Recommendations for Commonwealth Bank

Question: Discuss about theRecommendations for Commonwealth Bank. Answer: Recommendations The people always hate the ethics, which are followed by the bank, but they still trust the banks for keeping their money. The companies that follow ethics are not always perfect and commit many mistakes but that does not keep the people away from those banks. The Commonwealth Bank is following that path but is not covering all the ethics that is required for a bank to follow. The wealth management sector of the bank, which was unethically, involved in a bad conduct by the life insurance wing, and happened at the same time when ANZ was in the midst of a trading scandal due to the bank bill swapping rate (Daft 2015). According to Oates and Dias (2016), the bank wants to maintain the highest standards related to ethics. All the operations that take place inside the organization is based on integrity and transparency. They trust their stakeholders, which includes the members, employees, partners and the people who invest in their bank by keeping their money in the bank. The bank offers diversity at the workplace as well as in the organization. The employees of the organization are treated with dignity and respect. The bank needs to understand the needs of the employees from the grass root level in the organization. The banks needs to conduct workshops that will help the employees to hone their skills in self-management. The buildup of team is very essential amongst the employees so that the work can be divided and foster the cooperative nature of the employees. The bank needs to trust the employees in some of the decisions that they take while dealing with the customers. This will help in boosting the morale of the employees and be actively involved in the daily proceedings of the bank (Daft 2015). The stakeholders of the organization, which includes the members and the partners, will be treated with honesty, fairness and respect. They will also look in to the services that are provided by the bank that they are up to the quality that they offer and will not compromise on the standards that are set by the bank. The company and the employees will respect the properties belonging to the stakeholders where the intellectual property is also a part. The bank will contribute on a positive note towards the communities and the environment in which they are working and will work according to the rules and regulations of that particular place. They will also be sensitive towards the customs and conventions that are present locally (Oates and Dias 2016). The company recently faced the issues relating to climatic changes because it is one of the largest moneylenders when it comes to projects related to fossil fuels. The bank stated that it will not let the rise in temperatures on a global scale to increase more than two degrees and took a more strict approach in lending money to the projects related to fossil fuels. Furthermore, the Board will take more strict steps in sanctioning the loans of the projects relating to major environmental impacts (Yeates, 2017). Reference List Daft, R.L., 2015.Organization theory and design. Cengage learning. Oates, G. and Dias, R., 2016. Including ethics in banking and finance programs: teaching we shouldnt win at any cost.Education+ Training,58(1), pp.94-111. Yeates, C. (2017). CBA wants to be 'the ethical bank'. [online] The Sydney Morning Herald. Available at: https://www.smh.com.au/business/banking-and-finance/cba-wants-to-be-the-ethical-bank-20151117-gl11rc.html [Accessed 29 Jan. 2017].