Code of Conduct: Westpac Bank

Contents

Introduction

Code of conduct

Discrimination

Corruption

Whistleblower Protection

Exploitation

Enforcement:

Dishonest and Fraudulent Behaviour

Obedience to the code:

Reference

Introduction

Westpac is Australia's oldest and first banking company. It is one of the four major banking organizations in Australia and the largest in New Zealand. The company provides numerous consumers, trade and institutional banking, and wealth supervision services through a collection of monetary services brand and business. Furthermore, the company was established in 1817 as the bank of New South Wales but later changed its name to Westpac (Westpac 2020). For over 200 years the company played an imperative role in the economic and social fabric in Australia.

The main aim of the company is to become one of the immense service companies by helping customers, businesses, and people to grow. The recent evidences specified that Westpac bank was engaged in the biggest violation of money laundering laws in the country’s history. This incidence indicates that business needs a strong code of conduct to promote fair practices in the organization. Westpac Bank of Australia has faced numerous controversies that have been well documented in a variety of media platforms. One of these controversies was a huge violation of money laundering regulation. The bank has also been charge of disregarding honest practices and unsuitable handling of whistleblowers.

Also, a code of conduct is a set of internal rules that should commit to function legally and it helps to encourage integrity, responsibility, and moral conduct. The particular report will focus on developing an effective code of conduct for the company. The code of conduct will put major emphasis on discrimination, corruption, fraudulent behavior, and many more.

Code of Conduct

The code of conduct of the Westpac bank of Australia is held up by the community and depositors' interest. The company is devoted to contributing to the enlargement and wealth of the country and assist small businesses to start and nurture (Bell 2019). The company has onerous accountability towards the customer, business, and investors. Furthermore, the engagement with communities and the external environment depends on how Westpac conduct itself.

The directors, managers, and employees are predictable to act with honesty and to obey with the necessary principles.

Discrimination

To act in every dealing without discrimination and in all justice and with high levels of truthfulness

Discrimination is the inequitable dealing of people based on a characteristic like sex, age, and race. Furthermore, discrimination can be direct or indirect (Olit et al 2019). Direct discrimination takes place when individuals are treated less favorably because of definite attributes than a person without such a trait. This code of conduct will put more emphasis on the following:

  • To act with sincerity and reliability in all actions

  • Not to trade information or steal money and to use the finest judgment while dealing with clients and contemporaries

  • For any additional guidance about worker relations, the supervision of the Group Whistle Blower plan can be used. Westpac Bank vouches to proceed with all justice to clients by giving them products that conform with rules and regulations and to not treat in any fake or disingenuous declaration regarding products.

  • Not to use the client's data without the awareness of the customer and be reasonable

  • ANTI Fraud policy can be used as regulation

Deterrence of dishonesty and scam and all fraudulent actions is the maximum promise given by Westpac bank. Any action that lends itself to any type of stealing of wealth or possessions or information will be dealt with strict actions. Misrepresenting or demolishing credentials amounts to scam and each act of corruption will be dealt with harshly (Templ et al 2018). The bank does not differentiate in any of its employment policies and believes in the fair appointment. The staffing and endorsement policies are as per the guiding principle marked in the employee handbook.

Corruption

Corruption is vice that has influenced numerous businesses in the banking and another segment. Westpac Bank of Australia is tasked with the accountability of obeying with regulation leading dishonesty in its international and local branches (Naheem 2016). This policy, therefore, creates a set of tasks, philosophies, and standards that Westpac Bank of Australia will stick to at all times. This code is biding to all stakeholders with the bank’s representative, mentor, advisors, associates and human resources, and executive. The banks create an agreement with this code obligatory to all stakeholders. Westpac Bank of Australia needs to notify its customers that bribery in any business dealings relating to the organization is supposed to be illegitimate. The policy directs the banks to follow all the laws and legislations in an appropriate manner.

The organization has been in the past troubled in serious cases of fraudulence. The association joins hands with others in the international sphere to condemn bribery and make it an unlawful practice in all the organization's location or dealings. As a way of depressing the vice, Westpac Bank of Australia shall handle all bribery cases and claim seriously (Flux 2019). The organization will take compulsory corrective actions against persons found responsible for committing the vice. Actions to be taken comprise instituting criminal proceedings against the persons or termination of service contract. The organization will present all the essential support in the trial of parties concerned in bribery. Westpac Bank desires to make it obvious that it has zero acceptances for dishonesty in all its business dealings and connections.

Whistleblower Protection

Whistleblowers are individuals who depict unprincipled or unlawful behavior and information in the community and private organization. Westpac Bank of Australia distinguishes the essential function played by whistleblowers in the organizational circumstance (McIlroy 2019). Therefore, they are loyal to safeguarding the safety and privacy of whistleblowers to support more groups to reveal any actions they seem to be in infringement of the Bank’s policies. The organization has previously been blamed of offensive handling of whistleblowers.

This code of conduct offers parties eager to make any exposure of misconduct in the organization with a process for revealing cases of inappropriate behavior. It also offers a suitable way of managing these disclosers professionally and timely. Also, the guidelines request to guard whistleblowers against any events that might be taken against them for the role played in revealing cases of misbehavior. Lastly, it seeks out to give justified conduct for both the whistleblower and charge people.

Organization’s policies, inappropriate behavior comprise procedures such as engaging in dishonest practices, camouflage of unlawful undertakings, mistreatment of power, and any blunder act that jeopardizes worker health and safety, inequitable work practices, infringement of lawful obligations and other illegal acts. Any individual who has information or observes an act of bad behavior can turn into a whistleblower.

Under this Whistleblower security act, the association will safeguard the security of all whistleblowers from any inequitable conduct caused by their role in whistleblowing. The association will also protect the confidentiality of whistleblowers from third parties to make sure that they do not become a simple target. Any infringement to these necessities may result in harsh actions on those found guilty.

Exploitation

To comply entirety with all lawful and authoritarian events, intentional obligation and adhere to the top principles of internal controls and values

Exploitation is said to have happened where a manager or worker in an organization treats the public unjustly or uses capital and profit illegally from their labor (Vincent 2016). Mistreatment can also be on a business’s client for instance; in organizations with the highest market share. These businesses have the capability and facility to augment costs and set charges without upsetting their market share.

The Australian Banking sector has, for instance, has had such matters particularly with the foremost banks.

The Westpac Bank of Australia is devoted to setting all essential actions to make sure that unfair practice is not carried out in their location. This policy is proposed to direct all managers and personnel on standards accepted by the business to protect both its workers and customers from mistreatment. The codes of conduct state the measures, procedure, and Organizational principles geared towards the safeguard of customers and workers from misuse. The accountability of prevention mistreatment rests with all the staff in the organization.

The bank understands obviously that it is their role to encourage the finest practice within all our branches in different locations. Westpac bank carries out its business in the most translucent way making sure that the client are fairly treat and market reliability is sheltered . Carefulness is exercised in each dealing of the bank guaranteeing that there is no disagreement of interest of either association or responsibility lending to sound business plan . Employees have to exercise concern while getting gifts and charitable contributions.

Westpac bank obeys all regulation voluntary codes and systems that are valid to banking and financial services to guard the depositor, the clients, and most prominently the society. Clients, workers, and stakeholders are skilled in conformity processes. Any supposed non-agreement can always be reported to the fair call service or the whistleblower program.

Enforcement:

Westpac follows the banking system and enforcements to the maximum level giving immense weight to each guideline.

  • The bank adheres to each guideline of the act which protects the intents of all stakeholders.

  • The bank promises that it implements all necessities with regard to OT market regulations and the Securities board.

  • The obligatory enforcements and revelation are organized carefully and are accessible in the public sphere.

  • The bank has a very decisive and forward-looking fiscal statement that can allow shareholders and authoritarian agencies to revise the work off the bank.

  • The bank implements the strictest regulation in its guidelines of employees.

  • The bank put an ethical code of conduct and teaches staff extensively on the same to not fall behind in its dictatorial policies.

  • The bank takes all steps to make sure that each feature of bank working falls within the purview of the act which controls it.

Dishonest and Fraudulent Behaviour

Westpac bank bureaucrat and staff will carry out themselves in a very proficient manner. Each administrator and staff of Westpac will act in a way that promotes conviction, assurance and generate the essential goodwill in all internal and external stakeholders and admires all human rights issue as agreed in the bank's group human position statement. This code of conduct will put more emphasis on the following:

  • To treat everybody with due admiration and self-respect

  • Conformity with all policy systems and actions both in strength and working and not indulge in any behavior that gives way to compromise on measures and work beyond reproach.

  • To protect merely such information of the client that relate to the job and only with a particular agreement

  • Work in fulfillment with stipulations and settings that are appropriate to all products and not to diverge from policies. In the case of non-obedience, The Employee Assistant Program (EAP) can be referred to.

  • The use of information systems must be done suitably as per usage policy given by Westpac bank. The systems cannot be used in any offensive manner or increase irreverent material. staff should not identify that the information system actions are under observation always and therefore there can be no confidential issues concerning this nor can any worker sue Westpac for lack of confidentiality.

  • Social media must be used suitably, legally, and clearly while putting out information of Westpac bank. Unless otherwise specified and given task workers cannot post anything about Westpac bank on social media.

  • No media conversation or advertising can be engaged in by any worker unless particularly certified by the business communications group.

Obedience to the code:

Employees and administrators are taught in the code of conduct widely and are probable to comprehend the contents and points of good domination from the code guidebook (Brown 2018). Bureaucrats are predictable to direct staff in discharging their responsibility and tasks honorably and to the finest interest of the clients and society. Authority is said to be the trademark of performance of Westpac bank and makes the bank function in all its welfare with honesty and good reliance.

Reference

Bell, F. 2019. Culture, Conduct and Ethics in Banking: Principles and Practice. Kogan Page Publishers.

Brown, S.S. 2018. The role of the United Nations Global Compact in helping to drive corporate social responsibility-related practices in the Australian banking sector (Doctoral dissertation).

Fernández-Olit, B., Ruza, C., de la Cuesta-González, M. and Matilla-García, M. 2019. Banks and financial discrimination: what can be learnt from the Spanish Experience?. Journal of Consumer Policy, 42(2), pp.303-323.

Flux, A., 2019. Westpac refunding $7 million to affected customers for incorrect fees.

Hussain, S., Ryan, M., Cripps, H. and Lambert, C. 2017. Role of social media in handling a crisis situation: A case study of Commonwealth Bank of Australia (CBA). In The proceedings of 2nd Business Doctoral and Emerging Scholars Conference (p. 98).

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

Naheem, M.A. 2016. Money laundering: A primer for banking staff. International Journal of Disclosure and Governance, 13(2), pp.135-156.

Temple, J.B., Kelaher, M. and Williams, R. 2018. Discrimination and avoidance due to disability in Australia: evidence from a National Cross Sectional Survey. BMC public health, 18(1), p.1347.

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

Westpac.com.au. 2020. 

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