Answer To: MBA402_T2_2020_Assessment_2 Page 1 XXXXXXXXXXKaplan Business School Assessment Outline Assessment 2...
Sumita answered on Sep 18 2021
CODE OF ETHICS FOR
COMMONWEALTH BANK OF AUSTRALIA
Table of Contents
Introduction 3
Discrimination 3
Exploitation 4
Corruption 5
Dishonest and Fraudulent Behaviour 6
Whistle-blower Protection 7
Enforcements 8
Conclusion 9
References 10
Introduction
With money and profit highly prioritised, business organisations have lost their alignment with ethics and therefore, Code of Conducts has been developed. Despite the development of the code of the conducts, big organisations have gradually had developed inconsistencies in the way they act and the way they should have acted. Financial organisations such as banks, which in most cases play significant roles in regulating, if not controlling national and local economies, have also deviated from their motto of abiding their own set of ethical conducts, whereas some have abided them properly. In the current research, the issues of discrimination, exploitation corruption, dishonest and fraudulent behaviour, whistle-blower protections and enforcements have been discussed in context of the chosen organisation, Commonwealth Bank of Australia.
Discrimination
Discrimination at a workplace is the right to work in an environment that is free of harassment and bullying. Discrimination based on race, gender, religion, age, disability and other such attributes can create a negative working environment and affect a person’s well being and work performance. It is unlawful to discriminate based on these attributes. Examples of such discrimination are denial of training opportunities, being dismissed, exclusion or isolation by co-workers, not being paid the same as someone having the same qualifications or experience, having information that is needed for the job being deliberately withheld, being given impossible tasks and other such abuse (MDC Legal, 2017).
Code of Ethics for CBA addressing discrimination
CBA is committed to treatment of all employees and to all the people who seek employment in a fair and inclusive manner. There is no tolerance for any discrimination. CBA is committed to equal opportunities across all functions and branches, across the world. We value diversity and inclusion. At CBA, abusive and offensive behaviour that violate the dignity of the person, are not accepted, creating a negative work environment. CBA has a policy to ensure that there is no discrimination based on race, gender, age, religion and disability. This is applicable to all aspects of employment such as hiring, assignments, promotion, compensation, discipline and termination. Anybody who has been subjected to discrimination should report this behaviour. Please report any such behaviour that creates a negative work environment. We are all expected to adhere to these policies and ensure that we never engage in workplace harassment, discrimination and bullying (Commonwealth Bank of Australia, 2019).
Policy Statement
We are committed to investing and maintaining diversity, inclusiveness and a fair and positive working environment and we will not tolerate any form of bullying, discrimination, victimisation and harassment at the workplace.
Exploitation
Exploitation is morally wrong. Once behaviour is termed as exploitative, its wrongness is supposed to be self-evident. Classic examples of activities taken as exploitative are buying a kidney from someone in financial need. It can be roughly defined as taking advantage of someone’s vulnerability. The person who is exploited seems better off after the deal. However, in standard examples of exploitation the deal does not seem fair. No one should want to sell his or her kidney. An example of exploitation that CBA was involved in claims that the bank sold the customers overpriced insurance policies without their knowledge. The claimants alleged that CBA exploited its vertical integration by putting super members into CommInsure Group life insurance policies without looking for the best deal (Farbenblum et al., 2019). Giving of improper description, of services, while, selling them to the customers has been an issue in the insurance sector. Local residents in Northern Australia have expressed frustration, confusion and anxiety over insurance premiums. The process and the policies are not well understood and the need for transparency in insurance premiums premium and better disclosure is required. The customer feels exploited (Commonwealth Bank of Australia, 2019). A lack of ethics in American Corporations such as Google, Facebook and Amazon has routinely displayed a willingness to exploit its customers, competitors and employees for profit.
Code of Ethics for CBA addressing exploitation
The CBA group requires that all the employees act in a fair, ethical and reasonable manner where the dealings with existing and prospective customers and guarantors of the group extend to bank products and services, marketing and sales practises.
Policy...