Ethics in Banking Flashcards
6 cards from real Banking practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Ethics in Banking flashcards as text
What is the primary purpose of a code of ethics in Banking practice?
Answer: To guide professional conduct and protect the public
A code of ethics provides guidance for professional conduct while protecting the public from unethical practices.
When facing an ethical dilemma in Banking practice, what is the recommended first step?
Answer: Identify the relevant ethical principles and stakeholders
Identifying the relevant ethical principles and all affected stakeholders provides a framework for systematic ethical analysis.
What obligation does confidentiality impose on Banking professionals?
Answer: Protect sensitive information and share only as authorized
Confidentiality requires protecting sensitive information and only sharing it through authorized channels and for legitimate purposes.
Which concept requires Banking professionals to avoid conflicts of interest?
Answer: Objectivity and impartiality
Objectivity and impartiality require professionals to identify and avoid situations where personal interests could compromise professional judgment.
What is the proper course of action when an Banking professional witnesses unethical behavior by a colleague?
Answer: Report through established channels
Reporting unethical behavior through established channels ensures proper investigation while maintaining professional conduct.
In the Banking field, what does the duty of competence require?
Answer: Maintaining current knowledge and skills within one's scope
The duty of competence requires practitioners to maintain current knowledge and skills, and to work within the boundaries of their training and expertise.