Banking
In addition to the myriad of career options that exist in the world, there are issues that present complications for professionals in those fields. As a Christian, it’s essential to develop a biblically appropriate approach in response to the various issues that manifest themselves in the professional world. The banking industry is an example of a career with manifest issues. Banking is the heart of every modern society’s economy, and cannot appropriately function without bankers, who control the ebb and flow of a nation’s currency, and therefore must appropriately handle the issues that arise. The banker’s ability to do so directly affect the worth of a national currency and the stability of an economy. Specifically, bankers have control over people’s money and must make crucial and calculated decisions with that money every day. This presents opportunity for one of the most prevalent issues facing bankers. Bankers, who are the professional officers of national economies, are confronted with ethical issues related to speculative banking, credit lending, and the temptation of greed, and therefore must develop biblical convictions in decision-making and money handling.
Bankers are the professional officers of national economies who are employed in banking institutions. According to Investopedia, “banks are financial institutions licensed to manage withdrawals and deposits as well as supplying short-term loans to individuals and small businesses.” Therefore as the professional officers in the banking industry, bankers enable banking institutions to operate and function suitably in an economy. To accomplish this task, bankers execute many duties and responsibilities involving the fiscal needs of other people. Because of...
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...cal guidelines for handling money, which prescribes conservancy and fiscal responsibility, which are applicable and confronting the ethical issues that arise from speculative banking. Apart from the Bible, the banker is not free from accountability. Fidelis International Institute states that, “bankers and financial professionals should take a responsible approach in all investment and lending operations with its customers’ money.”
In banking, though there are many opportunities for unethical decision-making, I could very easily approach the career from the biblical and ethical standpoint discussed in this paper, in confronting the many ethical issues that face bankers.
Bibliography
http://www.fidelisinstitute.org/article.php?se=13&ca=22
http://www.scu.edu/ethics/practicing/focusareas/business/financial-services.html
Psalm 112:5-6
The world seems to look at business as the root and means of many forms of evil, even Christians. It is easier to see the lies and deceit behind many business deals and even successful business than it is integrity and honesty within the realms of business. Why is it that the business world seems so tainted by sin? These are the issues that Wayne Grudem addresses in his book, Bussines for the Glory of God: The Bible`s Teaching on the Moral Goodness of Business. Grudem specifically develops arguments for why 11 specific aspects of business are actually fundamentally designed to glorify God rather than cause evil. Grudem doesn’t only want believers to see these Biblical truths but also nonbelievers. His hope is that the business world be the one in which we see the world transformed by the Gospel. He hopes that each individual can and will take heed of the Biblical truths regarding business and hold fast to them, overcoming sin and temptation, in order to bring glory to the God who created it all. Two of the specific aspects he addresses are employment and borrowing and lending. Grudem develops an argument for each of these aspects as to why they are fundamentally good and why and how they each provide individually many opportunities for glorifying God. Grudem effectively fleshes out how employment is a biblical principle starting with Jesus words himself, “The laborer deserves his wages.” (Luke 10:7) Grudem uses
But most people within the economy do not know enough about the complexities of the banking system to voice their opinion in opposition to the bankers, politicians, and regulators. This is a central concern of Admati and Hellwig and one of their main motivating factors for writing The Banker’s New Clothes. Admati and Hellwig aimed to “demystify” the banking system in order to raise awareness to weaknesses in banking policies in hopes of triggering necessary reforms to banking principles that only benefit the bankers and politicians. They state, “Expanding the policy discussion beyond the circle of bankers and banking specialists is very important, because more action is urgently needed and yet has not been taken. The banking system is still much too fragile and dangerous. This system works for many bankers, but exposes most of us to unnecessary and costly risk, and it distorts the economy in significant ways (pg. 4).” Admati and Hellwig look to level the playing field for the general public by explaining the banking system and it’s flaws in clear terms that most people can understand. By doing this Admati and Hellwig hope to reduce the recurrent economic booms and busts that have such harsh consequences for people in compromised economic situations; which are
Honest Money Biblical Principles of Money and Banking by Dr. Gary North is a book that brings together not only the history of how money came to be, but how to use it correctly. It teaches honesty and godliness in our daily dealings with earnings.
Describe what the authors identify as the basic elements of a biblical approach to economics.
Many have heard the popular phrase “Money is the root of all evil,” derived from 1 Timothy 6:10 which states “For the love of money is a root of all kinds of evil. Some people, eager for money, have wandered from the faith and pierced themselves with many griefs” (NIV). However, this verse does not blame money itself for evil, but the love of money - greed. One’s attitude toward money could certainly be considered a characteristic of one’s values and ethical/unethical beliefs that influence ethical judgment (Vitell, Singh, & Paolillo, 2007). Greed, corruption, deceit, and other unethical attitudes can lead one away from biblical principles. Proverbs 16:8 states; “Better a little with righteousness than much gain with injustice” (NIV). As Christians, and business professionals, we must place focus not on worldly riches such as
The Bank of Canada is Canada’s central bank, whose current Governor is Mike Carney. It was founded in 1934 by the Bank of Canada Act of the same year. The country’s banking system was quite stable even before the Bank of Canada was established, mainly thanks to its branch banking structure, and showed little interest in central banking in the early 1900s. In addition, the banking system was somewhat being regulated by the Canadians Bankers’ Association. However, as the Great Depression took Canada by storm, talks about its then financial state were brewing. Some even questioned the country’s ability to meet larger demands. The central bank was formed from the Act in 1934, and starting running in 1935, but as a privately owned institution. Then, when William Mackenzie King was re-elected as Prime Minister after a full term by Richard Bennet, the new government made an amendment to the Bank of Canada Act, making the bank publicly owned by 1938, as it is today (Bank of Canada: History). Its primary objective was to be able to support financial and economic wellbeing of our country (Go Currency: Bank of Canada). In that way, it has many roles and functions as a central bank, which I will expand in the coming paragraphs.
...urvey of ethical behavior in the accounting profession. Journal of Accounting Research, 9 (2), pp. 287-306.
While this is an ambiguous subject, wracked with speculation and ambivalence, it is an appealing topic of study. A curious facet of the ethical dilemma is that it transcends various fields of interest. The ethics issue is scrutinized by philosophers and psychologists, but this theme is frequently introduced in other curricula. Accounting, for example, has its own set of ethical mandates. Moreover, nearly every profession is impacted by a generally accepted code of ethics – doctors, lawyers, contractors, and the list goes on! In fact, almost every day an individual is confronted with a moral decision.
The selected issue for the paper is where an employee has not given their current or potential customers accurate information when opening accounts or requesting new services from Washington Mutual. When a person is in the workplace proper business ethics is used on a daily basis. An employee can make ethical decisions by applying their critical thinking skills to the situation they can ensure that the decision that they make is the right decision. The decision process can be very tiresome process but with the proper procedures one can become a better decisions maker.
As an individual and ambitious accounting student with plans to pursue a career in public accounting, I recognize the importance of understanding my core personal values and behaviors that guide the ethical principles of my everyday actions. I recognize that I have a responsibility to myself, family, future colleagues, future clients, and the general public to follow certain guidelines and conduct myself in an ethical manner. Furthermore, I acknowledge the idea that ethical dilemmas will occur, but I am committed to my “Personal Code of Ethical Values” (as seen above) that represent my desire to live ethically in every facet of my life.
1:28). The inference is that all Christians are stewards of God?s possessions to manage, produce, and cultivate them to exalt God, bless themselves, and the community. The implications of God?s blessings from Gen. 1:27-28 covenantal principles are enormous within the scope of this project?s curriculum segment Module One entitled: A Journey of Faith ? An Introduction to The Bible About Wealth Management. This section is critical for the believer to honestly commit to the process of adhering to the initial syllabus financial literacy covenant directives:
Ferrell, O. C., Fraedrich, J., & Ferrell, L. (2011). Business Ethics: Ethical Decision Making and Cases. Mason, Ohio: South-Western Cengage Learning.
Thus, Banks like ANZ are channel for economic resources. They mobilize the money either by lending to their customer or directly investing to the productive sectors. Therefore, when banks are making investment, they must actively analyze the ethical issues faced by them. If banks are lending their capital to other industry, even though the bank have not done any wrong issues by it but it is the industry, which is doing. It does not excuse the bank from the moral responsibility. These can be the ethical challenges faced by ANZ bank.
First, the author was clear to elaborate that we as humans, especially as Christians, are not ever in the presence of true freedom. By this he was stating that the accountant was held responsible first to his or her biblical principles, however also to the generally acceptable accounting principles. This sense of responsibility to others was described in the article as, “accountability as a stimulus for self-control.” I found this description as especially thought provoking as it rings true to all people. Accountability as a stimulus for self-control was explained to mean that simply because one has the ability to do something does not mean that it is permissible for that person to peruse that specific objective. For example, a company may be able to change accounting formats to show a net gains instead of loss, but the ability to do so and the ethicality of that decision may not necessarily be aligned. Furthermore, this ideal of stewardship being a stimulus for self-control, is tightly related to the fruit of the spirit (Galatians 5:23). The author continues by stating that Hebrews 12:5-11 outlines that Growth in godliness does not come without being closely coupled with self-discipline. It goes on to state that this growth in godliness is the only way that we will ever acquire true san...
Never have I ever climbed a mountain peak. As a child, I imagined myself conducting expeditions in deep-frozen pathways, leading amateur explorers to the top of the world, and instructing rookies in surviving harsh blizzards. Even though slightly altered, my childhood dream has been achieved. I led a team of fellow classmates, in my Strategic Management course, to the success summit of a financial competition. Over the course of a semester, I and my teammates were supposed to create and manage a company of the IT industry, in a computer-simulated environment, along with other four rival teams. I dealt with strategy and financial matters of our virtual enterprise, while my colleagues were working on marketing and manufacturing. During the four months of the exercise, I have experienced finance from various aspects: capital budgeting, through selecting favorable investment for upcoming quarters; debt management, by assessing the necessary amount and efficiency of loans; profitability analysis and dividend policy, which had been used to compile the company’s general performance index. Working in a multinational team, which included an American, a Norwegian and a Moldovan, strengthen my negotiations skills, as well as flexibility and cooperation. But above all, this experience intensified my passion for finance. Of course, a pleasant bonus was the fact that, in the end, our company’s financial performance was six times the performance of second-best team.