Ethics PDF

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Ethics Module Summary ...

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Introduction to business ethics v Critical mindset of ethics: o o

Being able to think through problems and situations from an ethical perspective and make good decision Understanding generally what ethics is and some of the ethical frameworks for making decisions

v Moral imagination: o The capacity to recognise or describe an ethical problem when it arises v Import aspects of ethics: o o

It is about deciding what a good person is and the qualities and behaviours that help us to identify them. Ethics is about the question of how to live up to our own ethical standards.

It is about measuring degrees of goodness. In other words, being able to make comparisons between actions, decisions and outcomes. v Why is understanding ethics important for one’s professional life: o

o

An understanding of ethics helps us make better decisions and avoid biases

o

An understanding of ethics helps us ensure we live up to the standards we set for ourselves and consistently act professionally A successful career involves more than financial success. It involves making money in a good way

o

v Findings of the Royal banking commission: o Ethics education will help employees deal with ethical issues more responsibly o

The findings uncovered widespread misconduct which was probably unethical

o

Ethics education could help prevent misconduct in the industry in the future

Banking Royal Commission Case study v 4 key findings: o Profit prioritised ahead of everything else, creating a culture of greed o

Misconduct occurred because it could

o

Industry regulator wasn’t active

Misconduct becomes necessary to stay in the market in order to compete with other less ethical competitors v Which of the following options describe the findings in relation to the role of the regulator, ASIC? o

o

There were no effective formal structures preventing the exploitation of consumers or customers

o

There were no means for customers or clients to resist or fight back against financial institutions' exploitation The regulator failed to demonstrate there were significant consequences for misconduct

o

v What reasons were given in the video for why the Commission was conducted? o

Evidence of poor internal cultures in banking and finance institutions

o

Ongoing media reports of scandals in the banking and finance industries

o A general lack of confidence in the regulator, ASIC v Systematic misconduct: o

Poor conduct in institutions that rather than be condemned is condoned by the institution

Activities that are damaging to customers' interests and occurring across many institutions in the industry o Institutional practices occurring over a considerable length of time that are detrimental to the interests of the institution's clients v What has the Inquiry revealed about why prioritising profit ahead of all other considerations is problematic? o It means that many stakeholders' interests are ignored o

o

It leads to community perceptions of mistrust and lack of confidence in financial institutions

o

It leads to a culture of greed, which is unethical and harmful

v http://theconversation.com/banking-royal-commission-how-hayne-failed-remote-australia111100 o

Fails to properly consult with Indigenous communities in remote areas

What is Ethics? v What is ethics? o

The study of what is the right thing to do

v It is possible to reliably and consistently make good ethical decisions even without a good decision-making framework. o

False

v Virtue ethics: o Ethics according to personal values and beliefs v According to the Deontological framework, what does it mean to be ethical? o

Following a clear set of rules (ethics according to rules such as laws)

v Consequentialist framework: o Ethics according to only its consequences v Utilitarianism vs other forms of consequentialism: o Utilitarianism frames consequences against human rights v Feminist ethics of care: o

Adjusting ethical frameworks to account for biases against historically overlooked groups

What are your Values?

https://moodle.telt.unsw.edu.au/mod/quiz/review.php?attempt=6456336&cmid=2778715

Critical analysis of Values v Broke machine alone: o Spend an hour to better understand the problem, how it was caused and potential fixes, before approaching your manager to take responsibility, and advise of potential options v Client against gay marriage o Engage the client in dialogue, seeking to understand why they find the employee's marriage a problem, and persuade them to change their mind Lie to the client, telling them that the employee has been fired, while simply moving that employee to a different account o Threaten the client with exposure unless they withdraw their demand, leveraging the media, public and law against them v Addiction: o

o

Do not get involved, but monitor your colleague and raise the issue again if the problem appears to worsen, or their work performance starts to suffer

o

Arrange a meeting with Human Resources to discuss the problem in confidence

NAB value statement v What measures could be taken to prevent the abuse of the NAB's Values Statement? o Development of monitoring mechanisms to determine performance against the Values o

Clearer definition of the specific terms used in the Values Statement

o

Integration of the Values into project metrics and staff evaluations

v What measures can you take to manage for the weaknesses of such frameworks and ensure the quality of your decisions o Engage with affected stakeholders to get their perspective on how the Values should be interpreted/applied o

Seek formal guidance from management as how best to apply the Values to specific situations

Tragedy of the Commons v What is the implication of freedom in an unregulated common space? o

Where maximised it will cause the lowest possible quality of life for all users

https://science.sciencemag.org/content/162/3859/1243.full...