Codes of Ethics for Financial Institutions
Code of Ethics Series
Published by Seven Pillars Institute
JPMorgan has an extensive Code of Ethics, which appears to be well polished, written and executed. There are adequate policies designed to encourage compliance and whilst changes have only occurred to the Code of Conduct, they have been very positive in nature. Despite this, there appears to be no change in the frequency of ethical issues facing the company which suggests different types of intervention are needed. READ MORE
Banking and financial regulators around the world are now speaking about ethics and promoting an ethical culture in finance openly. Leaders among the world’s major bank supervisory bodies, and top-level executives in international banks, are doing the same. This is a change from the pre-GFC (Global Financial Crisis) era. In the past, regulators, bankers and the financial academy spoke of efficiency, market determined guidance and consequently, ‘light-touch’ supervision. Perhaps in some small measure the increasing willingness to include ethics in the dialogue about finance is due to the work and research of leading religious and independent non-governmental organizations. The Seven Pillars Institute has always stressed that the separation of finance theory from ethics is artificial. READ MORE.
A company’s Code of Ethics is a form of best practice that allows the organization to embed values and behaviors in company culture. To be successful, the firm must undertake specific procedures, including training and professional development, managerial leadership and certification and enforcement practices. This article examines Goldman Sachs’ Code of Business Conduct and Ethics in light of public and regulatory scrutiny following the Global Financial Crisis (GFC) as well as reforms and revisions administered by the firm. READ MORE…