Ethicss In Banking: Ethics And Ethics In Ethical Banking

Ethics is the moral principles that govern a person's behavior or the conducting of an activity. It is the moral values that a person believes in. The way that a person interacts with others. The golden rule of treating others how you would like to be treated. Having good ethics is a basis for having a successful business.

What is ethics? According to Velasquez et al (2010), “ethics is a well-founded standard of right and wrong that prescribe what humans ought to do, usually in terms of rights, obligations,

Ethics, sometimes also known as moral philosophy, is basically not any legal rules but only a moral obligation or concept to define what is wrong or right. It deals with the value related to human behaviour with respect to the rightness and wrongness of certain actions.

Ethics are defined as rules of behavior based on ideas about what is morally good and bad. Ethics is also an area of study that involves ideas about what is good and bad behavior and what is morally right or wrong. Ethics can vary from person to person. Ethics deals with making moral judgments about what is right or wrong, good or bad. Right and wrong are qualities or moral judgments we give to actions and conduct. Ethics provides us with a way to make moral choices when we are uncertain about what to do in a situation involving moral issues. In everyday life we make moral choices and judgements.

According to Merriam-Webster, ethics is defined as an area of study that deals with ideas about what is good and bad behavior. Some would argue that definition is rather vague. A more complete understanding of ethics would suggest that it is more than just an area of study but rather a way of life; moral principles that govern a person's or group's behavior. If one is ethical and has good moral standards, it is usually seen in that person. Simply put, ethics could be considered the standards of behavior as to which society accepts.

The ethical culture of a Wells Fargo can be seen to be a piece of the culture of an organization. Thus, if the culture of the organization represents how things are done, the ethical culture is a reflection of the way things are conducted in the context of ethics and ethical attitude in a company. The ethical culture represents the ethics personality of the organization. Assessing the culture of a company is one way that can be applied in managing business ethics in a business entity. By evaluating the culture of the firm, one can be sure to identify the strengths and weaknesses of a company and also determine the areas that need to be revised and amended for the better company in future.

Bank of America is one of the largest banks in the nation. It is a multinational company and it is recognized by its high revenue value. Unfortunately, Bank of America has endured many complaints and harsh views regarding their lack of ethics. Ethical issues occur when there is a blatant disregard to implement integrity, trust, and responsibility. In some financial institutions, ethical matters are displayed in the way the consumers are treated. Within the past nine years, Bank of America has diminished all of their ethical promises by revealing customer information without their permission; discriminating against consumers based on their race; and manipulating overdraft fees in order to benefit the bank. In order to assess these problems, it is vital to recognize what Bank of America claims to stand for and determine where their most concerning issues are generated from.

Ethics, as defined in the dictionary, are moral principles that help govern a persons behaviour or the conducting of an activity. Ethics must be taken into consideration when forming a decision towards major and minor issues in our society.

Business ethics refers to the consideration of moral decisions and responsibilities in the process of operating a business. Business ethics, practiced throughout the deepest layers of a company, become the heart and soul of the company 's culture and can mean the difference between success and failure. Values drive behavior and therefore need to be consciously stated, but they also need to be affirmed by actions. Ethical business environments are created with foundations of integrity, accountability and commitment.

Ethics are the “standards of conduct that indicate how one should behave based on moral duties and virtues.”

When thinking of the best way to be responsible in all dealings of business, a quote from Bank of America and Wells Fargo comes to mind. Bank of America states that they believe that integrity and the disciplined management of risk form the foundation of their business. They are aware that their decisions and actions affect people’s lives every day. They furthermore believe in making decisions that are clear, fair, and grounded in the principles of shared success, responsible citizenship, and community building. Wells Fargo states they expects its team members to adhere to the highest possible standards of ethics and business conduct with customers, team members, stockholders and the communities it serves, and to comply with all applicable laws, rules and regulations that govern our businesses. Their Code of Ethics and Business Conduct rules sets forth Wells Fargo's policy and standards concerning ethical conduct for all team members. Their aim is to promote an atmosphere in which ethical behavior is well recognized as a priority and practiced.

Business policies and practices regarding potentially controversial issues are part of organizational ethics. These ethics are often guided by the law; most business uses ethics in order to be accepted by the public or to have a successful business. Ethical principles can address organizational issues which help the organization to follow good practices within their organization or company.

According to Guido, ethics is the branch of philosophy concerned with the evaluation of human action. A broader definition would be that ethics involves the principles or assumptions underpinning the way individuals or groups ought to conduct themselves.

Ethics is defined as moral principles of conduct, which people usually agree with. Unlike in law there is no punishment involved in ethical values, if you don't follow according with the standards. There are many things that influence ethical behaviour. These can be personal reflection, religious beliefs, culture, experiences and family influences. If broadly speaking, ethics is the science or study of the morality of how humans act through the medium of natural reason.

This research is compiled to explain how good ethical practices and good values in business can yield sustainability within the business and the society as a whole and in order to do this the concept of ethical business practice and values have to be understood.