Professional Business Code of Ethics

Question: Describe about the Professional Business Code of Ethics. Answer: Employee Conduct Commitment towards the Customers Each and every employee of the bank asks for consultation from small scale businesses and consumer associations to incessantly work to improve the service standards and its banking practices. The employees encourage enhanced decisions regarding their banking services by furnishing effective revelation of information and by explaining to the customers about the banking products and services. All employees should act honestly and convincingly towards the customers in reliable and right manner. Compliance with Laws The bank and its employees complies with all the laws and regulations related to banking services. Retention of Customers Rights Under this code of conduct, the customers can retain their rights which they have under territory, state or federal laws. Customers with Special Needs The employees of the Commonwealth Bank appreciate the needs of customers with physical impairment or older person to experience their banking services and take equitable actions to improve their banking experience. Serve Customers in Isolated Native Communities Commonwealth Bank and its employees takes practical steps to avail information about banking services which could be significant to the indigenous tribes and furnish details pertaining to the type of account which would be suitable for their needs keeping in mind the remote location. Properly train its employees who regularly deals with such customers on a regular basis to be aware of their culture and take into consideration key government programs like income managing program which might be related to banking services provided to them. Best Practices for Business Conduct Each and every employee at Commonwealth Bank of Australia complies with global array of codes of conduct to guarantee that the organization provides the customers highly professional level of service. The financial institution adheres to the laws and regulations laid down by various governing bodies such as Australian Direct Marketing Association Code of Conduct (ADMA) which requires: Its members to furnish correct information so that they know precisely what product is being offered. The members should not make any fallacious claims. The members shall not utilize fabricated or deceptive endorsement. The members shall acknowledge the privacy of its customers personal information (com.au 2016). Australian Financial Market Association (AFMA) guidelines: Competition Law Policy Guidelines which defines a framework for the members and staff of the organizations the laws and regulations related to fair trade and competition. Debt trading guidelines emphasizes on the importance of the function of buyer and seller in promoting market liquidity of debt instruments. It also recommends its members to evaluate how their circulation of debt instruments may impact the market liquidity (Afma.com.au 2016). Commonwealth Bank insurance product is termed as CommIsure. The bank applies code of conducts related to insurance laid down by General Insurance Code of Practice which is tailored to upgrade the customer service benchmark in the insurance industry of Australia and safeguard the privileges of the policy holders. The guidelines are formulated to uphold the interests of the insurance industry, the businesses and the customers. The code reflects the industrys rational attitude in its business conduct. Whether a customer is buying a policy, have a complaint or making a claim, the codes of conduct gives information about the standards of customer service that can be expected from the service provider. The codes of conduct cover areas like purchase of an insurance policy, service and entitlement standards, responding to disasters, complaints management and right to use of information (Asic.gov.au 2016). Commonwealth Bank strictly adheres to the Anti Money Laundering and Counter Terrorism Financing applying its global regulatory commitments in detection and management of money laundering and terrorism financing. The bank is committed is towards safeguarding the bank, its employees and customers from becoming an accidental partner in crime or victim of money laundering or terrorism related activities. Commonwealth Bank is against any kind of political donations in the name of the bank. Its insider trading guidelines mandates its employees to act dutifully in case they are informed about uncirculated financial data related to the bank. Professional Codes of Ethics Post acceptances of employment in the bank, all employees are required to acknowledge abiding by the professional code of ethics ensuring the code of professionalism, rationality, honesty and common sense. The employees must keep their common sense in first place. Protect and Develop the Bank: The Professional Code of Ethics of the bank expects its employees contribution towards the safety and growth of the bank through speedy and effective service to its existing and potential customers. The employees should follow commands and carry out the task and should not surpass the rights and responsibilities assigned to them and perform in a way which would improve the banks reputation. Conflict of Interest: The bank expects its employees to avoid position themselves in a situation wherein they might stand to gain directly or indirectly from a deal between the customer and the bank. Where there are chances of such situation occurring, the employees must disclose it to the bank (com.au 2016). Equal Employment Opportunities: Each and every employee of the bank is expected to adhere to the EEO policies and programs of the bank which states that sexual harassment and discrimination in any form at workplace is unethical and illegal; keeping away their personal opinions and views. Confidentiality and Honesty: All the employees are expected to consider all the business concerns of the bank, co-workers with complete confidentiality. The employees are also expected to be truthful in all their professional actions. Embezzlement, stealing, illegal access to sensitive information are considered as criminal offence. The code also expects that the employees should report such activities to the management to protect the interest of the bank. Maintaining Personal Standards: The code expects that the employees should implement individual standards consistent with the soaring status of the bank and try to enhance the reputation of the bank all the times. If an employee is going through a financial crisis, they should not at all be reluctant to discuss such matter with the manager. References adma.com.au. (2016).ADMA-Code-of-Practice-1-Sept-2015.pdf. [online] Available at: https://www.adma.com.au/sites/default/files/ADMA-Code-of-Practice-1-Sept-2015.pdf [Accessed 21 Oct. 2016]. Afma.com.au. (2016).Codes Practices | Standards | The Australian Financial Markets Association (AFMA). [online] Available at: https://www.afma.com.au/standards/codes-and-practices [Accessed 21 Oct. 2016]. commbank.com.au. (2016).Statement of Professional Practice. [online] Available at: https://www.commbank.com.au/about-us/customer-commitment/practices/Statement-of-Professional-Practice.html [Accessed 21 Oct. 2016]. commbank.com.au. (2016).content/dam/commbank/about-us/download-printed-forms/CodeofBankingPractice_ADB2555_0604.pdf. [online] Available at: https://www.commbank.com.au/content/dam/commbank/about-us/download-printed-forms/CodeofBankingPractice_ADB2555_0604.pdf [Accessed 21 Oct. 2016]. Asic.gov.au. (2016).ASIC Home | ASIC - Australian Securities and Investments Commission. [online] Available at: https://www.asic.gov.au/ [Accessed 21 Oct. 2016].