An ethical dilemma arises when a decision that has to be made involves a conflict at personal, interpersonal, institutional or societal level or raises issues of rights or moral characters (Banks, 2012)…
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This paper attempts to discuss the ethical dilemma, which can be faced by any bank in its operational activity, both in the external environment and conflicts of interest arising within the organization. The ethical dilemma that arises within working environment of a bank is more severe, as these systematically weaken the vibrant economic system of a country. The concept of ethical dilemmas had become more pressing during the recent financial crisis, as it was strongly believed that unethical conduct of the financial industry in general and banking in particular, had led to global economic meltdown. The purpose of this paper is to discuss ethical considerations of the banking industry and compliance of the banks to these ethics in order to understand the way banking industry faces the challenges of ethical dilemma. The last section of the paper discusses few of the policy recommendations, which can help to resolve issues of ethical dilemma faced by the banks.
A vibrant banking industry is extremely important for proper functioning of an economy. This makes the issue of ethical considerations in banking an extremely relevant topic. Banking sector merely acts as an intermediary between the depositor and creditor. A respectable bank is expected to be honest, exhibit integrity in its transactions, social responsibility, accountability and compliance to promises (Solomon, 1992). The ethical dilemma for banks arises because they have to work in grey area of ethics and often under high level of pressure. Sometimes, in order to gain financial benefits, banks often end up making decisions that undermines ethical issues, which is the root cause of the problem. There have been numerous cases where banks have been involved in scandals revolving around acceptance of bribes, advancing loans to unfit customers and lending to connected parties, which may be considered as unethical on part of the bank. In a research conducted by Carse
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The author describes the case that a customer came to the customer service department and made a complaint about the software that the company developed for him on request. He made a claim that the software had some errors because it was not giving the results of the calculations in the required format.
Ethical Dilemma [Author] [Institution] Introduction Professional ethics tend to exist in all the aspects in which social relationships are involved. In education, there are certain professional ethics that have to be followed by the teachers in class while teaching the whole class collectively.
Ethical dilemmas present problems that do not have a precise solution. This makes it hard for nurses to determine if the decisions they make in such a case are appropriate. However, ethical dilemmas do not have particular right or standard solutions. These call for the nurse to apply their knowledge of ethics, in order to come up with a solution that will not cause harm and that is ethically right.
The future outcome of the decision is unknown so every type of method can be tried to check the best output. Ethical dilemma normally offers the situation in which the responsible can be claimed for choosing the particular option. It should also be noted that in every option there are some negative effects and all the proposed options cannot be considered as imperfect but one has to follow one of them to achieve any fruitful outcome (Matzo & Sherman, 2010).
The managers are not expected to determine the medical necessity of patients (Toren & Wagner, 2010). However, case managers are expected to raise questions about the patient treatment and care without showing any bias. The process of striking the right balance between conflicting viewpoints causes them to encounter multiple ethical dilemmas especially in case of unnecessary or duplicative services (Icheku, 2011).
The researcher states that ethical dilemma requires us to weigh our responsibilities, responsibilities to parents, children, our colleagues. The professional knowledge has a vital role in resolving an ethical dilemma. It is very important that we, as educators understand that the Code of Ethics is only useful if it is part of our every practice.
In such circumstances, the nursing staff may not be able to save the affected lives while respecting the autonomy of such patients. Such kind of conflict raises the ethical dilemma whether the important is to prefer saving a life or to follow the patient’s will. This
While the problem needs urgent addressing, the patient’s electronic health database is accessed and it emerges that the man is a 17-year old son of an Orthodox Jewish family. The family will not consent to
A clear example is the difficult issue surrounding abortion and the important judgments that an individual has to make when faced with such a situation (Naqvi & Daubeney, 2009). So complicated is the issue of abortion that until today, there has not been a general
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