Ethics and professionalism in banking services
Adewale A. Alawiye-Adams
Journal Title:Basic Research Journal of Business Management and Accounts
Ethics and Professionalism are two key words relevant in consideration to effective practice and delivery of banking services, all over the world. This paper considers this critically important subject matter from both the point of relevance of both the institution as an entity on the one hand and its operators (both owner/Directors and employees) on the other hand, as it relates to internationally accepted rules and regulations of standard practice, recognition of right and wrong operational procedures. Existing and continually developing academic/professional training opportunities, including other sources of Human capital development, all gearing towards banking practice efficiency, effectiveness and development both locally and internationally, have lost relevance both in content and in sufficient technicality to adequately equip the bank employees today (most of which are not properly grounded in the pre-requisites of what is required to be effective in banking services delivery. Society places significant trust and confidence on banks in their expectations on the expected leadership role of banks worldwide, as providers of the most crucial resource for production in commerce and industry for economic growth and development. However the failure of banking operatives in upholding the codes of Ethics and professionalism, the weak base of banking knowledge, both in theory and practice have resulted in disregard for the codes of Corporate Governance, wreckless initiation of diverse insider abuses, by both board members and staff of banks, banks shunning the directives of regulators, with disdain. Systemic bank failures, institutional and industry disorders and collapses have been the consequences of the anomalies. Keywords: Codes of Ethics and Professionalism, Banking practice, misconduct of Boards, management and staff of banks, Codes of Corporate Governance, Lack of Competence and Effectiveness resulting from non adherence to codes.