A General Description Of The Westpac Banking Corporation

Ethics, ethical values, and social responsibility should all work in unison in a corporate business structure. These key traits are better defined as maintaining overall good business morals, obtaining employees who possess personal ethical values, and finally to behave ethically and with sensitivity toward social, cultural, economic and environmental issues. For a business to better ensure these quality business traits a code of ethics should be adopted by the business. In the cases of Bernie Madoff and Enron, the most well-known financial scandals in history, I feel, gave a major hand in pushing business all across America to have and enforce the code of ethics.

Every business develops a set of ethical principles that they abide by. The business ethical principles intentions: it construct the business certainty in the community , maintain the employees liveried in what the business attempt to have as structural conducts and aid the employees consume principles to make ethical choices that guards the business. In a culture with a diverse assessment structure and augmented judgment visibly by companies with changeable ethics and interests, there appears to be further difficulties on business individuals to make tougher ethical assessments. In our day-to-day performances, we depend on on our ethical principles to monitor us in the correct path and do the correct things. The substance of any efficacious and perpetual business is they segment a mutual ethical matter concentrating on presenting and generating value along with allocating their business values with the citizens they network with on a day-to-day basis.

The ethical considerations for any company are highly valuable and by far the important aspect of any company or organization. The decisions that any CEO or manger would make will have a lasting and heavy impact on everyone that belongs to the organization. I do believe that any company or organization that wants to be known as a great company in the business world has to follow all regulations not only from where they operate but also within their own

There are various categories of banking; these include retail banking, directly dealing with small businesses and persons. Commercial and Corporate banking which offers services to medium and large businesses (Koch & MacDonald 2010). Private banking, deals with individuals, offering them one on one service. The last category is investment banking. These help clients to raise capital and often invest in financial markets. Most global banking institutions provide all these services combined. With all these institutions in existence within the same localities and offering similar services, there is a need to regulate the industry so as to protect the consumer and provide fair working environment for all banks (Du & Girma, 2011).

Westpac as the oldest financial institution in Australia operate their business widely. The company expands their core markets of Australia, New Zealand and Pacific around them, where provide a wide range of products and services that meet the needs of customers. Until now, the number of customer members arrived at 12 million customers. It is clear that Westpac would increase the position in financial market.

Our CEO Indra Nooyi implemented the “Performance with Purpose” guideline to help the company and employees make the right decisions. The company has also developed a Code of Conduct that addresses various business ethics issues such as bribery and conflicts of interest. PepsiCo expects the associates to be familiar with the Code of Conduct. The company also created a Chief Compliance Officer position to enforce the Code. In order to maintain our commitment to the communities and assorted stakeholders, the company has high standards for quality. By adhering to processes and ensuring proper governance, PepsiCo attempts to uphold its responsibilities and earn the confidence of stakeholders. To measure its progress and to make certain that it remains focused, PepsiCo has also developed the following six guiding principles that it uses to sustain its commitment. However, my example shows that we face ethical issues or questions even at a company that is established on how to handle unethical behaviors. It is largely at the individual level to act ethically. As we observed in the baby lab video, we are born with the universal moral core as well as the dark side of morality. As we grow older, society trained us to behavior ethically. However, when under pressure, we do regress to our younger selves. When we are faced with pressure and complications, decision making also become extremely difficult. Saying what is the right thing to do is easier than doing the right thing when you are in the situation. In the future, I will weigh in all four methods of ethical reasoning (virtue, interest, rights and duties) during the decision-making process. I believe that having the proper tools and help will guide me in making the right

The Australian financial system evolved in five stages. The first stage was the introduction of financial institutions during the early colonial period in the 19th Century, where the influence of British institutions was a key driving force. The end of that period was marked by the 1890s depression which saw a major rationalisation of Australia’s financial institutions. The start of the modern era of financial regulation can be traced back to the introduction of banking legislation in 1945 and the establishment of Australia’s first central bank.

Industries around the world, some more than other, have revenue and assets higher than the GDP of a number of nations. This makes them more powerful than those nations. These companies are run by Individuals who essentially make decisions on how the profit is made and how operations and activities are carried out. Their actions and decisions could potentially have an impact on a number of things, generally; the environment, national economies and even the lives of people somewhere on the globe. Making ethical decisions entails the decision maker(s) moral judgement about what is right and wrong and is carried out based on what they think is the right course of action. This may involve whiling away what could potentially increase a business’s yield financially but will also cause harm or pain for other stakeholder’s involved. This is why among many other reasons, ethics is very important for both the businesses and the society.

Ethics involve an individual's moral judgments concerning what is right and/or wrong. Individuals or groups of people are responsible for making decisions in an organization (shaw, 2008). Decisions within the organization are always emanate from the company's culture. However, the decision to act ethically and morally requires an individual judgment. Thus, members of staff are obligated to make decisions that reflect their right course of action (shaw, 2008). This involves rejecting the option that could lead to the greatest short-term gain. The leadership of most organizations stresses the need to adopt ethical behaviors and corporate social responsibility. Ethical dealings can earn the organization various benefits. For instance, it may attract more clients to the business thus boosting sales; employees could be motivated to stay longer in the organization thereby reducing recruitment expenditures. Ethical behaviors could also earn the business a favorable reputation that could attract investors. Categorically, a lack of social responsibility or unethical behavior may hurt the firm's reputation and scare away investors. Sales and profits could fall in the process.

Any decision affecting other people has ethical implications, and virtually all-important decisions reflect the decision maker's sensitivity and commitment to ethics. These decisions can be evaluated in terms of adherence to the six core ethical principles — trustworthiness, respect, responsibility, fairness, caring and citizenship (Josephson's, 2002).

Global business standards codex captures eight major underlying principles in which ethical behavior can be interpreted and evaluated. The eight ethical principles are fiduciary, property, reliability, transparency, dignity. fairness, citizenship and responsiveness.

Today’s business world presents numerous ethical issues. In today’s world above board/moral ethics in organizations do not often materialize intuitively. Organization must strive to provide employees with a clear understanding of the overall company vision. This will aid employees in practicing the code of ethics, policies and procedures in the workplace. Companies must be unwavering in continuously delivering the uppermost ethics of provision in which customers, applicants and employees are entitled to under fair business practices. One major core value is to uphold responsible and fair business practices.

While dealing with the bank’s objectives, an efficient and proper code of conduct is expected from the workers and the directors.

Company Overview: The Australia and New Zealand Banking Group Limited (ANZ Bank) was first opened as Bank of Australia in Sydney in 1835. It then established an office in Melbourne in 1838 which is the place its present base camp is found. ANZ works in 33 countries globally with portrayal in Australia, New Zealand, Asia, Pacific, Europe, America and the Middle East. ANZ is the third biggest bank in Australia, the biggest keeping money bunch in New Zealand and Pacific, and among the best 20 banks on the planet. It gives a scope of banking and financial products and services to more than 9 million clients and utilizes more than 50,000 individuals around the world. It gives a range of banking and financial services to more than 9 million

Australia has a strong, profitable, sophisticated and well regulated banking sector which is welcoming of new entrants and increasingly engaged in regional and global markets.