MBA402 Code of Ethics of the Westpac Bank Assessment Answer

Code of Ethics

Introduction

Australia’s scandal-plagued financial industry has been experiencing the set of problems faced due to the regulators accused Westpac Banking Corp. which is also one of the biggest violations of money-laundering laws (Ghaderi, et al, 2019). The company has experienced the challenges such as violation of the transfers due to the child pornographers in the Philippines which has further cost the bank’s chief executive his job and also facing the problem of the chairman’s early departure. From the detailed analysis, the problem was also experienced as how the senior banking executives also have to face the consistent problem of the culture of greed, causing the problem of the leniency of misbehavior and also facing the problem of the financial crime agency’s court filing that have experienced a similar note of the breaches at Westpac system. The company faces the problem of the senior management along with the issues of the inadequate oversight by the board.

Code of Ethics overall

The code of ethics, of the Westpac Firm's fundamental principles, should follow the openness, integrity, honesty, and also abide by the conduct of the activities having a due skill, care, diligence and even experiencing prudence and fairness. It is important to place the client's interest first while summarizing the procedure-.

The Code of Ethics is understood as the challenges that can outline with the goal and also providing the personal roles, that Covered Persons (and even obligate with investing activities that can work in accordance with the applicable law and can further place with the interest of the things. The company, should obligate all the employees to follow the. Rules conduct needs to be adhered by the person which are part of the Firm's fundamental principles and can also experience the openness, integrity, inbuilt honesty and trust and must conduct and obligate with the due skill, care, diligence, and even can channelize the prudence and fairness.

The fair rules of the Westpac would adhere to the Code of Ethics further covering the principles and in persons-:

• To abide by the times and place it with the best of the interests for any clients first.
• All personal investments should obligate and be inconsistent to the Code of Ethics to further avoid any source of the actual or potential conflicts of interest a can conflict, reappearance problem of the confidential information, or any sort of the mishandling of the information which has not been covered by the person’s position of trust and responsibility.
• The employees should not trade as per the violation of the material non-public information.
• The employees should not solicit or accept any inducement and can further also experience the problem of the influence, which can be deemed inappropriate and business judgment that can cause conflict and even the problem of the conflict, caused by the personal interests and those of the Firm

Code of Ethics

Discrimination

Discrimination is defined as how the people would be distinguished from the person's ethnicity, facing the problem of the race or culture which has also caused the problem of the workplace. Such as, how the problem of the policies have further caused the business discrimination against the persons of certain ethnicities or races, and it would also lead to the complexities of facing the problem of the unequal treatment caused due to the ethnicity, that could lead to the problem of the disparate impact and can cause the issue of the treatment. Any sort of the complications, facing the hurdles and even the issue of the grouping employees can be due to the race, the problem of facing the standards, even causing the challenge of having different standards. Favorability and discrimination at the time of the promotions, punishment and can cause the problem of the hiring and placement as they face discrimination due to the ethnicity, race or cultural orientation

Examples

For example how the employee is getting hired, is due to the gender preference, such as sales job and high pressure, the advertisement is placed as “hiring only male candidate” or the age group of “25-35, who can fit the company culture” would be given preference, are some of the examples (Gong, et al, 2019)

Westpac Code of Ethics

For the Westpac the discrimination code should be as follows-:

At no point, the Westpac employees are supposed to discriminate against others or further cause any unruly behavior, leading to the complications and facing indefinite actions. When being part of the Westpac the employees should strictly show respect to others in the workplace and further play a vital role during the recruitment process, employees should follow the guidelines diligently.

Code of Ethics

Exploitation

Exploitation is defined as how we are treating the other fairly and what are the cause and the implication, due to which one can be facing the discrimination and even can face the abusive problem, causing the discrimination and even the problem of the lack of the abused, exploitation and the discrimination problem. Justice is defined as how one can be treated with fairness and how there should not be any problem of the abusive, any sort of the exploitation problem and even facing the problem of the abusive power. The people in the company should be treated with fair accessed opportunities and even making full participation in that community. Exploitation should also not be shared in the fair published work, which has been taken as a credit by the others, facing the problems of the exploding the junior work colleagues and even causing the invariable problem of jeopardizing the well-being;

Example

The exploitation, by making the junior staff work beyond the working hours, in the end not sharing the work credit with them is a form of exploitation (Janevic, et al, 2019).

Code of Ethics-Exploitation

The management of every Westpac people has to obligate the code of conduct, in any form the obligation of the exploitation and facing any problem and the challenge due to the responsibility. Further the problem is faced due to the invariable to the Code of Conduct, and how it can have the concrete evidence that can restore the behavioral terms and apply the further fair understanding to the Dissemination of this Code of Conduct that has been supported by the WESTPAC. The exploitation of any form of the Sexual Exploitation and Abuse, Exploitation work-related, Exploitation of disabling, anything, would be viewed as a serious offense leading to termination. 

Code of Ethics

Corruption

Corruption is defined as the unlawful activity that can cause the problem of mistrust, which can lead to unfair competition and can cause the misuse of the company or individual.  This prohibition applies to any forms of the indirect corruption and further carries the third party that can be inline to the name or on behalf such as anything of value includes the limited to cash, gifts, entertainment, accommodations, and meal, further can lead to the travel expenses, services facing the problem of the employment offers, loans, donations or contributions and any sort of the transfer of value, even if the nominal value.

Example

Such, as getting bribed to pass on the contract on the behalf of some vendor in the company and favoring monetary wise (Mkono, 2019).

Code of Ethics

At Westpac, the main aim is to fight the forms of corruption at a priority and even enacted in the best interest of the ethics culture, it can bring in the integrity and obligation of the patient's trust causing misrepresentation of facts to the patients, stakeholders, and society. Westpac is committed to fostering a relationship of integrity and the cultural practices that can help in easing out the corruption risk.

Westpac employees have prohibited any offering, serving the values, and can result in the person to influence and enact with any official.

Code of Ethics-Dishonest & Fraudulent Behavior

Fraud is defined as dishonesty causing the problem of the intentional deception that can result in personal gain. Fraudulent behavior would even constitute due to criminal activity and can be significant consequences, subsequently causing the problem of the imprisonment. Dishonesty enactment and fraudulent behavior are seen as a serious offense, which can lead to the debarring from the services, facing the legal consequences, and even facing the charges of blacklisting the employee.

Example

Dishonesty is a serious crime, such as an employee friending and misrepresenting the facts of his daily productivity and quality causing the indefinite problem. Dishonesty is the crime as it reflects the person's true character while doing and acting in the best of the interest. 

Code of Ethics-Westpac

Westpac, views the fraudulent or dishonest conduct, as an enactment of misrepresenting the other people's work, mishandling the information, wrongly information the employees and even enacting inline to the company misusing the resources and also the misrepresenting the work. The company has to enact with the best of the interest and free from the fraudulent or dishonest conduct and can be subjected to disciplinary action by the company leading to the dismissal or expulsion and even facing the civil or criminal prosecution when warranted.

Code of Ethics-Whistleblower Protections

Corporate codes of ethics are defined as the robust whistleblower protection policies, which is obligated with the policies that would hold no protection to the whistleblower.  It is also an enactment of the good faith, and how the whistleblower reports fraud and eventually has to face the problem of the wrongdoing and expects that could further lead to the retaliation.  Due to the whistleblowers, the problem is faced as of the retaliation further causing the difficulty to face the fraud along with any corporate misconduct which can lead to the whistleblower problem of the disclosures or concerns.

Example

For example, in the Cambridge Analytics act, the whistleblower, who detailed the company secrets in influencing the US election, has faced an advantage of getting safety and absurdity to safeguard their interests. Under the Whistleblower Act of the US and of the company, the employee was saved and enacted with the best of interest without any influences (Shepherd, et al, 2019)

Code of Ethics-Westpac

WESTPAC has even viewed the problem of corruption as one of the serious crime, that can cover the below points-:  

• The person has an advantage to offers the advantage acts gained through the third party (subjective to the intermediary, a commercial agent, includes the problem of the subcontractor, a supplier, a partner, etc.);

• The problem of the person can even receive an undue advantage to the end-beneficiary

(It can be under the relative, a third party, etc.);

• The fraudulent action along with accessing the undue advantage would not happen indefinitely (the undue advantage can be enacted at the later date);

• Facing the undue advantage that can cause the problem of the non-monetary form (can be due to the material consist of the rendered, a reputational advantage, etc.);

• Facing the beneficiary advantage of the public-sector employee along with private-sector employee

Code of Ethics -Enforcement

The Code of ethics of the enforcement obligates the officers to comply with the enforced laws and makes the employees follow it. Subsequently, any mistreatment to the officers, while enforcing the law can be viewed as the problem that cannot be followed. The problem of the enforcement law can be a problem and challenging for the entitlement mentality and how it has been exhibiting

Example

The enforcement law such as, hiring the employees irrespective of their background, need not be gender-specific and not obligating as per the code and conducts (Sohi, 2019).

Code of Ethics-Westpac

Westpac ensures to enforce the Code of conduct which would be handled by the WESTPAC officers in the best interest of the company and the employees. It would be obligated to provide the Code of Ethics which has been enforced. 

Conclusion

In the end, Code of ethics are the important factors and elements which allow the organization to lead a secured path. It would be free from any complications, if the company abides by the code of ethics framework. It is an obligation that the company, should obligate all the employees to follow the. Rules abided by the framework of the company, obligates to cover  the persons, that are holding in line to the Firm's fundamental principles and can also experience the openness, integrity, inbuilt honesty and trust and must conduct and obligate with the due skill, care, diligence, and even can channelize the prudence and fairness.