Ethics, Business Ethics and Banking
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Ethics in Banking — Ethics in Banking.
One-liners from this chapter
Free sample — 8 of 66 rapid-fire Q&A cards.
What is the most accurate definition of 'business ethics' in a banking context?
Business ethics in banking refers to the application of ethical principles to business decisions, balancing profit-making with responsibility to customers, employees, society, and the environment.
Why is the belief that 'staff are already ethical and need no training' considered a myth in banking?
Acting ethically is difficult; good character alone cannot resolve complex dilemmas.
Why is mere legal compliance insufficient to constitute business ethics in banking?
Compliance with laws sets only a minimum standard of conduct; business ethics goes further by requiring banks to act with integrity, fairness, and moral responsibility beyond what the law mandates.
Is Corporate Social Responsibility (CSR) the same as business ethics in banking?
No, CSR is only one aspect of business ethics; CSR does not cover workplace ethics.
How does business ethics differ from the goal of pure profit maximisation?
Pure profit maximisation ignores moral obligations to stakeholders, whereas business ethics requires balancing financial goals with broader social and ethical responsibilities.
What does 'trust' depend on according to the chapter's discussion on banking professionals?
Trust is a function of consistent professional conduct over time.
What is the relationship between ethics and banking as a profession?
Banking as a profession demands high ethical standards because banks are custodians of public trust and funds, making ethical conduct essential to their core function.
Which principle of business ethics is defined as treating each individual as an end rather than a means?
Dignity — treating individuals with courtesy and respect as ends in themselves.
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