This essay delves into the ethical implications of the Australian Royal Commission into the banking and finance sectors. It examines the background, impetus, and rationale behind the commission, highlighting the role of corporate governance and the need for ethical operational functions in gaining public trust. The essay further discusses interim findings, revelations of conflicts of interest, and the impact of corporate culture on employee behavior within the banking sector. It analyzes the reward and punishment systems, proposed reforms, and their potential impact on stakeholder interests. Furthermore, the essay explores global awareness of banking ethics and cross-cultural considerations, concluding that the challenges faced by the Australian banking system are not unique and require continuous improvement in ethical standards and corporate governance worldwide. Desklib provides solved assignments and past papers for students.