prey to temptation" in a shocking abuse of trust.
Jane said: "This kind of abuse of trust damages a woman for life.
Antrim Crown Court Judge Brian Sherrard said: "This offence represents an appalling abuse of trust."
In a gross abuse of trust the 58-year-old sexually assaulted three patients he was supposed to be looking after at the Spire Washington Hospital, formerly known as Bupa.
Scottish Office Children's Minister Sam Galbraith said the new offence of abuse of trust would be included in the Sexual Offences (Amend-ment) Bill.
A health board spokesman warned: "The NHS has no tolerance for abuse of trust."
Mr Straw said a new offence of "abuse of trust" would be created.