Ethical code for class session of 03/13/2023

Code of ethics for banking

 

1.       Transparency: It is essential for those in the banking industry to promote transparency by disclosing all relevant information about their products and services to their valued customers.

 

2.       Fairness: Banking professionals should treat their customers with fairness and equity, without any discrimination based on race, gender, socioeconomic status, or any other characteristics.

 

3.       Privacy and Security: The privacy and security of customers should be safeguarded by those in the banking industry by adopting robust security policies, adhering to relevant data protection laws, and ensuring that their customers' sensitive information remains confidential.

 

4.       Responsiveness: Banking professionals should be responsive to their customers' concerns and proactive in anticipating their needs. They should be courteous and respectful while dealing with them and take prompt action to address their issues.

 

5.       Integrity: Banking professionals must uphold the highest standards of professionalism and honesty. They should follow ethical practices such as disclosing conflicts of interest, avoiding bribes, and maintaining accurate records of all financial transactions.

 

6.       Social Responsibility: Banking professionals should recognize that they are part of a broader community and take action to improve it. They can do this by promoting financial literacy, supporting financial inclusion, and investing in socially responsible initiatives.

 

7.       Innovation: Bankers should embrace innovation and adapt to emerging technologies. They should explore new ideas that enhance their customers' experience and improve efficiency within the banking industry.

My Answers to HWcase4, Q1

 Q1 (33 pts. max, 16.5 min) Prepare notes on a code of ethics (which will be your case study for this HW).

Online students: post your notes to your blog. Your notes should include the following.

• A link or other citation to the case you are using, or if it is from personal experience, point that out.
• A list of 8 or more important facts about the case, in your own words. You can refer to these as reminders when you tell your group members about the case.
• A list of questions (3 or more) you could ask your group members in order to get an interesting and enlightening discussion going (for in-class students), or that you could consider yourself or ask someone else about (for online students); see the “Questions to ask during discussion” tab on the course web page for some suggestions in developing your discussion questions.
• A 4th discussion question about how computer security relates to or could relate to the case. The computer security question could be about hacking, viruses or worms, theft of information, piracy, abuse of privileges, destruction of assets, information privacy, disruption of operations, unauthorized access, corporate abuse of information or computing, government abuse of information, physical harm, or any other issue in the general area of computer security.

Note: Professional neatness and clarity of format counts!

• Add the following three additional questions to your list of questions:
  • What does virtue ethics say about this case?
  • What does utilitarianism say about this case?
  • What does deontology say about this case?

• Professional neatness and clarity of format counts! Follow this example.

Answer: My ethical code is located at https://www.psychiatry.org/File%20Library/Psychiatrists/Practice/Ethics/principles-medical-ethics.pdf

 

Eight important facts are:

1.)     Psychiatrists are forbidden from gratifying their own needs by exploiting the doctor-patient relationship.

2.)     Psychiatrists are required to be competent and honest in all their professional dealings and report other psychiatrists who don’t live up to those standards.

3.)     Psychiatrists are required to safeguard patient privacy.

4.)     Psychiatrists are required to support medical research and medical education.

5.)     Psychiatrists should be free to serve where they wish except in the case of emergencies.

6.)     Psychiatrists are required to support the improvement of public health.

7.)     Psychiatrists are required to make responsibility to the patient their paramount concern.

8.)     Psychiatrists are required to support access to medical care for everyone.

 

Three questions to ask about the case:

1.)      Many people don’t take codes of ethics very seriously, do you think most psychiatrists take this code very seriously?

2.)     What ways can psychiatrists support access to medical care for everyone?

3.)     Sometimes psychiatrists can obtain a position of great psychological influence over a patient because of the nature of their relationship. How can they avoid influencing them in an unethical manner?

A fourth question related to computer security:

4.)     Do you think psychiatrists do a good job protecting patient privacy from cyberattacks? What kind of threats might exist for the medical systems they use to store patient information?

 

Three additional standard questions:

 

What does virtue ethics say about this case?

Answer: Virtue ethics would probably summarize a lot of these qualities as being related to kindness and selflessness. Essentially, if a psychiatrist was kind and selfless they would probably fulfill this code automatically.

What does utilitarianism say about this case?

Answer: This code is essential for the psychiatric profession to exist. Psychiatrists must be ethical and trustworthy otherwise they could not do their jobs. So a utilitarian would point out that this code is good because it enables the profession to exist.

What does deontology say about this case?

Answer: Much of the code is about patient rights and making sure the psychiatrist does not violate them. So from a deontological perspective this code is all about fulfilling what some would view as an ethical duty to a patient. Furthermore, ethical codes themselves are deontological by definition since it’s a list of rules that an individual is obligated to follow.