Exam (elaborations)
CQIB - CHAPTER 2 - ETHICS IN BANKING
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CQIB - CHAPTER 2 - ETHICS IN BANKING
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CQIB - CHAPTER 2 - ETHICS IN BANKINGWhat is ethics? & What 'questions' does it answer? - Answers- Answering the question:
Individually: 'What should I do?' 'How should I live?' Collectively: 'What should we do?'
Ethics is influenced by our values - for example, loyalty, integrity, security etc., and
moral traditions - religious, cultural, societal or family traditions that shape our values.
What is Moral Absolutism? - Answers- Moral Absolutism People who think that there
are universal rules that apply to everyone.
What is Moral Relativists - Answers- Dispute the idea that there are some universal
rules that all cultures ought to obey,
they argue that:
Differed cultures or different periods in history had different moral views.
What is 'good' depends on what a particular group of people approve of
Relativism considers the diversity of human societies and responds to the different
circumstances surrounding human acts.
Those who adhere to moral relativism would say?... - Answers- "when in Rome, do as
the Romans do."
What are the 3 Approaches to Ethical Issues? - Answers- 1. Consequentialism- A
subset of consequential ism is utilitarianism.
2. Deontology
3. Virtue Based Ethics
Utilitarianism is a subset of what Ethical Approach? - Answers- Consequentialism
Which Approach to Ethical Issues is this statement relating to:
Practice that starts with the idea that we can identify what it would be like if we lived up
to our own standards, and every decision we made moved us towards being the best
version of ourselves. - Answers- Virtue Based Ethics
Which Approach to Ethical Issues is this statement relating to:
Considers that the right thing to do is your duty, regardless of whether you want to or
not. It is following a set of rules that you also expect others to follow but using an
approach where everyone applies similar reasoning to protect against self-centred
thinking. - Answers- Deontology
Which Approach to Ethical Issues is this statement relating to:
, A way of working through the consequences of a decision. The right decision is the one
that achieves the best outcome (or benefit) with the least amount of harm (or cost). -
Answers- Consequentialism
Key Concepts of Consequentialism - Answers- A way of working through the
consequences of a decision.
Tends to regard everybody's happiness or unhappiness equally valid. Therefore, you
have to consider the entire utility, rather than viewing it from a self-centred perspective.
Start to think that the means Justify the ends.
Whether an act is right or wrong depends only on the results, or consequences, of that
act.
The more good consequences an act or behaviour produces, the better or "more right"
that act or behaviour.
You consider all the costs and all the benefits before making a decision.
Key Concepts of Deontology - Answers- A way of applying reasoning to a decision
based on two simple rules.
Anything you might 'will' for yourself, you must be prepared to 'will' for everyone else. In
other words, it asks the questions 'What if everybody did this?' 'Could I accept this being
imposed on me?'
You cannot use people as a means to an end - they deserve more respect than that.
There is no consideration about the creation of the ·greater good', 'least harm· or
'maximum benefit'.
Key Concepts of Virtue Based Ethics - Answers- Flexible approach because there are
no universal "rules" to apply when making a decision. Does require you to be true to
yourself and learn from role models (dead or alive).
A virtue is a moral characteristic that a person needs to live well. The basis of virtue
ethics decision making are simple questions such as, "If I choose to do X, will that
reflect me being the best person that I can be?
What term describes thinking about thinking? & Key Concepts - Answers-
Metacognition
- Helps us to plan, assess and improve our thinking
- Often used in educational contents to refer to the way people improve their ability to
learn.
- Being capable of making ethical decisions is not necessarily a natural still, it is a
practical capability that we develop with knowledge and experience.
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