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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...
- 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 8, 2022 · The intrinsic benefits must be ethical. Indeed, research has shown that bankers will derive greater meaning from their work where it serves pro-social purposes (Ashraf & Bandiera, 2017). In practical terms, banks should clearly articulate their social purpose.
Sep 15, 2017 · Financial Ethics (FE), however, specifically refers to concrete projects that attempt to achieve certain ethical principles, as distinct from the market: ethical banking would be an example. They are different from one another (EF and FE), but show great similarities, and consequently both clarify and delimit the field.
- Leire San-Jose, Leire San-Jose, Jose Luis Retolaza
- 2018
Mar 13, 2021 · The review of literature revealed that there are numerous ethical issues prevalent in the banking industry, like lack of proper ethics training, trust and transparency issues, growing pressure...
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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Apr 25, 2017 · This paper attempts to remedy that failing. Drawing from Aristotle, Hume, Rawls, and recent psychological research, it argues that an ethics code grounded in our moral intuitions, suitably refined and tested by reason, is essential for a code to be workable and widely accepted.
