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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.
worthwhile exploring how ethics interacts with conduct and culture in banking and finance, and what firms must consider in order to ensure they continue meeting expectations. The Institute of Business Ethics describes business ethics as “the application of ethical values, such as integrity, fairness, respect and openness, to business behaviour.
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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.
- 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
Aug 3, 2020 · The holistic approach to banks’ ethics presented in this chapter bases the analysis of banks’ ethical orientation on the institutional nature of financial intermediaries, their ultimate strategic goals, their role in the economy and in society, and their effects on governance.
- laura.vigano@unibg.it
Within banking and finance, as much regulatory attention is now paid to expectations around financial conduct as to prudential regulation as reflected in the post-crisis creation in the UK of the Financial Conduct Authority (FCA) in addition to the Prudential Regulatory Authority (PRA).
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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...
