Small Medium Enterprise Development Bank †MyAssignmenthelp.com

Question: Discuss about the Small Medium Enterprise Development Bank. Answer: Introduction In 1911, the Act of Commonwealth Bank established the Australian Commonwealth Bank of (CBA). The Andrew Fisher labor government introduced it.In very short time period for the time, the bank had both general bank business and savings. It was the bank was also the first Australian bank to get guarantee of government of federation. TheCBA orCommbankis amultinationalbankcarrying on operations in New Zealand, Asia, the United Kingdom and the United States.It provides a range offinancial servicesincluding retail, business and institutional banking, funds management,superannuation, insurance, investment and broking services (Carnegie 2016). As on the date of August 2015, the Commonwealth Bank listed as the is the largest company in Australia on theAustralian Securities Exchangeas of August 2015. The Commonwealth Bank is also the largest bank in theSouthern Hemisphere, As per the reports presented by the CBA the various corporate social responsibility policies includes the various commitments that the company make in the report like ensuring honesty, professionalism and fairness in dealing with the customers. As per the corporate governance statements, the Common Wealth Bank Group is committed for ensuring the various policies and practices like managing the frauds, countering money laundering, and political donations (Bank 2014). The vision is to secure and increase the financial welfare of the communities, customers and the businesses. To provide competitive and cost effective financial service and banking To enable the customers transact with confidence and convenience To enhance and protect the customer wealth to generate effective return for millions of the Australian customers who owns their shares and also through the process of superannuation The various financial decisions of the CBA: The Bank provides finance to more than 2 million customers and pays interest to more than 11 million retail savings and account holders. The annual payroll expenditure the banking group is more than $5 billion. The CBA is the Australias fourth largest taxpayer; it has paid more than $3 billion tax in the financial year of 2017. The group has delivered a range of financial literacy programs to more than 280000 students across the world Various healths and well being programs has been conducted by the banking group. Ensuring Respect: The CBA treats with each other the way they would like to be treated. Compassion: The CBA bring compassion and kindness to the dealings with others They are aware of human vulnerabilities and act to suspend judgment, showing humanity, generosity, and appreciation (Dell'Atti et al. 2017). Trust: The CBA keeps trust in each other demonstrates honesty and dignity in the interactions. The trust is earned and build in the belief that person in the other side has our best interests at heart. Leadership: They invest in leadership and believes that everyone can lead change and make a difference. Authenticity: The CBA commits to be true and fair. However, the CommInsue has pointed out the fraud that took place that involved the bank. According to them, the bank has been accused to manipulate the medical intuitions so the insurance claims ate rejected. it involved misuse of the medical reports that includes deletion of the files and forcing the doctors to change their opinion by changing the description of the diseases so that the insurance claims of the clients are rejected. This contrasts with the fundamental strategy of the bank and had an negative impact on the companys reputation. Do sustainability and socially responsible outcomes really matter for CBA? Discuss. According to the sustainability report of 2017, it can be said that the sustainability and the social responsibility plays an important role for the banking company. The outcomes really matter to them. The following example highlights and gives a vivid description of the activities of the company considering the social responsibility and the sustainability (Herbohn, Gao, and Clarkson 2017). In May 2013, the CBA group announced the new vision declaring the enhancement of the financial well being of the people, community and the businesses. The new vision focuses on culture, desire to improve and innovate. A new sustainability framework has been introduces which states: Sustainable business practices: The sustainable business practices and operation that has been embedded by the business includes a strong governance, a management system that is well established, transparent reporting and responsible procurement. Responsible financial services: The approach to the provision of financial products and services to be more responsible Better work force: To attract and sustain a talented workforce and a proper diversification of the existing one Contribution to community and action: To contribute programs those are impactful to the communities with the help of beneficial partnership Environmental stewardship: to measure and reduce the existing environmental feet prints and provide efficient solutions to help the customers and the employees to reduce theirs (Sethi, Martell and Demir 2017). The CBS has provided 24 hours real time banking Various initiatives to reduce the carbon by 20% Increased the work flexibility Many programs and educations conducts to make students aware of the financial banking Ethical principles violated Beneficence: The beneficence principle guides the makers of choice for analyzing what is right. This focus is on the good things .This beneficence principle is also related to the utility principle that states that there should be attempts to produce the highest ratio of ethics over unethical. This stipulates that ethics theories should strive to get the highest amount of good for tyhje benefit of the public in general (Bowie 2017). In this context, the management of CBA has violated the principle and has done no good to the insured patients who cannot obtain their insurance claim. Least Harm: Similarly, this principle deals with the circumstances in which there is no choice that is helpful. In such cases, decision makers seek to make choice as to cause the minimum harm to do it to the least number of people. The scam case as reported by the CommInsue tells that the innocent customers have lost their medical insurance amounts in this fraud case, which is a harm. Respect for Autonomy: This principle states that the process of management should focus on allowing the individuals to be autonomous. This helps in making them able to make decisions that they can apply to their own lives. Thus, people should have control over their lives as much as possible because they are the only people who completely understand their type of lifestyle chosen. Justice: The of justice states that the managers who takes decision should highlight the actions that are true and fair for the people who are involved. The ethical decisions should be able to be stable with the ethical theory unless mitigating conditions that can be justified exist in the case. This also means that cases with extenuating situations must contain a major and essential difference from related cases that justify the conflicting decision (Thompson 2018). The CBA customers had faced injustice in the fraud case conducted by CBA. The commonwealth Bank of Australia in the fraud case as pointed by CommInsue has made a fraudulent action of manipulating the doctors so that their claims of the insured patients are rejected. This is a case where all the above mentioned principles are violated. This is a case where innocent patients are harmed. This is against the mentioned commitments and can harms the reputation. Ethical violations with reference to relevant ethical theories The ethical theories helps in the process of decision making and provides guides for taking the actions there are four broad categories of the ethical theories. The categories are: Deontology: This class of ethics stares that the people should stick on to the committed obligations and duties when occupied in the arriving at a decision when ethics are in play. That is the person should chase their obligation to another individual or society as keeping ones duty is what is considered correct in terms of ethics. Utilitarianism: Ethical theories of Utilitarian are based on the skill in predicting the penalty of an action. In this case, the choice that results the highest help to the many people is the one that is fairly correct (Newton 2017). An act of a utilitarian management is troubled with the attainment of the maximum wellbeing. It does not always related with justice, autonomy or beneficence for person if oppressing the people leads to the solution that advantages a bulk of people. Rights: When it comes to theories on rights, it is propsed by a society, therefore, they are highly sheltered and mqximum priorities are given. The Rights of virtue are considered valid and ethically correct since a large population does the endorsement. The people may also impart rights upon others if they have the skill and funds to do so. Values: In this theory of virtue. The judgment of a person is done by their character rather than by the actions that move away from their common manners. It takes in hand the reputation, motivation and morals of the individuals into consideration while rating an odd and unbalanced conduct that is taken as immoral (Kara 2017). The Commonwealth clearly has violated the above-mentioned theories and has gone against their virtues. Conclusion However, The Insurance arm of Commonwealth Bank, CommInsue which is one of the Australias largest insurers pointed out in various fraudulent practices such as misusing of medical reports, deletion of files and forcing the doctors to change their opinions so that client claims can be rejected, altering the description of diseases and delaying payouts. The discussion deals with the examination of the management and policies of the bank. References Bank, C., 2014. Sustainability Report 2010.Small Medium Enterprise Development Bank Malaysia Berhad. Bowie, N.E., 2017.Business ethics: A Kantian perspective. Cambridge University Press. Carnegie, G.D., 2016. 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An evaluation of the quality of corporate social responsibility reports by some of the worlds largest financial institutions.Journal of business ethics,140(4), pp.787-805. Thompson, D.F., 2018. The possibility of administrative ethics. InClassics Of Administrative Ethics(pp. 79-92). Routledge.