Code of Ethics Assignment Example | Topics and Well Written Essays - 1000 words

Code of Ethics - Assignment Example 4. Free competition The banking and finance industry believes that free and fair competition is the basis of the free market economic system and avoids collusive, anti-competitive discussions and/or agreements with competitors. 7. Conflict of interest: private business interests. Employees who are the bank or financial institution employees owe their devotion to their employer. They must avoid participating in any decision, by or on behalf of their bank, which may affect any private business in which they have an interest unless they have disclosed the nature and extent of that interest to a relevant superior in the bank or financial institution. 8. Conflicts of interest: citizenship duties. "Banking employees who discharge citizenship responsibility through membership of public or quasi-public decision-making bodies (school boards, town councils, etc.) should be alert to possible conflicts of interest and declare any such conflict" (Frederick 157). 9. Customer privacy and employer information. ... 8. Conflicts of interest: citizenship duties. "Banking employees who discharge citizenship responsibility through membership of public or quasi-public decision-making bodies (school boards, town councils, etc.) should be alert to possible conflicts of interest and declare any such conflict" (Frederick 157). 9. Customer privacy and employer information. Employees must respect their employer's obligation to protect the confidentiality of customers' affairs. Similar respect must be paid to the privacy of fellow employees. In addition, certain information about the bank's or financial institution's plans, methods, and activities is considered by the employer to be proprietary and confidential and members must not disclose such information without proper sanction. 10. Inside information about the employers' affairs or those of customers shall not be used by employees for their own gain, or for that of others. The bank requires a heist level of confidentiality. 11. Employees are obliged to report any illegal behavior and actions. 12. Employees are obliged to report any illegal behavior and actions. 13. Banking employees shall not use their employment status to seek personal gain from those doing business or seeking to do business with their employer, nor accept such gain if offered. 14. Social responsibility Employees who are managers should give full consideration not only to traditional financial factors but also likely economic and social effects of their decisions (Frederick 154-155).