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Ethics in the Business is the understanding and the study of the stipulated policies and practices concerning topics like corporate finance, insider trading, bribery, corporate social responsibility, and also fiduciary responsibilities. This business ethics apply in so many businesses like the united overseas bank. Singapore is the headquarters of the united overseas bank branches in different countries. It is a bank that much cares about its customers and how they are treated. United Overseas bank offers various services to its customers. They include personal financial services, asset management, private banking, and so many others.
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Most importantly is the way the first bank executes the needed ethics in the working environment area. United overseas bank is charming in utility bills. It is also a good source of travel deals. It has even its agency now, so the customer can freely travel and do some great business in the countries with various branches. United Overseas Bank tries to attract and bring up talents and different people with excellent skills in various countries they operate. The bank does give values an upper hand, and therefore they can deliver quality and presentable services wherever they do their businesses. Some of the benefits in the United Overseas Bank include: maintaining a high level of professionalism and moral standards in all their workplaces and services they do offer throughout their branches, the bank is effortlessly committed in performance, working together as a team within the employees in the bank. This essay aims to bring on board how it addresses and executes the importance and significance of ethical concerns, the possible conflicts of interest in the bank, and its environs. These theories describe United Overseas ethics.
The United Overseas bank addresses ethical concerns in a brave and a discriminatory manner to ensure equal share among citizens. The bank is highly committed to providing no discrimination to whoever has approached the bank for help or conducting business. The bank treats customers regardless of their race, age, gender, religion, color, national origin, nationality, and even disability. Employees of the bank are treated in an equal manner, irrespective of where they come from and how they look. The bank ensures a conducive and favorable environment for all the employees who work in the bank. It really upholds the safety and health of their employees’ health. They also cater to their employees’ wellbeing and try to give them bonuses to ensure they are presentable even in their workplaces. The bank provides that the employee’s behavior leads to incident-free and injury-free workplaces in their branches and also their main headquarters. The United Overseas Bank is also dedicated to ensuring that they regularly recruit competent and well-mannered employees who can learn and strictly follow the stipulated rules and regulations in the bank; the bank is also committed to teaching and well training their employees for them to gain the right and the needed skills. They are, therefore, able to deliver and ready to make informed decisions. Training of employees is entirely compulsory to all new employees in the bank, and proper supervision is always prepared to ensure the employees acquire new and better skills. The bank holds itself accountable for upholding the highest standards of ethics and equity. Strict measures in place for whoever employee commits some serious crimes like making false statements and untrue statements Employees within all the branch premises are required to cooperate for better and increased productivity. Investigations done in the bank fraternity are assumed to be open to all employees. They all put their concerted efforts to ensure they go smoothly, whether internal or outside the bank. Disciplinary actions are always underway to whoever employee making malicious or some unaccepted within the bank. Termination of employment contracts is also very possible since the laws that govern the bank should be strictly followed when it comes to such situations. The bank highly prohibits the usage of personal hedging strategies.
Employees of the bank are required to treat their customers that come to the bank somewhat. With this, the bank boils trust and gets loyal customers of the bank because of how they are handled. The bank is also committed to ensuring that the customer’s information is protected irrespective of the type and nature of the data’s details. The employees are also required to maintain professionalism and objectivity in their workplaces. Employees are also entitled to only what pertains to their ability. They are not expected to perform what is out of their contract. They are also required to handle customers’ complaints independently and effectively as per the bank’s requirements. It is also the customer’s right to receive clear, relevant, and timely information. The bank also ethically offers and provides products and services that are well suited to customer targets.
Moreover, conflict of interest can be in simple terms be described as when an entity or individual becomes unreliable because of a clash between personal attention and professional duties. Conflict of interest is also said to come up when what is in a person’s best interest of another person or organization to which that individual owes loyalty. Bank, like the United overseas bank, has very many areas of conflict of interest. Some of the areas of conflict of interest include the auditing, investment banking, credit assessment, underwriting, consulting in rating agencies, universal banking, among many others. There are also types of conflicts of interest that range from direct interest, duty conflicts, financial interests, and the potential conflict of interest. Some of the conflicts of interest can arise between the research and underwriting. The investment bank serves to masters who are the business or the firm providing the securities. The investors to whom it sells the securities .conflicts of interest can also result from two users of ratings. The issuers pay to have their significant securities rated. Therefore, in a short time, their level of interest can differ.so due to both parties’ payment, there is a probability of bias occurring in terms of the rating.
Conflict of interest can also occur ire take place in the area or sector of auditing. For example, the internal Auditor who is expected to be an independent person can also have conflicts of interest in his department. The battle of interest can significantly make it challenging to fulfill the duties impartially, and as effectively, he or she would have been. A conflict of interest can also occur if the person heading the audit team is incapable of executing objective and impartial judgment in the conduct of an audit. Conflict of interest can also arise if a trusted person concludes and says that the audit team leader or the professional member of the audit team cannot exercise the objective and the impartial judgment. Auditors are also said to be participating or executing conflict of interest if they act or stand on behalf of the investor in emissions reduction fund. Conflict of interest in a bank can also take place in the workplace. Conflict of interest can then occur when, for example, a person who is an employee of an organization participates in an activity or relationship that benefits them and not precisely the employer.
Moreover, each of the party’s personal gains is all at odds with each other. The banks can also be affected in terms of their productivity. Decision-making policies can also be easily altered, and this leads to a reduction in the rate to complete job duties. Their loyalty to their employer also reduces significantly. The employee can have a conflict of interest, for example, if he or she owns part of the business that their employer does the market with. It can also happen if the employee directs customers to another similar company so that the employer does not make a profit. A bank employee can also execute a conflict of interest when he or she accepts a gift from a customer and exchanges it with another thing.
Relationships can be another factor that can often lead to a conflict of interest. For example, if two parties are romantically participating in an affair. The ties can easily result in a conflict of interest, especially if it is between the employer and an employee. A severe conflict of interest can also be when one works with a competitor, such as the trade secrets to a third party. Conflict of interest can also take when an employee tries to pass information that includes the reveal of sensitive and too confidential materials. Conflict of interest can also occur at human resource management, where the head of the department hires an unqualified brother or relative to offer services to the company’s needs. An employee can also practice conflict of interest by beginning a business that provides a similar function to that of the employer. Sharing the negative part of the you are working can also lead to a conflict of interest and even make comments about the employer about his or her confidential information. Conflict of Interest can still occur, especially when an employee accepts payment from another company or business about the employer. Compromising with employee’s poor and unqualify services to the company just because he is a friend is also a form of conflict of interest. Conflict of interest can also occur when cashing in on a company opportunity that your company might have pursued. Conflict of interest can also arise when a financial delegate approves payments to themselves, which is very wrong when an employee associates his or her name or his or her work with a personal business, which results in an endorsement. It can also result from employees’ public comments in connection with the trade union.
Conflict of interest can also occur when an employee is directly involved in the recruitment, promotion, re-classification, and evaluation—arranging to work for a vendor or client at a future date while continuing to do business with them. Conflict of interest can also occur when impinging on employment-related decisions where one employee is in a supervisory relationship to another. Employers also having a sexual relationship with a worker will also form part of the conflicts of interest in the bank premises. A few employees can still influence the purchase of assets in the bank, resulting in a conflict of interest. Conflict of interest can also take place when an employee offers consulting services on the side of to an employer’s client.
The United Overseas Bank is a bank that adopts the theory of Virtue and often uses it to ensure the smooth running of the bank. Virtue, in simple terms, is the values and morals that govern a particular business like the the United Overseas Bank. Righteousness often brings the word right and wrong, especially when it is mentioned. Therefore, virtue ethics is a theory that focuses on or targets on character molding and development. Virtue ethics centers in the heart and personality of the agent, in their character.Virtue ethics always encourage being a certain kind of person who will undoubtedly manifest they are in actions or non-action .therefore; Virtue mostly seeks to have a production and an excellent product.For example, in the bank, production is well expected for people who have good virtues. The Virtue or value of the actions is in the heart but not in the activities. Virtue ethics emphasizes been a person with a certain quality of character. It is also said that a virtuous person has practical wisdom the ability to know when and how best to apply the different mora perspectives .virtues ethics has its importance, and this ensures the best is gotten for the person .productivity is assured. Customers do not struggle to consult in the bank because they find the right person hearted in the bank. Therefore, it is essential to ensure that virtue ethics are well instilled in every and other institution. Employees with good virtues can correctly connect with the community and work together. However, people are very different; they will always not look or behave the same .productivity will still differ depending on the employee’s virtues and traits. Another benefit of why the bank should adopt and instill the theory of Virtue is that it reflects the social change. Even customers can look at the bank from a different angle, which results in trust between the customers and the employees. Virtue theory also ensures good living, and this results in productivity.
Virtue ethics also allows people to maintain personal and interpersonal connections critical for a healthy and enjoyable life. One of the significant advantages of the virtue theory is that it does not fall victim to mora schizophrenia, which benefits most theories. Virtue ethics theory is also identified as a theory that emphasizes the virtues of which is an advantage and benefit over most modern methods. Most other approaches are always concentrated on duties and rules like the deontology. Others stress on the consequences of actions like consequentialism. Generally, virtues are relying on vital because they are essential qualities necessary for our wellbeing and happiness. Better attributes lead to more and quality communication, which is critical to organizations like the bank itself. It also leads to understanding and acceptance between us and others. Virtue ethics theory also targets or focuses on the development of habits that promote human excellence happiness. It also recognizes how rational behavior requires being sensitive to the social and personal dimensions of life .virtue theory also provides moral motivation, which is crucial to the banks’ performance. Bank’s performance being excellent also ensures the customers remain loyal to the bank.
The United Overseas Bank, in my opinion, should adopt and give an upper hand the theory of Virtue. This theory has so much in it.it has the many advantages from increased productivity to loyalty and retainage of customers in the bank. The Virtue also ensures that the bank employees like that of the United Overseas Bank possess needed virtues like justice, prudence, and benevolence. All those have positive impacts, which are essential to others and the living of a full life in society. Therefore, the bank must give a chance of trying and implementing the virtue theory. The theory has an advantage because it focuses on the individual and building ourselves into better and healthier people. Better profits increase yields, and customer satisfaction is always some of the key elements to a growing bank. Therefore, adopting the virtue theory would be a right and proper decision and initiative for the bank’s betterment.
In conclusion, ethics in business like banks are very critical, and they ensure proper communication and smooth flow of activities of the organization. Conflicts of interests should also be looked into and should be avoided whatever the case. Strict measures should be put in place to ensure no or minimal conflicts of interest. virtues are also critical to the development and growth of the bank and should be instilled.