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Ethics in Banking and Finance. Exploring the law and regulation which underpins ethical behaviours of firms and individuals operating in the financial services sector. Leadership, governance, systems and controls. Introduction. Governance. Leadership, responsibility and accountability. Risk management and control framework. Key sources.
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This resource synthesises the many information points which exist and is structured around four core themes to enable firms to ask challenging questions and check that relevant minimum standards and their own ethical expectations are being met.
Aug 8, 2022 · In the absence of a common system of ethical norms and values, bankers may view themselves as “above the law” or believe that the rules do not apply to them, resulting in weak ethical norms, weak social ties, and low stakes in conformity.
- Epistemic Challenges
- Motivational Challenges
- The Coordination Challenge
Whereas the causes of harm done to individual clients, for example, the sale of an unsuited product, can be identified relatively easily, the causes of systemic harms are more difficult to understand. These harms are brought about not by single actions, but by the behavior of the system as a whole. This makes it difficult for individuals to underst...
For bankers working directly with clients, it is relatively easy to develop a motivation not to harm them, because they know who their victims would be and how they would be harmed. If one is in direct contact with individual human beings, and especially if one has a long-term relationship with them, it is likely that one empathizes with them and w...
The last challenge is maybe the most obvious one, but its full weight only becomes visible once it is seen in conjunction with the epistemic and the motivational challenges. Many forms of systemic harm are caused by numerous agents, or even by the financial system as a whole—and today, this system is a global one. Preventing systemic harms will, in...
- Lisa Herzog
- lisa.herzog@hfp.tum.de
- 2019
Feb 20, 2023 · Using Bakhtin’s framework to understand the three cases, we can see that each of the cases attempts to foster ethical sales cultures from the three dominant ethical positions: formal ethics in BankNordic, content ethics in BestBank, and relational ethics in OneFinance.
Prepared more as an online resource, the notes that follow are intended to profile issues that can be said to be of ethical relevance, in the process bringing together key sources and reference documents.
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Jan 9, 2024 · This comprehensive review synthesizes key insights into the ethical practices within banking and finance, offering a holistic perspective on the challenges and opportunities faced by the...
