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PART A-WORKPLACE SUSTAINABILITY
Question A1
Business organisations are expected to develop and implement sustainability policies. Policy scope refers to the people or actions to which a policy applies. List 5 items that might be covered in the scope of a sustainability policy.
Modern business organizations should have sustainability policies to deal with their effect on the environment, social issues and ethical considerations (Torelli, 2020). In a sustainability policy, some important aspects are discussed. To begin with, there is a great attention to environmental practices that should be aimed at decreasing carbon footprints, energy consumption efficiency waste management and minimizing harmful emissions. Secondly, sustainability policies often include the supply chain which means that suppliers adhere to sustainable and ethical sourcing principles.
Another important component of these policies is employee engagement which focuses on promoting environmentally responsible behavior, green transportation alternatives and creation a culture of sustainability among employees (Ercantan & Eyupoglu, 2022). In addition, community involvement is emphasized as businesses strive to support their local communities through various projects and initiatives.
Finally, corporate governance plays a significant role in sustainability policies as it ensures transparency and ethical practices of the organization. Sustainability policies, therefore, have a broad scope because sustainability is not just the environment but also social and ethical issues that are inseparable from each other to create a greener world.
Question A2
List at least 6 key elements that should be included in an organisation’s sustainability policy
Sustainability policy of an organization is vital to guiding the commitment towards responsible and ethical behavior (Torelli, 2020). For an effective sustainability approach, the policy should cover a number of major aspects. First, it should clearly state the organization’s vision and its commitment to sustainability as a statement of purpose. It is also important to set specific objectives and goals, which will enable the organization’s ability to measure progress over time. These objectives should include different aspects of sustainability, like the minimization of environmental impacts or supporting local communities and ethical business practices.
In order to achieve sustainability goals, the roles of stakeholders in an organization including employees and leadership must be clearly defined. It is important to adhere with relevant regulations and standards as a way of showing their commitment towards legal ethics (Kisselburgh & Beever, 2022). Sustainability performance should be monitored and reported on, with clear communication of the results both to internal stakeholders as well as those external.
A constant improvement is the basic principle, which stimulates the organization to constantly innovate and improve its sustainability practices. Stakeholders such as employees, customers and suppliers are engaged through participation in order to promote the necessary collaboration that addresses sustainability issues (Siems et al., 2022). Training and awareness programs provide the necessary knowledge on sustainability that people within an organization need in order to understand why it is essential for success.
It is important to note that the policy needs managing sustainability-related risks and defining timeframes and milestones for goals. Sustainability is not a separate initiative in the organization but forms part of its identity by integrating sustainability principles into all aspects of operations. Ultimately, transparency and communication are essential allowing the organization to create trust by openly discussing its efforts towards sustainability development with the world at large (Tang & Higgins, 2022). By including these critical components, an organization’s sustainability policy becomes a strong instrument of positive environmental, social and economic impacts contributing to the development in which direction towards sustainable future. In a sustainability policy, continuous improvement is an important concept. It is a continuous and dynamic process to support the sustainability initiatives of an organization. In the real world, continuous improvement translates to an organization not seeing sustainability as a fixed objective but rather one that is fluid and ever-changing.
In the context of a sustainability policy, ongoing improvement means reevaluating and refining sustainability goals and practices on an ongoing basis (Mont et al., 2022). It demands a learning culture, innovation and the ability to change. For example, a company might first establish specific sustainability goals that involve carbon emissions reductions or waste minimization. But with the passage of time, new technologies or practices may be discovered that enable faster and more effective ways to reach these objectives. It is continuous improvement that makes the organization adopt these innovations and adapt accordingly.
Additionally, continuous improvement encourages the participation of stakeholders such as employees customers suppliers and society at large (Pfajfar et al., 2022). Their comments and opinions can be very helpful in the process of revealing those aspects that require improvement or innovation. This partnership not only reinforces the sustainability initiatives of the organization but also promotes goodwill between stakeholders. Continuous improvement also highlights the need to measure and report sustainability performance. Regular evaluations allow identifying those segments of the organization that do not meet its sustainability objectives, enabling corrective actions (Shayan et al., 2022). It is a spiral of goals, measures, monitoring and improvements all in the name of achieving higher sustainability.
Furthermore, the continuous improvement of a sustainability policy guarantees that an organization has enough flexibility to promptly address emerging environmental and societal challenges. It is a commitment to embedding sustainable practices into the organizational culture and as part of long-term success in fostering environmental social responsibility.
Question A4
List 3 ways you, as a manager, could support the implementation of a sustainability policy
Employee Recognition and Rewards: Rewarding employees who actively support sustainability objectives is an incentive that can be very motivating (Kang et al., 2022). I would create programs to recognize and reward sustainability leaders within the team. This acknowledgment may be in the form of awards, certificates or even monetary rewards. Through recognition and appreciation of their efforts, I can foster a culture of sustainability in the entire organization.
Training and Education: It’s necessary for employees to understand the goals of a sustainability policy as well as their part in its implementation. I would spend money on training and education in order to promote sustainability practices. The best way to ensure that employees get the knowledge and skills in order for them to integrate sustainability into their daily routine is through workshops, seminars as well as online courses (Sult et al., 2023). This would enable them to make decisions and choices that will be sustainable.
Clear Communication and Accountability: Sustainability goals can only be achieved through proper communication. I would create transparent communication channels, including regular updates on the implementation of sustainability programs. In addition, I would delegate tasks and establish accountability in the team. Every individual team member’s contribution to sustainability targets would be clearly defined, and his or her performance in this regard would form part of the regular job evaluations.
Question A5
- a) Introduction of sustainability policies in an organization may face several barriers. One notable challenge is the limited understanding and knowledge among employees, where they do not appreciate or understand how their work affects sustainability. The second challenge is resistance to change, which may arise from certain stakeholders who do not want the existing processes altered. Sustainability initiatives may require initial investment, which organizations might refrain from making due to budgetary limitations (Montiel et al., 2021). Second, short-term pressures to meet financial targets may encourage a concentration on quick wins rather than long-term sustainability objectives. Regulatory changes and the difficulty of sustainability initiatives also add to these obstacles.
- b) To overcome these challenges, proactive strategies are necessary. Awareness can be addressed through education and training programs that enable employees to understand the importance of sustainability (Ercantan & Eyupoglu, 2022b). Change management practices can minimize resistance to change by involving employees in decision-making processes and focusing on the advantages of sustainability, which include increased efficiency and cost savings. Long-term investment planning is very important because the required resources for sustainability cannot be obtained without it (Gleißner et al., 2022). This may include establishing sustainable budgets, perhaps by redistributing the resources, through external funding sources or specific sustainability funds. If the focus is shifted to potential ROI both in terms of cost reduction and reputation enhancement, it can motivate organizations even with barriers that they may face.
Question A6
Task A
When developing and implementing a major sustainability policy for business, one needs an organized approach (Rodrigues & Franco, 2019). First, a thorough analysis of the organization’s current environmental, social and economic effects should be carried out. This includes pinpointing sustainability improvement opportunities and establishing clear objectives and targets for sustainability. This stage requires participation of the key stakeholders, both internal and external to gather insights, secure buy-in and make sure that a policy is in line with values as well as organizational goals.
When the goals and objectives have been established, a sustainability policy should be created (Moallemi et al., 2020). This policy should outline the organization’s commitment to sustainability, identify limits of sustainable initiatives and prescribe actions and responsibilities. Any complementary procedures, such as waste minimization or energy-saving instructions and neighborhood collaboration should also be made at the same time to provide useful advice for employees.
Adequate funds and workforce resources should also be made available to support sustainability projects for effective implementation (Mensah, 2019). Training programs should focus on enhancing employees’ awareness and providing them with knowledge and skills to accelerate the achievement of sustainability goals. There should be milestones and performance measures defined in the timeline to enable tracking of progress.
Task B
Smooth integration of a sustainability policy in the workplace into an already established framework of policies and procedures is greatly dependent on thoughtful planning coupled with effective implementation (Ekins & Zenghelis, 2021). In order to go smoothly through this procedure, a number of essential factors should be considered. Next, policy coherence is important; the new sustainability program should be rigorously investigated in light of current policies to prevent contradictions or redundancies. Second, it is crucial to enhance cross-functional collaboration. The formation of interdepartmental teams facilitates the consistent incorporation of sustainability objectives in daily operations (Rožman et al., 2023). Such teams also cover compliance, finance, operations and human resources.
Further, employee training and consciousness are essential components of successful implementation. It is necessary to emphasize the role of sustainability initiatives and explain how they lead to compliance requirements with each employee’s responsibility in reaching sustainable goals (Sult et al., 2023b). The whole process is focused on clear and transparent communication. The sustainability policy should be disseminated to all stakeholders including employees and partners through various forms from company-wide announcement, internal newsletters till dedicated training sessions.
Another significant process is documenting the implementation of the policy and its incorporation into existing systems. Replacing dated employee handbooks, procedure manuals and compliance documentation with updated ones that include sustainability goals as part of the organization’s culture is a crucial measure. Performance metrics such as KPIs, for instance, allow continuous monitoring and reporting (van et al., 2023). Regular reviews, feedback from stakeholders and changes in response to changing regulatory requirements serve as the guiding principle of continuous improvement commitment. This integrated approach ensures that the workplace sustainability policy is not only consistent with other policies and practices but also becomes an organizational culture in order to improve business performance.
Task C
- Scope and Objectives
Guided by our sustainability policy, we try to frame the broad focus of Triple Bottom Line principles intended for a reduction in negative social-environmental and economic effects with positive impacts sought within these spheres. First, we aim to reduce the size of our carbon footprint while promoting social responsibility and financial success. Our goal is to make our activities environmentally sustainable, with a focus on securing social value and economic stability.
- Information Sources
We shall gather data that contributes to the formulation and implementation of our sustainability policy from agencies belonging to government bodies, a variety of industry associations or any other relevant source. We will also collaborate with environmental consultants and engage stakeholders to capture the needed data that would guide us into making appropriate decisions.
- Standards and Regulations
Our policy will be in accordance with Australian and international standards on corporate sustainability. All relevant laws, regulations and codes of practice applicable in our organization will be met as we conduct sustainable initiatives to ensure that they are legal.
- Timeframes and Anticipated Costs
Although figures and dates may vary, the deployment of our sustainability policy is likely to be a series of ongoing events. Several first implementation costs can be traced, which include employee training, environmental assessment and green technology adoption. We disagreed however, and believe that the ultimate benefits will far outweigh these initial costs.
- Activities and Actions
To boost our sustainability policy scope, we are doing energy-efficient upgrades; waste reduction measures employees training and community activities. These activities will help us achieve our goals of reducing the environmental footprint while creating social-economic sustainability.
- Assigned Responsibilities
We recognize that responsibility for sustainability is a shared one, and so there are some responsibilities which will be devolved to the appropriate departments or people. This policy will be managed by the sustainability committee that comprises representatives from various teams (Shawe et al., 2019). Department heads will monitor the implementation of sustainability principles and practices by their respective teams.
- Performance Indicators
Our sustainability policy will be measured by Key Performance Indicators (KPIs). These measures will incorporate indices such as energy consumption, waste reduction, employee involvement and community partnerships with financial sustainability. Frequent evaluations and reporting will enable us to monitor our performance, allowing for necessary adjustments that may be needed in order to attain the sustainability goals.
PART B–ETHICS
Question B1
Name 3 examples of legislation that sets minimum standards of conduct for a Finance Broker running their own business.
National Consumer Credit Protection Act 2009 (NCCP Act): This act controls the activities of credit, including that undertaken by finance brokers (NATIONAL CONSUMER CREDIT PROTECTION ACT 2009, 2015). It provides responsible lending obligations, disclosure requirements and consumer protections so that finance brokers conduct themselves ethically and responsibly when engaging with consumers.
Corporations Act 2001: In Australia, the Corporations Act regulates companies. Companies-owned finance brokers are bound by this act that has provisions regarding corporate governance, financial reporting and disclosure obligations to shareholders and investors.
Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act 2006: This law requires financial service providers, including finance brokers to have anti-money laundering and counterterrorism financing programs in place. It includes obligating brokers to identify their clients and report suspicious financial operations to appropriate authorities.
Question B2
In 3-4 sentences, describe how ethics differs from the law.
The concepts of ethics and law are related but separate. The law is a set of rules and regulations that have been created by an authority which people or businesses must abide to (Bhattacharyya et al., 2022). Ethics, on the other hand refers more generally as principles and values used in guiding behaviours Ethics include not only the legal criteria but also that which is considered right or wrong according to societal standards and individual conscience. Although the violation of law may cause fines or imprisonment, ethical wrongdoings might lead to reputational damage and loss of trust even if they do not result in legal penalties (Singh, 2022). In other words, ethics are more than simply obeying the law and involve making decisions based on what is right and fair.
Question B3
What is an ethical dilemma and give an example you may encounter as a broker?
Moral dilemma is a situation whereby a broker has to choose between two or more moral principles and values that are contradictory (Nathan, 2020). In such cases, it is difficult to choose the appropriate course of action because every option carries ethical implications or consequences.
For instance, a broker may face an ethical dilemma when choosing between acting in the best interests of their client and increasing personal profits. In this case, the broker is confronted with a conflict between acting in client’s best interests (a key ethical principle of finance) and financial reward for selecting an option that yields higher commissions/fees. This dilemma poses an ethical question that the broker must balance their moral duties against financial considerations.
Question B4
List 3 ways a person could prevent their own biases and psychological tendencies from impacting negatively when making an ethical decision.
Self-awareness: People can improve their ethical decision-making by being aware of the biases and psychological inclinations that they possess (Berthet, 2022). This can be done by introspection and contemplating on thinking processes as well as beliefs. Regularly, common cognitive biases like confirmation bias or groupthink should be noted and questioned.
Ethical decision-making frameworks: The existing ethical decision-making frameworks, notably the utilitarian approach, deontological ethics and virtue ethics provide structured processes for making decisions on ethical dilemmas (Tseng & Wang, 2021). These frameworks direct people to reflect on the results, ideals and virtues connected with ethics.
Seeking diverse perspectives: Seeking out input from a wide range of people with different backgrounds and perspectives is necessary (Ashikali et al., 2020). There are two approaches that can be used when faced with ethical dilemmas: open dialogue and constructive debate. Interacting with other people encourages the disruption of prejudices and offers different perspectives, which enhances fairer decisions.
Question B5
List 3 potential Organisational Barriers and 3 actions an organisation could take to overcome them.
Addressing organizational challenges that hinder ethical decision-making and sustainability is a necessary step for businesses to succeed in the current dynamic environment. One major challenge is people’s reluctance to change which can be encouraged by the fear of disruption or comfort with what already exists (Malhotra et al., 2020). This requires organizations to adopt effective change management practices that involve open communication and working with employees and stakeholders. In this way, organizations can reduce resistance and create a culture of flexibility through the involvement in decision-making process as well as by providing valid reasons for ethical behavior.
Another prevalent obstacle is the lack of resources, especially in small organizations. Sustainability practices and/or ethical policies may necessitate large investments in technology, training, or personnel (Alraja et al., 2022). It is therefore necessary to address this challenge by allocating resources wisely, focusing on initiatives that have the greatest potential for impact and return of investment. The burden could also be shared by looking at partnerships or collaborations with other entities.
Finally, the lack of knowledge and education regarding sustainability as well as ethical practices can obstruct a process. In order to address this, organizations will need to invest in full-scale training and education programs for their employees (Yimam, 2022). Such programs should not only create awareness but also offer a thorough understanding of the benefits, dangers and outcomes that accompany ethical decision-making as well as sustainability. Ongoing training guarantees that staff remain updated and involved, promoting the culture of responsible business conduct.
Question B6
- What are the facts?
- Mark is a Finance Broker who has been assisting Stephen in obtaining credit to finance vehicles for his car rental franchise.
- Stephen and Vivien Lee are Mark’s clients, as they buy a Sydney CBD apartment.
- The income of Stephen and Vivien is needed to cover the new loan for an apartment.
- As Mark reviews the hardcopy documents submitted by Lees for loan application, he notices an oddity in Vivien’s payslips from her job.
- Mark has a suspicion that the payslips given by Vivien could be falsified.
- The loan application has been made but is still pending approval.
- What are the potential biases or psychological tendencies that may affect the broker’s response to the situation?
In the described case, Mark is a broker who suspects that one of his clients – Vivien Lee has fraudulent payslips. A number of possible biases and psychological trends may influence Mark’s reaction to this ethical challenge. First, his confirmation bias will make him read the payslips as fraudulent because he may have some beliefs or expectations about these clients. Moreover, Mark may be guided by the anchoring bias to focus on his first suspicion and shape future behaviour.
Alternatively, Mark’s trust bias could lead him to view the clients favourably and especially Stephen because they have been around for long with a good impression of Vivien. In addition, the decision may be influenced by Mark’s outcome bias because he is concerned about being approved for lending and what it means to his commission rate or business relationship with clients.
Mark’s knowledge of these biases and tendencies is crucial to his decision-making process in this situation. With these possible effects in mind, he can make a more objective and ethical decision for the fraudulent payslips.
- What, if any, are the legal, regulatory or codes or practices at issue?
Confirmation Bias: The broker might have a positive initial impression of Vivien due to their first meeting, which could result in confirmation bias. This bias could incline him to dismiss the suspicion of fraudulent payslips because it goes against his initial perception that she was trustworthy.
Overconfidence Bias: The broker may be overconfident in his ability to evaluate the situation and think that he can deal with it without going to the authorities. This bias can result in the underestimation of its severity.
Status Quo Bias: The broker might be reluctant to take any action that would risk the loan application because it is a big financial undertaking. This bias may lead him to be more likely to keep the status quo and continue with the application, even if he has reservations about paychecks.
Anchoring Bias: In case the broker has anchored his decision-making process on belief that bank statements provide sufficient income for loan approval, he may minimize the importance of fraudulent payslips and anchor judgment to information which is more favorable.
Ethical Fading: However, the broker could suffer ethical fading where ethics fade into insignificance when financial interests are involved. This might result in hesitation to report the suspected fraud due to fears of how this would affect his loan approval and relationship with clients.
- Who are the affected stakeholders and what impact would this have if no action were taken? And, if action is taken?
Stephen Lee (Client): If no action is taken, Stephen Lee has a chance of being approved to the potential loan that will enable him buy Sydney CBD apartment. On the other hand, if action is taken and his loan application gets rejected because of fraudulent payslips then he would be negatively affected as it will prevent him from moving forward with the purchase.
Vivien Lee (Client): Like Stephen, Vivien will also benefit if no action is taken because she might get her loan approved. But if action is taken and her fake payslips are reported, it may result in legal actions against her destroying the reputation.
Mark (Finance Broker): If no action is taken, Mark could get the loan for the clients and ensure his commission while keeping a positive relationship with Stephen. But if action is taken and the fraudulent payslips are reported, it may result into a loss of his commission since Stephen considers Vivien trustworthy.
Bank/Lender: Without any measure taken, the bank or lender would have to face financial threat if clients default on their loan. If action is taken and fraudulent payslips are reported, the bank will not provide a loan based on wrong information thereby minimizing possible loss.
Regulatory Authorities: If no action is taken and fraudulent activities remain unchecked, regulatory bodies like the ASIC could also be affected. If the suspected fraud is reported after action has been taken, this would reinforce efforts of regulatory authority to preserve integrity in financial services sector.
Impact if No Action Is Taken:
- Stephen and Vivien can obtain the loan, buy down the apartment but this will be of benefit to them in short term. While they may not be held accountable for the fraud in a legal sense, there are potential dire financial and reputational consequences if it is uncovered.
- Mark may get his commission and keep the client relationship but can be involved in fraudulent activities.
- The bank/lender can grant a high-risk loan that might end up in losses if the borrower defaults.
- Regulatory authorities would not know about possible misbehavior, which could hamper their oversight.
Impact if Action Is Taken:
- The fraudulent activities of Stephen and Vivien may result in punishment related to the law, which can cost them both their money as well as reputation.
- Mark may be deprived of his commission and tarnish the relationship with Stephen.
- The bank/lender would not provide a loan based on fraudulent information, thereby eliminating financial risks.
- What are the ethical principles at stake?
In this case Mark has to deal with a major ethical issue based on honesty, integrity transparency and accountability. The finding of the possibly fraudulent payslips undermines Mark’s integrity in his role as a finance broker. He should pass through the ethical principle of transparency and disclosure by making a decision to address his suspicions either in revealing it to clients or relevant authorities.
Secondly, Mark’s ethics are also at risk because he must act in the best interests of his clients while adhering to ethical standards. This ethical principle imposes an obligation on him to guarantee that the process of applying for a loan is equitable, just and legal in accordance with laws.
In addition, accountability and responsibility are considered as Mark reflects on his part in the situation. He should take into account the possible consequences of his actions or inaction on both Lees, financial institution and himself.
Finally, Mark’s ethical decision making should reflect a delicate equilibrium of these principles as he tries to combat the suspected fraud in an ethically proper way that is befitting for someone from the finance industry.
- What interpersonal skills might the broker need to employ to support a positive outcome?
In this ethical dilemma, the broker is presented with a challenging scenario that has elements of fraudulent activity, client relationships and regulatory issues (Dhirani et al., 2023). In order to manage this case, the broker should use a cautious and careful approach.
Most importantly, the broker should focus on ethical practices such as honesty and reliability. Such principles direct the broker to carry out actions that are consistent with ethical values and statutory laws. Moreover, the broker needs to take into account how it affects all stakeholders around clients Stephen and Vivien Lee along with what would happen if nothing is done. The interpersonal skills of the broker, such as communication and listening actively with empathy, are essential in resolving this problem (Brown et al., 2020). It is crucial to have open and honest communication with the clients in order to discuss their concerns regarding potentially fraudulent payslips. The broker must listen to the clients and understand their situation.
If the discussion becomes intense or difficult, conflict resolution skills may also be required. One of the main objectives is to achieve a compromise that meets clients’ financial expectations and satisfies compliance requirements (Kirvan, 2020). Finally, the broker’s decision should consider ethics first and find a solution that considers ethical issues while addressing this issue. However, the client’s trust and goodwill should dominate in broker's activity since a positive result can be attained with ethical decision-making as well as appropriate interpersonal skills.
- Should the broker decide to take no action, what reasons and/or rationalisations might he make to justify his decision?
Some of the factors that may have influenced the broker’s decision not to act on this ethical dilemma could be: Initially, his long-term association with Stephen may make him feel loyal to and trusting of the client’s verdict regarding Vivien as a person. This interpersonal relationship may make the broker think that Stephen would not knowingly engage in fraudulent activities, which might cause his reluctance to report suspected fraud.
Second, the absence of clear evidence may be a key factor in how the broker makes decisions (Paing et al., 2021). If there was no irrefutable evidence of fraudulent payslips, the broker may argue that accusing clients on suspicion could harm their reputation and hurt his business. Further, the rejection of a loan application could have an economic impact. The broker might depend on the commission from closing successful deals, and refusing a loan may cause great financial damage. This financial incentive could make him focus on his own interests instead of ethical issues.
Additionally, the nature of ethical conflict may be an issue. He may claim that he does not have the knowledge or means to conduct a full-scale investigation and verification of payslips. He may argue that it is the role of a lending institution to do thorough verifications and his responsibility only involves provision of facilitation for loan applications. Although these arguments could serve as potential justifications, it is crucial to note that principles such as integrity and righteousness should play a central role in ethical decision-making (openstax, 2022). The broker must carefully consider these factors and seek advice or consult with the relevant authorities in such ethical dilemmas.
- What could be done differently in future similar situations, including:
- Individual actions (by the broker)
In such future occurrences, the broker should adopt a proactive and ethical approach to maintain the integrity of mortgage broking. The broker can start by improving due diligence procedures, such as rigorous document verification and validation to identify any anomalies at an early stage (Hilal et al., 2021). The clients should have clear and open communication with the accounting professionals, ensuring that they share their concerns regarding any issues in relation to financial documents from early on.
In addition, the broker should be constantly educated and trained ethics and regulatory compliance (Hewitt, 2022). This training can provide the broker with sufficient knowledge and competence to identify ethical dilemmas correctly. In the event of any suspicions regarding fraudulent activity, seeking legal advice and consulting with regulatory authorities should also be a standard practice to maintain ethical standards while protecting all parties’ interests.
To build a culture of ethical responsibility in the brokerage, the broker can develop an extensive ethical framework or code of conduct that details values and reporting avenues for ethics-related issues (Babri et al., 2019). Such whistleblower protection policies should exist to ensure that employees, even the broker reported unethical conduct without fear of reprisals.
Ethical reviews and assessments of client interactions and transactions will be carried out on a regular basis to help identify any potential issues as soon as possible, so that such ethical breaches can be prevented. Moreover, establishing a network of peers and mentors in the industry can offer relevant insights about how to handle complicated ethical issues (Murrell et al., 2021). In doing so, the broker will be able to guarantee that ethical concerns are at the centre of their professional practice in future.
- Organisational policies and practices
The moral values that are involved in this issue include integrity, truthfulness and openness regarding financial dealings. Mark's action of disclosing the suspected fake payslips to a bank is in line with these ethical principles and legal requirements.
The impacted stakeholders in this case are Stephen and Vivien Lee, the bank, the brokerage firm, and Mark himself. Failure to take action could result in a loan approved on false information, compromising the bank’s financial stability and risking legal repercussions for the brokerage firm (Javaid et al., 2022). Contrastingly, the act of reporting fraud can lead to rejection from a loan application and ultimately impose financial hardship on the Lees.
In order to promote a favourable result, Mark should use interpersonal skills like good communication and sympathy in the conversation with Lees regarding the issue. Communication that is transparent and candid can help foster trust so the Lees know how serious their situation really is.
Future individual actions by Mark should be based on the following components: a guarantee of integrity, comprehensive due diligence and quick reporting in cases where fraud or unethical behaviour is suspected. Other organizational policies and practices need to be reinforced in order to avoid further ethical dilemmas, such as enhanced due diligence processes; ethics training whistleblower protection; and oversight.
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5 Years | MCom in Accounting
