Financial institutions over the years have had the attention of the public and social media on ethical misconduct issues (Fichter, 2018). To manage unethical behaviors, banks have implemented various training programs that focus on the nature and delivery of ethics. However, the institutions did not typically follow up on the effectiveness of their training (Bizri & El Bizri, 2018). Watts et al., (2017) argue that there is a lack of research studies on the effectiveness of ethics training programs from the perspective of the trainees. This qualitative need assessment will assess the effectiveness of a financial institutions’ ethics training based on the employee’s perspective and experience.
In major organizations, employees have a deficiency in ethics, morals, and preparation (Says who? Cite source and support with empirical evidence to strengthen this statement.). Mandis (2013), Mesdaghinia et al., (2018), and Sims & Brinkman (2002) stated the deficiencies cause hostile work environments, high turnovers, lawsuits, psychological effects on employees, retaliation, and government and or state involvement (This next sentence needs to be supported by the previous sentence, which needs revision per my feedback comment. Revise to fit accordingly. Apply the MEAL framework for paragraph writing.). Kaptein (2015) argues that employees and businesses tend to lack morals and ethics when conducting business. Cohen et al., (2011) and Leary & Tangney (2003) contend that emotions of integrity render motivational vehemence of power and energy to do good and avoid the bad for the prosperity of the organization.
The prevalence of corporate scandals has increased over time casting light on corporate ethic policies and the practices of their business leaders. Corporate scandals have emerged because of ethical failures caused partially by fraud and corruption (Joosten et al., 2014). Leaders within corporate businesses often face constant pressure causing limited willpower that is needed for employees to behave ethically and follow corporate standards (Joosten et al., 2014). Individuals in leadership positions have substantial responsibilities in instituting ethical policies while exhibiting ethical behaviors and administering the ethic policies (Joosten et al., 2014).
Regardless of training received, an individual can exhibit unethical behavior based on their values and or morals. Certain parts of ethics influence the law and the law influences ethics. Laws are a set of universal rules that are enforced by the state (Kurbjeweit, 2007). The rules describe the way that individuals are required to act in society. Ethics is more of an individual’s character and customs. It is how individuals choose to interact with one another and defines what is good for the individual as well as the society.
As ethics change over a period of time, so does the law to those changing ethics. Law and ethics perform separate social functions. Hartner (2015) states that it is “the ethos of the society in which the law has been made that, in my view, ultimately determines the content of the law. The historical evolution of law clearly shows how moral principles calm, fall away, and return as the basis for the legal order” (p. 3). Law and ethics have been in place for centuries and over time they both have revolutionized. As society, character, attitudes, beliefs, and values change so does the law and ethics. Law is based on events that have taken place in the past with individual ethics, and it reflects on the present and future laws.
While employees are trained on particular actions labeled as unethical, some bank policies demand that employees take such action as they conduct daily customer transactions. This may create confusion among the employees (Velez et al., 2020). From a stakeholder conceptual view, banks are expected to meet general stakeholders’ needs and not just the shareholder. These include the employees, customers, and the community, among others. Some of the fundamental laws are the Bank Bribery Amendments Act of 1985, and the Bank Secrecy Act (BSA) which helps in guiding legal and ethical behaviors. Bribery Amendments Act provides guidelines on the prevention of corruption activities. Bank Secrecy Act (BSA) demands that banks assist the government in detecting and preventing such activities like money laundering (Velez et al., 2020). From the BSA (1970), it is unethical for businesses to engage in money laundering as well as terrorist financing. For this reason, banks are expected to create a risk-based system of internal control to help in the prevention of such illegal activities. Also, the banks operate under FDIC regulations which calls for open transparency in auditing and reporting processes.
Type Of Service: Rewriting
Type of Assignment: Dissertation
Pages / Words: 10/2750
Number of sources: 6
Academic Level: Doctoral
Paper Format: APA
Line Spacing: Double
Language Style: US English