BUS101: Business Ethics and Sustainability Report - Westpac Analysis

This report examines the business ethics and sustainability practices of Westpac, an Australian bank. It begins by describing Westpac's operations, its mission, and its recognition for sustainability within the banking and financial industry. The report identifies key ethical issues prevalent in the banking sector, such as bribery, manipulation of accounts, and money laundering, and discusses how Westpac addresses these issues through various policies including strengthening cybersecurity, fraud detection, and 24/7 customer service. The report also highlights Westpac's corporate social responsibility initiatives, like providing financial assistance to remote areas and supporting indigenous Australian customers, as well as its focus on diversity and inclusion. The author then provides a personal perspective on Westpac's ethical responsibilities, emphasizing the company's efforts towards transparency and fair treatment of customers and employees. The report concludes by referencing the sources used for the analysis, which include articles and publications discussing the company's ethical performance and industry-related issues.

RUNNING HEAD: BUSINESS ETHICS AND SUSTAINABILITY
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Business Ethics and Sustainability

Business Ethics and Sustainability
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Westpac
Westpac is an Australian bank that operates in banking and financial industry and offer services
to 14 million customers and employed 40,000 employees (Efrat,2019). The mission of the
company is “to be one of the world’s great services companies that help communities, customers
and people to grow and prosper”. According to Dow Jones Sustainability Index, the company
was acknowledged as the most sustainable bank at the global platform. In the banking sector,
ethics play an important role as dealing with finances of other requires extra efforts and security.
Hence, this industry has high rate of ethical issues that impact on stakeholders (Efrat,2019).
Ethical Issues for industry and CSR
In Australia, finance and banking sector ranked as the most unethical sector. The ethical issues in
banking sector are bribery, manipulation in accounts, charging dead people accounts, money
laundering and charging fees high or for no services. In this industry, ethical issues are
addressed by banks in different ways. Westpac in order to ensure transparency and integrity with
its stakeholders the company adopted various policies such as strengthening of cyber security
system, fraud detection and providing services to customers 24*7 (Mcllroy,2019).
In order to uplift and contribute for the society various corporate social activities are conducted
by the company that includes providing financial assistance or access to funds to remote areas in
Australia with that Westpac supported 3,000 indigenous Australian customers. Further,
managing governance includes responsibilities and roles of board and management,
accountability and remuneration methods, and strengthening diversity and inclusion. Westpac is
creating more opportunities for people by providing jobs to women and young workers. All these
steps taken by the company indicate that Westpac is focusing on reducing its negative impact on
the society and community and trying to solve ethical issues by strengthening its foundation
(Jaffer and Morris,2019).
Ethical responsibility carried by Westpac
In my opinion Westpac is carrying out various activities in order to ensure transparency, integrity
and reliability in its services. The company focuses on providing proper environment to its
employees by focusing on their remuneration, diversity and inclusion. Westpac identified need

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of transparency after its money laundering issues and for that the company is trying to provide
services to its customers at remote areas and providing 24*7 services to its customer to ensure
them that their money is safe. This indicates that Westpac is trying to fulfill its ethical
responsibility with offering services to customers in a fair and ethical manner. As the company
comply with policies and laws regarding individual employee’s code of conduct and focus on
treating its customers equally and fairly. In the banking sector ethical issues are major concern
but Westpac is handling these issues in a fair and ethical manner.

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References
Efrat, Z., 2019. Putting things right. Company Director, 35(8), p.14.
Jaffer, S. and Morris, N., 2019. Lessons from the Financial Crisis and Other Banking
Scandals. Law in Context. A Socio-legal Journal, 36(1), pp.47-63.
McIlroy, J., 2019. Westpac scandal underlines coalition's hypocrisy on banks, unions. Green Left
Weekly, (1247), p.7.