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Professional Banker Certificate > 6. Ethics And Professionalism > Flashcards

6. Ethics And Professionalism Flashcards

1
Q

What does the Greek word ‘ethos’ mean?

A

Custom, habit, character or disposition

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2
Q

What are three categories of ethical theories?

A

1) meta- origin of principles
2) normative - criteria of right and wrong
3) applied - controversial issues

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3
Q

What is ethics used for?

A

Consider moral dilemmas

Decide on right action

Take responsibility

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4
Q

What is moral absolutism?

A

There are universal moral rules

Circumstances and consequences are not to be considers when deciding if something is moral or not

Universal laws can be made

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5
Q

What are some criticisms of moral absolutism?

A

Circumstances and consequences ARE relevant

Diversity and tradition holds different things to be morally acceptable

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6
Q

What is moral relativism?

A

Morals that respect cultural diversity

Moral actions are in the eye of the beholder

Circumstances and consequences of actions are taken into account

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7
Q

What are some objections to moral relativism?

A

There is some deeper principal than simply general agreement of a group of people

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8
Q

What is a third way between moral relativism and absolutism?

A

There are a small number of absolute rules

Many ethical positions depend on culture

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9
Q

Define ethics.

A

A branch of philosophy which defines what is good for individuals and society

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10
Q

Name three branches of normative ethics

A

Virtue theory
Duty theory
Consequentialist theory

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11
Q

What is virtue ethics?

A

Cf Plato and Aristotle

Concerned with personal qualities

E.g. Objectivity, altruism, loyalty, wisdom, courage, fairness, prudence

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12
Q

What is duty theory?

A

Cf Kant

Do the right thing for the right reason because it is right

Some things are universally right (categorical imperatives)

Consequences are irrelevant to rightness or wrongness

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13
Q

What is consequentialist theory?

A

Judge moral good by the consequences of an action

Greek teleological

3 types:

  1. Ethical egoism
  2. Ethical altruism
  3. Utilitarianism
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14
Q

What is ethical egoism?

A

Make the best decision for the person taking the action

What is best for me?

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15
Q

What is ethical altruism?

A

Act based on what is best for everyone other than the person taking the action

What is best for everyone else?

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16
Q

What is utilitarianism?

A

Decide morality by the what causes he greatest good for the greatest number of people.

What is best for society?

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17
Q

What are the characteristics of a rules based code of conduct?

A

Prescriptive
Rigid
Letter of law

18
Q

What are the characteristics of a principles based code of conduct?

A

Broad guidance

Spirit of the law

19
Q

Name five classes of ethical threat.

A
  1. Self-Interest
  2. Self-Review
  3. Advocacy
  4. Familiarity
  5. Intimidation
20
Q

What is self-interest as a threat to ethics?

A

Where the agent has an incentive to do something not in the best interest of the client

E.g. Sales targets; other personal business interest; gifts and hospitality

21
Q

What is self-review as a threat to ethics?

A

Where agent is called on to review their own work.

E.g. They move to an internal audit position or an external regulator. Unlikely to be entirely objective about their own work.

22
Q

What is Advocacy as a threat to ethics?

A

Where agent has a dual role regarding the client- on one hand to objectively review, and on the other hand to represent them.

Could arise in bank credit process?

23
Q

What is familiarity as a threat to ethics?

A

Agent’s objectivity regarding the client is compromised due to a long-running business or personal relationship

24
Q

What is intimidation as a threat to ethics?

A

Agent’s objectivity regarding the client is compromised due to threats by the client, e.g. Loss of business, damage to reputation etc.

25
Q

What are some general topics a corporate code will address?

A 
Commitment to ethical standards
Desirable values
Commitment to customers
Compliance with law and regulation 
Fair competition 
The environment
Community
26
Q

What are the 7 elements of the Chartered Banker Code of Professional Conduct?

A
  1. Treating customers and colleagues with respect
  2. Considering risks and consequences and taking ownership
  3. Compliance with law and regulation
  4. Treating information confidentially
  5. Alert to conflicts of interest
  6. Develop professional skills
  7. Act fairly, honestly and diligently always
27
Q

What is CIMA?

A

Chartered Institute of Management Accountants

28
Q

What is the CIMA model/checklist for approaching an ethical dilemma?

A
  1. Check facts
  2. Is it ethical?
  3. Is it legal?
  4. What key principle is at stake?
  5. Who’s affected?
  6. What options do you have?
  7. Seek legal advice
  8. Disassociate yourself
29
Q

What is ICAS?

A

Institute of Chartered Accountants of Scotland

30
Q

What is the ICAS model for approaching an ethical dilemma?

A
  1. What issue requires a decision?
  2. Who are the key parties?
  3. What ethical principles?
  4. Legal obligations?
  5. Conflict of roles Guardian vs Commercial?
  6. Scope for imaginative solution?
  7. Other comments?
31
Q

What is the AAA?

A

American Accounting Association

32
Q

What is the AAA model for addressing an ethical dilemma?

A
  1. Facts of the case?
  2. Ethical issues?
  3. Norms, principles, values
  4. Alternative courses of action?
  5. Best 4 consistent with 3
  6. Consequences of 4?
  7. Decision?
33
Q

What are Tucker’s 5 questions?

A

Is the option/decision:

  1. Profitable?
  2. Legal?
  3. Fair?
  4. Right?
  5. Sustainable/environmentally sound?
34
Q

What are the four stages of ethical decision making?

A
  1. Recognise
  2. Judge
  3. Establish intent
  4. Act
35
Q

What are levels of the Carroll pyramid from bottom to top?

A
  1. Economic
  2. Legal
  3. Ethical
  4. Philanthropic
36
Q

What is ISO26000:2010?

A

International standard on corporate social responsibility

Guidance for all firms, not prescriptive

Organised around 7 core subjects

37
Q

What are the seven core subjects of ISO26000:2010?

A
  1. Corporate Governance
  2. Human Rights
  3. Workers’ Rights
  4. Environment
  5. Fairness
  6. Consumer Rights
  7. Community Debelopment
38
Q

What do Laudon and Laudon (2011) identify as the five moral dimensions of information systems?

A
  1. What can and should be protected?
  2. Intellectual property
  3. Accountability
  4. System standards
  5. Quality of life
39
Q

What are three basic concepts underpinning ethical analysis of information systems?

A
  1. Information systems driven by user demand
  2. Users accept responsibility
  3. Individuals have legal rights
40
Q

What are Laudon and Laudon’s 4 principles of conduct regarding information systems?

A
  1. Examine ethical-social-political hierarchy
  2. Identify principles of ethical conduct
  3. Evaluate impact on individual privacy
  4. Evaluate effect on everyday life

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