• Internal Code :
  • Subject Code : MBA402
  • University : Kaplan business school
  • Subject Name : Management

Code of Ethics for Westpac Bank

Requirement for Code of conduct for Westpac Bank

The code of conduct for a Westpac Bank will help to achieve its goals and will also assist the bank to run in a proper way. It will develop trust within the clients and society which increases our commercial success. It will assist in avoiding the circumstances which may lead to legal problems or which can harm our status. This code of conduct will state the prospects for running the bank everywhere we function(Matsushima et al. 2016). The Code of conduct is what we stand for and what we anticipate from you.

Code of conduct for Westpac Bank

This code of conduct explains the principles of conduct which are anticipated by our employees and contractors. It gives a set of administrative principles to assist us in making the correct decision each time. The values that function in the Code of conduct are:

1. We perform with integrity, honesty, care, diligence and skill

2. We obeythe laws and our policies

3. We do the correctthingsto our clients

4. We respect privacy and do not exploit information

5. We value and preserve our professionalism

6. We work as a group

7. We handle conflicts of interest sensibly

These values function in combination with the standards, policies and processes. For each standard, it is vital to follow the correct method for the clients and in this way it preserve the status of the Westpac bank(Terjesen and Trombetta2017). We all have the responsibility to ensure that the bank’s status is strengthened and not harmed by our activities in all the work done by us and as per our location. The code of conduct is entirely supported by the Board and the executive team and we obey the code strictly. If anyone breaches the code of conduct then he or she may face disciplinary act. The disciplinary action can be the termination of your employment. It is your responsibility to report any breaches immediately by a colleague to the management of the bank. With each company, there are some constant and clear principles.

Our principles like Service, Honesty, Bravery, One Team and attainment shows our main behaviours to deliver our promise to the clients, societies and every individual. The code of conduct gives an extension to the principles by outlining the way we deliver, set of administrative values to assist us in knowing what is correct and obey applicable rules and strategies. The standard's also revealing the society's prospects of us which are detailed in the Banking & Finance Oath. As we are one of Australia's main banks it is our task to assist in building and maintaining trust and integrity in the monetary system(Laing and Dunn 2018). We believe our code of conduct, attached to our principles will assist us to do this. We are having a policy for speaking up which details about all the reporting stations, as well as the procedure for raising worriesnamelessly.

Principles of Code of conduct for Westpac Bank

1. We Perform with Integrity, Honesty, Care, Diligence and Skill

Trust is the foundation of our Bank. We make the best choice since it is the best activity. Trustworthiness and honesty go side by side. They direct us in deciding, with the goal that we settle on the right decisions among good and bad. Acting with ability, care and constancy expect you to comprehend and play out your obligations skilfully, expertly and as per our controls, riskmanagement procedures and approaches including this Code. There is no space for a bargain on these qualities(McIlroy 2019). If in case we donot meet these qualities 100 per cent of the time then we are unworthy of the trust of our clients, partners, network and investors. We will acknowledge the obligation regarding our activities. Thus, we ought not to set ourselves in a place of conflicts with the interests of a client, nor favour the interests of one client over another.

Dishonest and Fraudulent Behaviour: Any fraudulent or dishonest behaviour which has an adverse impact on the community is our major concern and we will make sure that it will not be followed by any of our employees.

Corruption: Corruption and Bribery mislead the marketplace, and disruptthe laws that have importantconsequences for the businesses and persons included. Westpac Bank does not take part in or approve any corrupt acts, comprising ofdelivering or accepting bribes, unnecessary gifts or friendliness, or simplification of payments indirectly or directly, such as over a third party(Boyle 2020). We will not receivedealers, sellers or associates that give a bribe and we will take essentialact if such activities are exposed.

Anti-Money Laundering: This permits the criminals to cover the source of money which are obtained in an illegal manner. These amounts can be gained through drug trafficking, human trafficking, blackmail, terrorism, or fraud(Fargher2019). The Westpac Bank is not facilitating or contributing to money laundering.

2. We obey and enforce the laws and our policies (Enforcement)

We agree to our legitimate commitments, administrative prerequisites, wilful codes of training to which we promise and team policies, including the Westpac Code of Conduct. If in case that we neglect to consent to laws and guidelines, both the Westpac Bank and the individual representative may confront criminal authorizations or different severe results. If you are uncertain what laws and guidelines apply, at that point you should contact legal authority. We should likewise agree to the Westpac Bank's inside arrangements and strategies, including this Code (Alwazir et al. 2017). In the event that you are uncertain what approaches and techniques apply to your work, at that point converse with your People Leader.If in case anything is conflicting between the laws and guidelines applying where you work and our strategies and methods, at that point, you have to meet whichever sets the better quality of conduct. Ifthere exists an irregularity, you should converse with your People Leader.

3. We do the correct things to our clients

We need to do the correct thing for the client which gives the confidence to the clients. To maintain the confidence we work together. In this way, we have an objective to assure that our services and products are appropriate for our clients and we give fair treatment to our clients.We also provide information to the customers which are required by them to reach up to an informed decision(Alwazir et al. 2018.). We put our client’s requirements in the first place while giving them suggestions. We address the complaints of the clients and evade needlessobstacles to swapping products or making rights.

4. We respect privacy and do not exploit information

You may run over private data concerning our clients, providers and other outsiders when working for the Westpac Bank. You may likewise know about secret data or intellectual property of third parties from past connections like previous employment. Fundamentally, you regard your confidential promises to outsiders and we regard the trust put in us by clients who share their data with us. You should not utilize or unveil the private data of a client, except if they have approved you to do as such and the utilization or divulgence is allowed by law(Li and Wang 2019). Correspondingly, if in case that you go over private data concerning the Westpac Bank, for example, strategic data, at that point you should not abuse or reveal that data, including sending data to an individual email account. These commitments proceed after you have left the Westpac Bank.

Exploitation: There are numerous office politics in any organization so at that time the Westpac bank will not treat the employees unfairly to gain advantage from them(Li and Wang 2019). Additionally, you should not utilize the client data to acquire an individual advantage or advantages for others.

Whistleblower Protection: The Whistleblower Protection Act is a law which safeguards federal government employees. In the Westpac banking act, revelations by whistleblowers meet the requirements for safeguarding information against oppression, from some obligation and rights to privacy.

5. We value and preserve our professionalism

We assume liability for our expert conduct. The manner in which we act both at work and outside work legitimately impacts how others see us and the Westpac Bank(Vincent 2016). As representatives, we ought to act in an expert and moral way, making progress towards greatness in all that we do. Some of the examples which can be given which shows that we maintain our expertise are:

  • Acting with genuineness and respectability, and making the best choice while conveying our duties

  • acting suitably at work or work-related social gatherings

  • being responsible for our choices and activities

  • looking to constantly improve our aptitudes and information with the goal that we accomplish greatness in our jobs

  • Just giving an appeal to clients that you are explicitly approved and additionally qualified to give, for instance, monetary guidance

  • Just utilizing Westpac Bank property, including data innovation, for legitimate purposes.

6. We work as a group

We approach each other with respect and generosity, advancing a domain that empowers everybody in the group to arrive at their maximum capacity(Vincent 2016). We cannot accomplish our vision of being one of the world's incredible assistance organizations except if we take care of the wellbeing, security and prosperity of our team(Li and Wang 2019). The Westpac bank identifies the significance of officemultiplicity and we value and give respect to each other’s differences. We do not bearannoyance, bullying, illegal discrimination or any other aggressivebehaviour. Some of the examples of how we work in a team are:

  • Our word is our promise since we do not have one interaction in a meeting and a different interaction outside that meeting

  • Being supportive and not discouraging each other

  • Cooperating with our co-workers to do what is correct for our clients

  • Takingobligation for our work surroundings by reporting any problems immediately

Discrimination: The employees of the Westpac Bank understand that any type of harassment and violence is not permitted (Vincent 2016). Our employees do not believe in discrimination. Discrimination can be of any type which includes disability, aboriginal people, religion, race and sexual orientation.

7. We handle conflicts of interest sensibly

Potential conflicts of interest circumstances can emerge each day and to empower us to perceive and manage them suitably, we should remain constant (Li and Wang 2019). The simply expressed principle is that we ought to avoid exercises that include conflicts of interest circumstance between our advantages and our obligations and commitments toward the Westpac Bank, or which a sensible individual would see as including suchconflicts of interestcircumstance. Some of the examples of managing conflicts of interest are:

  • Quickly revealing untrustworthy conduct by our associates and clients

  • Not requesting, tolerating or offering cash, endowments, favours, amusement or pay-offs which may impact or be believed to impact your business judgment

  • Not tolerating donations aside from extremely constrained conditions

  • Not trading in the stocksof the Westpac bank organizations or some other substance if in case that you have acquired data that is not commonly accessible to the commercial centre and is material, and not giving that data to some other individual

  • Not preparing your transactions or those of your companions, family members or business partners;

  • Tracking our dealings with clients and providers that are exact and straightforward

  • Not taking part in business exercises outside your work in the Westpac bankif in case that it could aggressively influence your capacity to complete your obligations and duties toward the Westpac Bank regardless of whether there is no such potential unfriendly effect, you should look for endorsement of your People Leader before taking an interest in those exercises

  • Not utilizing assets, property or data having a place with the Westpac bank or our clients for our advantage, nor helping other people to do as suchrevealing any material concern you have in a client's or provider's business to your People Leader

  • Looking for the assent of senior administration before taking a director's post on the leading group of a non-Westpac bank organization

References

Alwazir, J., Jamaluddin, F., Lee, D., Sheridan, N. and Tumbarello, P. 2018. Declines in correspondent banking in the small states of the Pacific1. Handbook of Small States: Economic, Social and Environmental Issues.

Alwazir, J., Jamaluddin, M.F., Lee, D., Sheridan, N. and Tumbarello, M.P. 2017. Challenges in Correspondent Banking in the Small States of the Pacific.International Monetary Fund.

Boyle, P. 2020. Banks are hated with good reason. Green Left Weekly, (1252), p.3.

Fargher, I.K. 2019. How Westpac is alleged to have broken anti-money laundering laws 23 million times,1 (2).

Laing, G.K. and Dunn, B.F. 2018. Organisational Narcissism: A Review of the Indicators in the Major Australian Banks. e-Journal of Social & Behavioural Research in Business, 9(1), pp.58-75.

Li, B. and Wang, C. 2019. Corporate Social Responsibility and Contemporary Community Expectations. Asian Business Research, 4(3), p.74.

Matsushima, T., Ohkawa, L. and Inoue, H. 2016. The Global Code of Conduct in the Foreign Exchange Market (No. 16-E-6).Bank of Japan.

McIlroy, J. 2019. Westpac scandal underlines the coalition's hypocrisy on banks, unions. Green Left Weekly, (1247), p.7.

Terjesen, S. and Trombetta, L. 2017.Gender diversity on boards in the United States, Australia, and Israel.In Gender Diversity in the Boardroom (pp. 235-259). Palgrave Macmillan, Cham.

Vincent, J. 2016. Westpac Banking Corporation v Wittenberg (2016) 330 ALR 476. Brief, 43(11), p.21.

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