Ethics and Financial Service

Ethics and Financial Service
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Table of Contents
Introduction.................................................................................................................................................2
Background, Impetus, momentum, support and rational.............................................................................2
Interim finding, revelations, conflict of interest and corporate culture........................................................3
Reward/punishment, reform and impact, and recommendations.................................................................4
Global awareness.........................................................................................................................................5
Conclusion...................................................................................................................................................6
References...................................................................................................................................................7
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Introduction
In the banking and the financial sector ethical operational function is highly essential to gain the
trust of common people. The primary purpose of the paper is to discuss regarding the activity of
the Royal Commission in Australia in banking and financial sector. The paper will also provide
an effective view on the corporate culture along with the responsibilities of the stakeholders,
reward and punishment system for the banking officials and the finance sector by the help of
corporate governance. The paper will also discuss global awareness and cross-cultural
awareness.
Background, Impetus, momentum, support and rational
Corporate governance is considered as the system of regulation, the procedure as well as a
practice within the big business for direction and control. The process help the firm to create the
balance for the interest of stakeholders. The primary purpose of the corporate governance is to
assist entrepreneurial, effectiveness as well as prudent management which has the ability to
deliver long-term success for the company (The Conversation, 2016). In the banking and finance
sector in Australia, corporate governance has an enormous impact on the industry. It does not
merely help to boost up efficiency of the bank but even more, it is highly effective for the growth
of Australian banks along with their shareholders. The involvement of corporate governance
principle to the banking industry of Australia has helped in the process of maximizing the firm’s
revenue.
Royal Commission is considered to be the official inquiries that are generally governed by the
act of the Legislative body. The primary purpose of the Royal Commission is to investigate the
misconduct that develops within the financial sector (Beck, and Paton, 2018). In the Australian
banking sector, this public inquiry of the legislative body helps to investigate various unethical
misconducts that are being performed by the banking sector. The royal commission within the
country has the power to send for the witness as well as gather the evidence. It also has the
power to assign police for the function of search as well as warrant regarding the unethical issue
within the banking and finance sector in Australia.
The Royal Commission in Australia was established in 2017 by the legislative body in
accordance with the Royal Commissions Act 1902. This was called in Australia for inquiring as
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