Australian Bank Royal Commission: Ethical Concerns & Stakeholder Panel

This discussion board post presents a panel discussion centered on ethical issues arising from the Australian Bank Royal Commission. It explores three key questions related to trust and transparency, organizational structure, and compliance with the code of conduct, offering diverse perspectives from three stakeholder groups: Small and Medium Enterprises (SMEs), Aboriginal people, and the banks themselves. The SME arguments generally highlight concerns regarding trust, transparency, and compliance, while the Aboriginal people's arguments present a contrasting view, indicating satisfaction with transparency and compliance. The banks' arguments largely defend their practices, asserting that trust and transparency are maintained, organizational structures are effective, and codes of conduct are followed. Each question provides a nuanced understanding of the ethical challenges within the banking sector as perceived by different stakeholders. Desklib provides students access to similar solved assignments and study tools.

Ethical Issues that arose from the evidence
presented to the Australian Bank Royal
Commission’

TABLE OF CONTENTS
QUESTION 1..................................................................................................................................2
QUESTION 2..................................................................................................................................2
QUESTION 3..................................................................................................................................3

QUESTION 1
Do you think that there is a trust and transparency issues within Banking?
Argument by SME: Yes, there are trust and transparency issues within Banking and as a result,
it breaches the legal laws as well. Such misconduct affects the entire business performance and
that is why, transparency is minimized. Such ethical issue decreases the trust between client and
banks where the economy of a country has directly affected.
Argument by Aboriginal people: Actually there are no trust issues faced by us because proper
transparency is used whether it is related to the money or any transaction. Thus, it can be stated
that there is no trust and transparency issues faced by aboriginals’ people, and different laws and
benefits are also designed for them in order to meet the defined aim
Arguments by Bank: As per the view of Banks, there is enough trust and transparency
maintained with the clients and that is why, this ethical issue is not reliable. As if the banks do
not maintain trust with their respective clients then it affects the entire economy as well creates
negative impact over the customers. This in turn reduce the flow of money and create adverse
impact over goodwill.
QUESTION 2
Are you satisfied with the organization structure of a financial sector?
Argument by SME: Yes, the organization structure of the company is appropriate because
proper hierarchy has been maintained that helps the individual to meet their aim within banks.
Also, specific departments have been formulated that somehow assist to decrease the chances of
misconduct.
Argument by Aboriginal people: In accordance with the aboriginal people, they do not know
about the organizational structure, however they understand that there are specific departments
designed who actually helps the clients to solve their query. This is mainly performed in banks,
whereas they do not know about any other departments.
Arguments by Bank: banks are completely satisfied with the organizational structure because
there are specific departments who have their own roles and responsibilities. So, this issue is

completely wrong, as each financial sector run by their own roles and responsibilities that helps
to solve the problem of clients.
QUESTION 3
Does banks comply with defined code of conduct?
Argument by SME: As per the issue raised by the Australian Bank Royal Commission, the
SME are completely against with the statement because all the banks and financial sector comply
with the defined code of conduct. Whereas, there were many institutions who do not complied
with this and have to pay penalty that create negative impact over the business performance.
Argument by Aboriginal people: Yes, codes of conduct are followed by the financial sector
and after review the situation, institution implement the new acts imposed by the government.
That is why, it helps to run a business in smooth manner as well.
Arguments by Bank: Banks are also completely satisfied because for each practice and to run in
ethical manner, banks follow code of conduct. That is why, the evident presented by Australian
Bank Royal Commission is also not valid according to banks.