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This paper explains that the author works in the financial sector, specifically RCM Capital Management based in San Francisco and owned by the German insurance company Allianz with offices in all key financial centers of the world. Next, the author relates that the role of a compliance officer to guard the integrity and viability of the company by ensuring that there is enterprise-wide conformity to laws, standards, policies, procedures and even ethics as based on the several laws and professionals codes of ethics. The paper stresses the author's belief that it is not impossible to adhere to the code of "profit with honor", which means that she considers short term profits as impractical; rather, the company should look at long term and continuing profits procured in an ethical manner.
From the Paper:"There are several available codes of ethics that guide professionals in the conduct of their work and how they deal with various organizations, different people and society. Compliance officers may be seen as having more stringent standards because they are the "guardians of the guardians' of the business enterprise. Aside from adhering to their ethics/compliance officer code of professional conduct, compliance officers should and must be implicitly and explicitly ethical on a personal level. Despite significant activity by companies to develop compliance and ethics programs over the past few decades, several studies have indicated that little progress has been made, and recent events in the corporate world suggest that effective mechanisms to prevent corporate misconduct are lacking . Even if the portrait of compliance is a grim picture as reported by Greenberg, I for one am not disheartened because I believe that one compliance officer in a large company can serve as a force multiplier to effect changes for the good of the company and the benefit of employees, stakeholders and the public at large.
"Although my company is in the business like any other for profit business of increasing revenues to generate profit and reducing cost. I am a firm believer that it is not impossible to adhere to the code of "profit with honor"."
Sample of Sources Used:
- Greenberg, M.D. (2009, April 15). Perspectives of Chief Ethics and Compliance Officers on the detection and prevention of corporate misdeeds: What the policy community should know. [Online] Retrieved April 29, 2010 from, http://www.rand.org/pubs/conf_proceedings/2009/RAND_CF258.pdf.
- Wilkinson, Thomas G. (2005, July 1). "What is the role of Chief Compliance/Chief Ethics Officer?" The Metropolitan Corporate Counsel. [Online] Retrieved April 29, 2010 from, http://www.metrocorpcounsel.com/current.php?artType=view&artMonth=July&artYear=2005&EntryNo=3368.
Cite this Analytical Essay:
Ethics in the Financial Field (2013, January 23) Retrieved August 13, 2022, from https://www.academon.com/analytical-essay/ethics-in-the-financial-field-152289/
"Ethics in the Financial Field" 23 January 2013. Web. 13 August. 2022. <https://www.academon.com/analytical-essay/ethics-in-the-financial-field-152289/>