Principles of Commonwealth Bank of Australia
The Commonwealth Bank of Australia is one of the premier financial institutions of the country which has the full authority to make the prominent changes in the country in respect to the economic and the social changes with the business environment in the country (Commbank.com.au 2018). For every financial institutions or any other organization, in order to have a good working module, a code of conduct is of utmost importance. The benefit of the code of conduct is to make the organization have the benefit of the proper behaviour and the follow up of the rules and regulations for the effective working of the management. The code of conduct is also beneficial for the implementation of the equal laws for all the agendas and positions of the organization (Council 2012). The following code of conduct is for the Commonwealth Bank of Australia and the rules and regulations that are implied in the organization for the better implementation of the authorities practices which help in keeping the integrity, fairness of the organization with the aims of mutual respect and honest behaviour.
Discrimination is defined as the form of differentiation that is done between people of an organization in terms of caste, race, colour or the place of origin. The form of discrimination is one of the most common problems in the organization sector as it is one of the prevalent issue that has engulfed the organization (Carle 2012). This should not be tolerated at any cost and should be made to avoid the same by both the authorities and the stakeholders to maintain the theory of equality among the employees of the organization.
The Commonwealth Bank of Australia has made sure to sure lack of discrimination in the working of the space and to ensure that each of the employees of the organization are getting enough of the equal behaviour from the management. Any failure to such cases should be reported and should be acted upon with utmost priority. The Commonwealth Bank had employed a young woman in place of the old man which is one of the prime examples of the discrimination that is being employed in the bank. The bank though has a prime defence to the concept of the discrimination which is being done in the bank itself.
Honesty is one of the greatest virtues as this helps a bank to work in its greatest amount and connect with the customers who are the greatest asset for any business organizations (Leroy, Palanski and Simons 2012). Maintenance of loyalty and honesty of the bank is of great value as this helps the bank to encourage the customer to have faith in the working of the bank and to make sure that they are encouraged to do business with the concerned service providers.
1. Giving the employees of the bank the chance to have fair rights with the implementation of the anti-discrimination laws and orders
The Commonwealth Bank of Australia is devoted to maintain its loyalty with the customers to ensure honest and fair transaction process. It also encourages to make full business transactions with the bank.
Corruption is defined as the doing of the unfair means in the work modules and to accept bribes in the process of working. Any sort of unfair means in terms of working is termed as illegal and so should be stopped with utmost effect by the bank (Rose-Ackerman 2013).
The Commonwealth Bank of Australia is made sure to follow the non-corruption mode of business as it encourages the employees of the bank not to accept any form of bribe or other forms of advances from the customers and to maintain honesty and truthfulness in the working of the bank. The bank was supposed to be involved in the fraud of the child accounts, though such code of conduct is present in the organization said against the said case. The malpractice of the child account is one of the basic corruptive practises of the bank.
Exploitation is defined as the form of corruptive practice in which the human resource or any other form of resources are used up beyond a limit to which they are sustainable. The exploitation of human or other forms of resources is illegal in any corporate sector and should maintain the sustainability of the work in the concerned amount of time (Simpson and Yinger 2013).
The Commonwealth Bank of Australia always encourages to reduce the amount of exploitation activities in the bank and to promote the theory of equality and integrity in the work of the bank. The bank is to make sure that no amount of exploitation is there in terms of the human behaviour so that all the employees in the office are given equal treatment and service when it comes to the behaviour.
Fraud is defined as the illegal practises that is being done by the people of an organization to have financial gains over others in the course of time. The disclosure of fraudulent activities in a financial activities is of prime importance as it is concerned to the monetary loss of the public in the concerned time span. Fraudulent activities should be tackled with extreme severity as it concerns both the financial matters as well as the trust factors of the employees of the bank in the concerned time span (Hoffmann and Birnbrich 2012). There is a group which should tackle such cases in every financial organization.
2. Maintenance of loyalty and honesty in the business practises with the customers and to encourage the same in the business conductions of the bank
The Commonwealth Bank of Australia is one of the premium organization that encourages zero tolerance towards fraudulent activities and if reported to the proper authorities, will make sure to have the required means and measures to make sure that the issue is not repeated in the course of time. The bank encourages no fraudulent activities in the bank whatsoever to maintain the level of dignity the bank has in terms of the fair practises that is being practised in the bank for the concerned span of time.
Transparency in the banking service is defined as the way of conducting the banking service in which the both the sides of the working has full knowledge about the happenings and motives of the services and everything is clear to the core (Frandsen et al. 2013). The importance of transparency in the banking service is of prime importance as it helps the bank to make sure that they are reliable by a set of customers and also enables the customers to think positively about the bank.
The Commonwealth Bank of Australia is one of the major banks that focusses on the transparency of all the matters of working between both the ends of the population – the employees and the customers. This is one of the major positive aspects of the bank which focusses on the better working of the bank in the concerned time span. The bank ensures to maintain a positive working atmosphere within the banking organization and to make sure that each of the practises of the bank are crystal clear to all the concerned people.
Mutual Respect is one of the most important aspects of the bank in the concerned time span which means that both the parties of the bank – the employees and the customers have full respect and gratitude for each other in terms of work or beyond work measures (Steele et al. 2016). The importance of mutual respect lies in the fact that with the concerned mutual respect of the people for each other, it becomes easier for the bank to conduct their services and make sure that no rogue measures will be applicable.
The Commonwealth Bank of Australia advocates the theory of mutual trust and relationship to make sure that the employees and customers do not face any rogue or unruly behaviour from any of the members of the organization and they have a well-maintained and balanced system in the whole process.
3. Avoiding corruption and other forms of unfair means from the working of the bank
Whistle blowers are defined as the people working outside the organization who give specific information about any cause of worry or fraudulent activities whatsoever happening in the organization for the betterment of the organization and to ensure the reputation is not being spoiled. The work of whistle-blower is of great danger and so the security and privacy of the fact is to be protected by the company for their safe interest.
The Commonwealth Bank of Australia is one of the major banks that has a number of whistle-blowersworking under the module and providing information to the company about any kind of issue that they feel should come to the notice of the authorities. The importance of whistle blower is of great heights as it makes sure to engage the right amount of honesty within the industrial sector. The bank strives to maintain all the rights of the whistle-blowers in every account.
The whistleblower protection is one of the prime agendas of the bank which is not being followed at all levels. The lack of protection of the whistleblower is one of the breaches in the code of the conduct of the bank.
Integrity within an organization is defined as the principles of the organization for being honest with a strong moral base which promotes the activities of principle and ethics for the same factor (Van Hooft 2014). The importance of integrity in an organization is huge as it promotes the working of the organization in a better light and sheds importance to the fact that the customers are fully relying on the honest approaches.
The Commonwealth Bank of Australia supports the working of full integrity in an organization and makes sure to have the best of the customers services with their own morals and principals targeted to bring out the best in the customer field.
Professionalism of a bank is defined as the aspect of the bank that helps the bank to keep up with the professional behaviour and code of conduct within the bank and also to make sure that the process of personal and professional are segregated within the banking structure (Page and Pina2015).
The Commonwealth Bank of Australia makes sure to employ the level of professionalism in every matter whatsoever to ensure that their claims and ethics on the professional front are being maintained and calculated on the point of interest for the customers and bank.
There are a number of laws and objectives that are being set by the bank and have to be enforced by all means with compliance authorities. The customers and the employees are expected to abide by the laws set by the bank in every field to ensure that all the objectives and subjective authority of the bank are being provided with diligence (Acemoglu and Jackson 2017).
4. Reduction in exploitation of the employees or any other forms of resources
The Commonwealth Bank of Australia is one of the major banking services that ensures that all the laws that are being set by the compliance authorities are enforced within the organization for the concerned matters.
The Code of Conduct is applicable for every employee and agent of the Commonwealth Bank of Australia that approaches itself as the part of the bank. The code of conduct is also applicable to each and every person who are associated with the bank including the customers.
The code of conduct can be found in both online and offline levels of the bank – both the website of the bank and the office premises. Moreover, each of the employees working in the bank will be given one copy of the code for their better understanding.
The Code of Conduct has to be adhered at every means by the authorities of the bank as well as the employees working in the organizational process. The code is being supported by all the higher authorities to ensure better administration.
For clarification, each of the employees and the members are to contact the concerned head of the department for better actions taken against fraud means. There will be full assurance of privacy and confidentiality among the employees of the bank in regards to any findings.
Reference
Acemoglu, D. and Jackson, M.O., 2017. Social norms and the enforcement of laws. Journal of the European Economic Association, 15(2), pp.245-295.
Carle, S., 2012. Employment discrimination.
Commbank.com.au 2018. Personal banking including accounts, credit cards and home loans – CommBank. [online] Commbank.com.au. Available at: https://www.commbank.com.au/ [Accessed 30 Aug. 2018].
Council, S.B., 2012. Code of Conduct. London: GOC.
Council, S.B., 2012. Code of Conduct. London: GOC.
Frandsen, A.C., Hiller, T.B., Traflet, J. and McGoun, E.G., 2013. From money storage to money store: Openness and transparency in bank architecture. Business History, 55(5), pp.695-720.
Hoffmann, A.O. and Birnbrich, C., 2012. The impact of fraud prevention on bank-customer relationships: An empirical investigation in retail banking. International journal of bank marketing, 30(5), pp.390-407.
Leroy, H., Palanski, M.E. and Simons, T., 2012. Authentic leadership and behavioral integrity as drivers of follower commitment and performance. Journal of Business Ethics, 107(3), pp.255-264.
Page, T. E. and Pina, A., 2015. Moral disengagement as a self-regulatory process in sexual harassment perpetration at work: A preliminary conceptualization. Aggression and violent behavior, 21, 73-84.
Rose-Ackerman, S., 2013. Corruption: A study in political economy. Academic Press.
Scott, S., 2017. Labour exploitation and work-based harm. Policy Press.
Sheridan, N. and Jang, M.B., 2012. Bank capital adequacy in Australia (No. 12-25). International Monetary Fund.
Simpson, G.E. and Yinger, J.M., 2013. Racial and cultural minorities: An analysis of prejudice and discrimination. Springer Science & Business Media.
Steele, L.M., Mulhearn, T.J., Medeiros, K.E., Watts, L.L., Connelly, S. and Mumford, M.D., 2016. How do we know what works? A review and critique of current practices in ethics training evaluation. Accountability in research, 23(6), pp.319-350.
Van Hooft, S., 2014. Understanding virtue ethics. Routledge.
Vaughn, R.G., 2012. The successes and failures of whistleblower laws. Edward Elgar Publishing.
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