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COMPARATIVE BUSINESS ETHICS AND SOCIAL RESPONSIBILITY

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COMPARATIVE BUSINESS ETHICS AND SOCIAL RESPONSIBILITY

Introduction

Ethics is considered as the moral philosophy in order to run the business process smoothly. Maintaining ethics helps the business organization to enhance commercial activity. Organizational business managers are the responsible person to make decision related business process. Through integrating ethics and social responsibility business organization can enhance their reputation in the current market. Business ethics follows moral philosophy of the business organization in order to complete business related function. On the other hand, social responsibility of the business organization follows rules of the government to uphold the public of the society. Implementing these two factors in the business process helps the organization to work properly. Financial business industry has faced several pressures regarding the unethical business practice. In recent case of Australian finance sector, it has been identified that the financial organization has failed to imply ethics on the business process. This study will elaborate the background of the Australian finance industry. Apart from that, the study will also include the ethical issue that has been raised because of not practicing ethics in the industry. The study will also identify ethical issue has been made or not about the situation. Ethical decision making process will be included to mitigate ethical issue related to the study.

Background

It has been identified from the article that financial organization has failed to maintain ethics in the last year. The finance industry of Australia, especially banks has created stories of scandal and malfeasance over the past years. Ethics Index of Australia has measured that finance sector of the country has not maintained ethical principle in order to generate revenue. While most of the business sector of the Australia has remained constant by maintaining ethical issue, but in case of finance sector it has been identified that ethics point of finance sector dropped by 6 point. In the year of 2017, Ethics index point of the finance sector was 41. This year, Governance institute of Australia has given 35 points to the finance industry (businessinsider.com.au, 2018). Finance sector of the Australia is ranking in last position from the last three years because of the ethical issue. However, the current score drop has created major issue in the financial sector of the country. Most of the people of Australia are considering the financial sector as the unethical one. Financial sector of the Australia is majorly focusing on the revenue rather than corporate responsibility. Biggest financial institution of the Australia such as Commonwealth bank, national Australian bank, Westpac banking corp., Australian and New Zealand Banking Group has also failed to follow ethical principle. Ethical issue in the financial sector has been raised because of corruption, leadership and social responsibility related issue. CEO of the financial organization has failed to maintain ethical practice within the organization. The Royal Commission of Australia has filed case against the financial managers because of unethical business practice. Apart from that, it has also been identified that one in the two life insurance company of Australia follow unethical business. Significant enquiry of The Royal Commission has identified the causality between profitability and misconduct. The inquiry commission that the business organizations have provided loans without any checking has identified it. The Australian Commission put emphasis on the adverse influence on the consumer and reputational damage of the employees (Kolk, 2016, p. 33).  In addition, the commission has ordered to provide training to the employees regarding the ethical practice. If the financial organization continues to focus on the profit part then it can drop even further.

Issue rose from ethical perspective

The given article has identified that Australian financial industry is facing several problem because of not maintaining ethical practice (Schwartz, 2017, p. 19). Report of Australian Governance has showed that the finance sector has failed to maintain leadership, corporate social responsibility and corporate citizenship. 

Leadership

In case of Australian finance market, managers have failed to follow ethical leadership in order to maintain business process. The moneymakers of the financial organization have given major focus on the profit making rather than ethical standard (Joutsenvirta and Vaara, 2015, p. 749). Financial employees have not followed the rules for maintaining goodwill with the organizational consumer. As the financial organization has not maintained relationship with the stakeholders, it has raised serious problems related to ethical issue. The financial managers have failed to maintain consistency in time of conducting business operation. Managers also fail to adhere to rules that have been developed by the Australian government. Some of the biggest bank of the country does not even follow their business standard in order to maintain the business process. Not following ethical standard refers that the finance organization does not follow core value of the finance industry.

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