音频文件
Module 1 Section A Personal ethics.mp3
模块 1 A 部分 个人ethics.mp3
音频文件
Module 1 Section A Personal ethics.mp3
模块 1 A 部分 个人ethics.mp3
转录
00:00:00
Welcome to ethics in finance, module one on reputation, trust and ethics.
欢迎来到金融伦理,关于声誉、信任和道德的模块一。
00:00:07
Where we laid the foundations of a framework for ethical decision making, we will discuss the interaction between reputation, trust and ethics and how it has affected finance practitioners and financial institutions throughout history and to this day.
在我们为道德决策框架奠定基础的地方,我们将讨论声誉、信任和道德之间的相互作用,以及它如何影响整个历史和今天的金融从业者和金融机构。
00:00:23
We will also discuss the impact of ethics on the economy, inequality and financial well being. And finally, we will capture the essential features of the theories of ethics to provide a practical ethical compass before we get started, ethics considers a set of moral principles.
我们还将讨论道德对经济、不平等和财务福祉的影响。最后,我们将抓住伦理学理论的基本特征,在我们开始之前提供一个实用的伦理指南针,伦理学考虑了一套道德原则。
00:00:44
That govern a person's behaviour or the conduct of an activity. Popular understandings of ethics include trust, integrity, honesty, social responsibility or doing the right thing. We will use those understandings somewhat interchangeably.
它支配着一个人的行为或活动的进行。对道德的普遍理解包括信任、正直、诚实、社会责任或做正确的事。我们将在某种程度上互换使用这些理解。
00:01:02
Now let's get into it. Finance touches our lives in many ways, directly and indirectly, deposits, loans, mortgages, saving accounts, currency exchange and credit cards wriggle their way into our daily lives, experiences and necessities.
现在让我们开始吧。金融以多种方式直接或间接地影响着我们的生活,存款、贷款、抵押贷款、储蓄账户、货币兑换和信用卡在我们的日常生活、体验和必需品中蠕动。
00:01:22
As the complexity of those financial interactions increases, we rely increasingly on finance practitioners with financial well being, underpinning a lifelong prosperity.
随着这些金融互动的复杂性增加,我们越来越依赖具有财务健康的金融从业者,这是终身繁荣的基础。
00:01:34
Handing over the reins of one's finances to those specialists suggests a remarkable level of trust in the financial experts. But the benefits of doing so are clear. Finance has the potential to facilitate and enrich our lives. However, it is worth noting that millions of people do not share in any of these experiences.
将财务的缰绳交给这些专家表明对金融专家的信任程度非常高。但这样做的好处是显而易见的。金融有可能促进和丰富我们的生活。然而,值得注意的是,数以百万计的人并不分享这些经历。
00:01:58
And are bereft of the benefits and opportunities that finance.
并且被剥夺了融资的好处和机会。
00:02:02
Blocks these so-called unbanked and financially excluded people often find themselves entrenched in poverty, which in turn prevents them from access to formal financial services and condemns them to the informal providers. And despite digital and mobile finance, also known as.
阻止这些所谓的没有银行账户和被经济排斥的人往往发现自己陷入了贫困,这反过来又使他们无法获得正规的金融服务,并使他们沦为非正规提供者。尽管数字和移动金融,也称为。
00:02:22
New finance.
新金融。
00:02:24
Bringing financial tools and assets to the masses, promising a better, more prosperous future for all the barriers to access remain. While this course focuses on the ethics of the formal finance sector, the ethics of payday lenders and other informal sector practitioners.
将金融工具和资产带给大众,承诺为所有获取障碍创造一个更美好、更繁荣的未来。虽然本课程侧重于正规金融部门的道德规范,但发薪日贷款人和其他非正规部门从业者的道德规范。
00:02:45
Will feature briefly when we discuss the role of finance in driving economic growth.
当我们讨论金融在推动经济增长中的作用时,将简要介绍。
00:02:51
As finance academics, we agree that access to finance opens doors of opportunity to invest for the future and to provide safeguards against future financial risks. Financial well being ranks alongside physical and mental well being.
作为金融学者,我们一致认为,获得融资为未来投资打开了机会之门,并为未来的金融风险提供了保障。财务健康与身心健康并驾齐驱。
00:03:08
But nothing in finance is guaranteed and financial outcomes may disappoint and quite clearly, the spoils of financial access are not evenly distributed, with the gap between the richest and the poorest continuing to grow more about that later.
但是,金融领域没有什么是可以保证的,财务结果可能会令人失望,很明显,金融渠道的战利品分配不均,最富有和最贫穷之间的差距在以后继续扩大。
00:03:26
When I fly out of Melbourne Airport, I normally buy some currency of the country I'm heading to.
当我飞出墨尔本机场时,我通常会购买一些我要去的国家的货币。
00:03:33
You must have seen the currency exchange offices at the airport.
您一定已经看过机场的货币兑换处。
00:03:37
I ask for a million Rupiahs and the finance practitioner tells me what I need to pay in Australian dollars.
我要求100万印尼盾,金融从业者告诉我我需要用澳元支付什么。
00:03:45
It's an instantaneous transaction and I trust that she has given me the correct latest quoted exchange rate now.
这是一笔即时交易,我相信她现在已经给了我正确的最新报价。
00:03:53
Note that unlike this instantaneous transaction, many financial transactions do in fact spend a period of time like a promised buyback of my leftover Rupiahs on my return from overseas at a guaranteed exchange rate on departure. The longer I'm away, the more uncertainty.
请注意,与这种即时交易不同,许多金融交易实际上确实会花费一段时间,例如在我从海外返回时以保证的汇率回购我剩余的印尼盾。我离开的时间越长,不确定性就越大。
00:04:13
Where the debt Guaranteed Rate was a good choice. Indeed, time creates uncertainty about what the future will hold and create opportunity for unethical behaviour. Unlike the spot transaction, time creates an other required level of.
其中债务保证利率是一个不错的选择。事实上,时间会给未来带来不确定性,并为不道德行为创造机会。与现货交易不同,时间创建了其他所需的级别。
00:04:30
Trust.
信任。
00:04:31
Let me illustrate. Consider someone just retired seeking financial advice and being recommended and persuaded to invest in mortgage backed securities as they are offering very high expected returns. The retiree will be sorely disappointed if the investment falls short of those expected returns.
让我举例说明。考虑一个刚刚退休的人寻求财务建议,并被推荐和说服投资抵押贷款支持证券,因为它们提供非常高的预期回报。如果投资达不到预期回报,退休人员将非常失望。
00:04:53
Of course, those poor returns could be due to a turn in the market.
当然,这些糟糕的回报可能是由于市场的转变。
00:04:58
Unforeseen by financial analysts and advisors, hence the disclaimer that past performance does not guarantee future returns. However, those poor returns could also be due to a failure in due diligence on the investment opportunity.
财务分析师和顾问无法预见,因此免责声明过去的表现并不能保证未来的回报。然而,这些糟糕的回报也可能是由于对投资机会的尽职调查失败。
00:05:15
Or simply forgetting to check suitability for the retiree. Either way, our retiree will be disappointed, but there is a difference. By ignoring due diligence, our advice have failed to act in the best interest of the client, either by being sloppy due to a lack in competence.
或者只是忘记检查退休人员的适用性。无论哪种方式,我们的退休人员都会感到失望,但还是有区别的。由于忽视尽职调查,我们的建议未能为客户的最佳利益行事,要么是由于缺乏能力而草率行事。
00:05:35
Or by intent not honouring a promise if our adviser cannot convince the retiree that the poor outcome is the result of market forces.
或者,如果我们的顾问无法说服退休人员相信糟糕的结果是市场力量的结果,则故意不兑现承诺。
00:05:46
The client trust will be diminished and will disappear altogether if the Ombudsman upholds a complaint of incompetence against the financial advisor. But by then it is too late. The decision to invest in mortgage backed securities is taken in the absence of knowledge about the future and based on.
如果申诉专员支持对财务顾问的无能投诉,客户的信任将减少并完全消失。但到那时为时已晚。投资抵押贷款支持证券的决定是在对未来不了解的情况下做出的,并基于。
00:06:06
Imperfect information.
信息不完善。
00:06:08
A retiree needs to figure out whether to entrust our financial advisor to invest on her behalf. That is, and trust it to be competent and to honour promises. Upfront trust starts with the reputation. Reputations are a record of past performance.
退休人员需要弄清楚是否委托我们的财务顾问代表她进行投资。也就是说,相信它有能力并兑现承诺。前期信任始于声誉。声誉是过去表现的记录。
00:06:28
While trust is forward looking.
而信任是前瞻性的。
00:06:32
Informed by past behaviour, the client makes an assessment of the financial practitioners trustworthiness.
根据过去的行为,客户对金融从业者的可信度进行评估。
00:06:39
Now one mistake doesn't ruin our reputation. Although our retiree may beg to differ.
现在,一个错误不会毁了我们的声誉。尽管我们的退休人员可能会乞求不同。
00:06:45
But multiple mistakes will erode trust, trust, incompetence and trust in the commitment to fulfil promises forms the bedrock of ethics in finance. Back in time, Craftsman took great pride in their work, building a reputation for utmost competence.
但是,多重错误会侵蚀信任、信任、无能和对履行承诺的信任,这些承诺构成了金融道德的基石。回到过去,Craftsman对他们的工作感到非常自豪,建立了最高能力的声誉。
00:07:05
In their specialised profession.
在他们的专业领域。
00:07:09
To protect that reputation from phoney competitors so called guilts, established lengthy apprenticeships leading to exams to prove their mastery.
为了保护这种声誉免受虚假竞争对手的所谓内疚,建立了漫长的学徒制,直到考试证明他们的掌握程度。
00:07:22
Competence checked. They then applied strict licencing rules to ensure reliability in their business dealings.
能力检查。然后,他们应用严格的许可规则来确保其业务交易的可靠性。
00:07:31
You could draw comparisons with today's accounting or actuarial accreditation bodies.
您可以与当今的会计或精算认证机构进行比较。
00:07:38
Of course, the Guild system created a monopoly by frustrating excess of new entrants and stymieing innovation over tradition. This lack of competition meant that customers could not shop around for a better, cheaper deal.
当然,公会制度通过挫败过多的新进入者和阻碍创新来创造垄断。这种缺乏竞争意味着客户无法货比三家以获得更好、更便宜的交易。
00:07:56
But at least they could rely on competence and commitment.
但至少他们可以依靠能力和承诺。
00:08:01
To this day, we expect individual competence and a commitment to uphold promises from the financial practitioners we deal with. Hence, we check their educational attainment. A framed diploma in the office.
时至今日,我们仍期望与我们打交道的金融从业者具备个人能力和承诺。因此,我们检查他们的教育程度。办公室里装裱好的文凭。
00:08:16
And seek word of mouth testimonials nowadays routine on social media. In fact, we expect individual finance practitioners to do the right thing ethically. That is, to align their personal moral compass to their duties to clients. Those duties vary.
如今,在社交媒体上寻求口碑推荐是例行公事。事实上,我们希望个人财务从业者在道德上做正确的事情。也就是说,将他们的个人道德指南针与他们对客户的职责保持一致。这些职责各不相同。
00:08:36
But include fiduciary duties suitability.
但包括受托责任的适用性。
00:08:41
Confidentiality, legal and regulatory compliance.
保密性、法律和法规遵从性。
00:08:46
All this should inform the financial advice given to our retiree. Our adviser graduated with a Masters in financial planning.
所有这些都应该为我们的退休人员提供财务建议提供信息。我们的顾问毕业于财务规划硕士学位。
00:08:56
And is looking forward to contribute to the financial well being of her future clients. Just recently she opened a financial planning office.
并期待为她未来客户的财务状况做出贡献。就在最近,她开设了一家财务规划办公室。
00:09:05
But finds it hard to attract clients as she has yet to establish a reputation.
但她发现很难吸引客户,因为她还没有建立起声誉。
00:09:11
And lacks word of mouth. The office rent is high and cash is low. She is getting worried that she will soon be foreclosed, as the bank is charging high interest as she is already in arrears at a conference of the Financial Planning Association. Our adviser attends a presentation by a mortgage broker.
而且缺乏口碑。写字楼租金高,现金低。她越来越担心自己很快就会被取消抵押品赎回权,因为银行正在收取高额利息,因为她已经在财务规划协会的一次会议上拖欠了会费。我们的顾问参加了抵押贷款经纪人的演讲。
00:09:32
Of a prominent bank.
一家著名的银行。
00:09:34
Promising advisors, a substantial Commission for every client they convinced to buy those mortgage backed securities from his bank at the drinks later that day, our adviser mingles with her peers. She overhears one of them claiming to have sold mortgage backed securities to all her clients.
有前途的顾问,他们说服每个客户在当天晚些时候的酒会上从他的银行购买这些抵押贷款支持证券,我们的顾问与她的同行打成一片。她无意中听到其中一人声称已向所有客户出售抵押贷款支持证券。
00:09:55
Despite the fact that they weren't a suitable investment for at least half of them, while having doubts about the securities, our adviser rationalises the advice.
尽管对于至少一半的人来说,它们不是一个合适的投资,但同时对证券有疑问,我们的顾问将建议合理化。
00:10:06
Those latest returns look really good and discounts her concerns. What is the worst that can happen?
这些最新的回报看起来真的很好,打消了她的担忧。可能发生的最坏情况是什么?
00:10:14
Why should my client miss out on this opportunity when so many financial advisors are already advising their customers to invest? The factors that will influence our advisors rationalisation and determining her personal moral compass, including her limited experience, feedback and support from her team.
为什么我的客户会错过这个机会,因为有这么多财务顾问已经建议他们的客户进行投资?影响我们顾问合理化和确定她个人道德指南针的因素,包括她有限的经验、团队的反馈和支持。
00:10:35
In this case, her peers at the conference.
在这种情况下,她在会议上的同龄人。
00:10:38
Time to survive as a business.
是时候作为一家企业生存下去了。
00:10:42
Social environment.
社会环境。
00:10:44
Planning culture, upbringing and education after that initial advice to our retiree client, our advisors business has gone from strength to strength on the back of mortgage backed securities commissions.
规划文化、教养和教育 在为我们的退休客户提供初步建议之后,我们的顾问业务在抵押贷款支持证券佣金的支持下不断发展壮大。
00:10:59
Vindicated by strong returns for her clients.
为她的客户带来了丰厚的回报。
00:11:03
Now numbering 200.
现在有200个。
00:11:06
Then one morning, when watching the breakfast show, the headline reads global collapse of subprime rate mortgages. When trying to call the bank issuing the mortgage backed securities to a clients, she gets a message saying temporarily not available for comment. Only then she notices the 200.
然后有一天早上,在看早餐节目时,标题是次级抵押贷款的全球崩溃。当她试图打电话给向客户发行抵押贷款支持证券的银行时,她收到一条消息,说暂时无法发表评论。直到那时,她才注意到 200 人。
00:11:26
Unanswered calls on her mobile it rings again. How did she arrive in this position through a series of challenges to her individual integrity?
她手机上的未接听电话再次响起。她是如何在一系列对个人诚信的挑战中走到这个位置的?
00:11:36
Where she was being asked and tempted to do something that didn't feel quite right.
她被要求并试图做一些感觉不太对劲的事情。
00:11:42
Where she felt a personal conflict in urging her first and only customer to invest and where she witnessed bad practise at the financial Planning Conference. Her dilemma was compounded by being time poor.
在敦促她的第一个也是唯一一个客户投资时,她感到了个人冲突,以及她在财务规划会议上目睹了不良做法。她的困境因时间不足而变得更加复杂。
00:11:56
Under pressure, unsupported, stressed and fatigued and isolated, those challenges and contributing factors apply equally to businesses employing financial practitioners. Those employers nowadays assist their employees in finding their alignment to do the right thing.
在压力、得不到支持、压力、疲惫和孤立的情况下,这些挑战和促成因素同样适用于雇用金融从业者的企业。如今,这些雇主会帮助员工找到做正确事情的一致性。
00:12:16
Through policies and practises.
通过政策和实践。
00:12:19
Espoused in the code of conduct through hour support and personal development, further education, legal and regulatory workshops, and toned from the top. But despite best efforts, individuals are inevitably challenged in their integrity at one time or another.
通过小时支持和个人发展、继续教育、法律和监管研讨会,并自上而下地支持行为准则。但是,尽管尽了最大努力,个人的诚信也不可避免地会受到挑战。
00:12:38
And usually there are contributing factors that position the individual inside a dilemma. The short films that accompany this ethics course will give you some pause for thought, which contributing factors put our financial practitioners in an ethical.
通常有一些促成因素使个人陷入两难境地。本道德课程随附的短片将让您停下来思考,哪些促成因素使我们的金融从业者处于道德状态。
00:12:55
Emma.
艾玛。
00:12:56
Colleagues, deadlines, stress not being supervised.
同事,截止日期,压力不受监督。
音频文件
Module 1 Section B Institutional ethics.mp3
模块 1 B 部分 机构ethics.mp3
转录
00:00:00
Few people would now remember Nick Leeson.
现在很少有人会记得尼克·李森。
00:00:04
A derivatives trader working for centuries old bearings bank, the United Kingdom Institution in its overseas outpost in Singapore, away from prying eyes. That is oversight from his London headquarters. Nick went rogue by trading ever larger, unauthorised speculative.
一位衍生品交易员,为拥有数百年历史的轴承银行工作,英国机构在其位于新加坡的海外前哨,远离窥探。这是他伦敦总部的监督。尼克通过交易更大的、未经授权的投机行为而变得流氓。
00:00:24
Derivatives positions.
衍生品头寸。
00:00:27
At first, gaining significant profits to the delight of his London superiors, but then chasing cumulative losses by betting on the Japanese Nikkei stock index movements, Nick was ultimately caught short by the Kobe earthquake in 1995. Having accumulated a massive loss.
起初,尼克获得了可观的利润,这让他的伦敦上司感到高兴,但随后通过押注日本日经指数的走势来追逐累积损失,最终在 1995 年的神户地震中陷入困境。积累了巨大的损失。
00:00:47
The case played out in public and was extraordinarily interesting from an ethical perspective, acting on personal motivations and character traits like hubris, pride and greed.
这起案件在公开场合进行,从道德角度来看非常有趣,它基于个人动机和性格特征,如傲慢、骄傲和贪婪。
00:01:00
Nick ignored the centuries old code of conduct espoused by his employer, a massive conflict of interest pitted individual morality, or lack thereof, against bearings. Institutional morality. It might also have been the final clash between the utilitarian ethics.
尼克无视他的雇主所信奉的数百年历史的行为准则,巨大的利益冲突使个人道德或缺乏道德与轴承相冲突。制度道德。这也可能是功利主义伦理之间的最后冲突。
00:01:21
Espoused by corporatized financial institutions and the duty based ethics of traditional privately owned banks like.
公司化金融机构和传统私营银行的基于责任的道德规范所拥护。
00:01:29
Fairings we all know similar cases where rogue individuals digressed and behaved unethically. In most cases, the culprit was escorted off the premises by security guards, a potential signal that the bank would not tolerate unethical behaviour. Penalties included prison time, fines and suspensions.
我们都知道类似的流氓个人离题和行为不道德的案例。在大多数情况下,肇事者是由保安人员护送离开场所的,这是一个潜在的信号,表明银行不会容忍不道德的行为。处罚包括监禁、罚款和停职。
00:01:51
Or disqualifications by the corporate regulator.
或被公司监管机构取消资格。
00:01:55
Depending on the deterrent needed, but we also observe cases of financial misconduct by groups of employees, entire deficients, a bank or even a group of financial institutions, whereas the code of conduct was focused on individual employees morality.
根据所需的威慑力,但我们也观察到员工群体、整个缺陷者、银行甚至金融机构群体的财务不当行为案例,而行为准则则侧重于个别员工的道德。
00:02:14
It was remarkably quiet on institutional morality, yet the Banking Royal Commission unveiled so much institutionalised misconduct right across the financial sector.
它在机构道德方面非常安静,但皇家银行委员会却揭露了整个金融部门如此多的制度化不当行为。
00:02:27
What happened? When did we replace individual morality with institutional immorality going back to the guilts guiding the crafts?
发生了什么事?我们什么时候用制度上的不道德取代了个人道德,回到了指导手工艺的内疚?
00:02:38
They did not survive the industrial Revolution, where crafts were rendered obsolete by machines. Standardisation and factories operated on the specialisation of labour. This New Labour market created new jobs, no longer monopolised by guilt.
他们没有在工业革命中幸存下来,在工业革命中,手工艺品被机器淘汰了。标准化和工厂在劳动力专业化的基础上运作。这个新的劳动力市场创造了新的就业机会,不再被内疚所垄断。
00:02:55
And the entire grafts disappeared after millennia of operation, just as the crafts disappeared. So too did the role of the money lender changed dramatically to finance the industrial revolution. The money lenders needed to operate on a vastly different scale, exposing them to risks.
经过数千年的运作,整个嫁接物都消失了,就像工艺品消失了一样。放债人的角色也发生了巨大变化,为工业革命提供资金。放债人需要以截然不同的规模运作,使他们面临风险。
00:03:15
That could not be borne by individuals.
这是个人无法承担的。
00:03:18
But needed to be shared and restricted through limited liability ownership. Henceforth, the proliferation of modern banking corporations, where ownership was separated from management and money lenders, became bank managers trust in individual practitioners was replaced by trust in the banks they now worked for.
但需要通过有限责任所有权来共享和限制。从此,现代银行公司的普及,所有权与管理层和放债人分离,银行经理对个别从业人员的信任被对他们现在工作的银行的信任所取代。
00:03:40
To ensure that their employees did the right.
确保他们的员工做正确的事。
00:03:43
Thing the banks laid down the principles and rules of doing business known as codes of conduct. They enshrined ethical behaviour towards clients and employers. Increasingly strict regulation of the banks ensured their compliance with the code. This regulatory Shields protected the banks.
银行制定了做生意的原则和规则,称为行为准则。他们奉行对客户和雇主的道德行为。对银行的日益严格的监管确保了它们遵守该准则。这种监管盾牌保护了银行。
00:04:03
From competition, but they were also held in high regard and trusted by the public. Local bank managers were the pillars of society, trusted by their constituents in the local bank branch.
从竞争中,他们也受到公众的高度重视和信任。当地银行经理是社会的支柱,在当地银行分行受到选民的信任。
00:04:16
From the mid 1970s, this started to change in response to a global recession, governments worldwide started to advocate for market liberalisation, privatisation of hitherto public institutions and corporations was matched by deregulation of financial institutions.
从1970年代中期开始,这种情况开始改变,以应对全球经济衰退,世界各国政府开始倡导市场自由化,迄今为止的公共机构和公司的私有化与金融机构的放松管制相匹配。
00:04:37
To survive in that environment, the banks engaged in relentless competition for market share. Banking conglomerates were established through mergers and acquisitions.
为了在这种环境下生存,银行对市场份额进行了无情的竞争。银行集团是通过兼并和收购建立的。
00:04:46
And local bank branches were closed for efficiency reasons. The conglomerates expanded their business lines in search of growth, significantly increasing risk in their customer base, ever so subtly, the code of conduct turned from being principles based into an ends based.
出于效率原因,当地银行分行也关闭了。企业集团扩大了业务线以寻求增长,大大增加了客户群的风险,行为准则从基于原则变成了基于目的。
00:05:07
Sales strategy. The workplace is changed accordingly.
销售策略。工作场所也相应地发生了变化。
00:05:12
To encourage the quest for market share, profit centres were established with stretch sales targets extracting maximum value from its existing customer base. Pressure on individual team members to deliver their part of the team target caused routine, unthinking, custom and practise.
为了鼓励对市场份额的追求,建立了利润中心,其延伸销售目标从其现有客户群中获取最大价值。对单个团队成员施加压力,要求他们实现团队目标的一部分,这导致了例行公事、不假思索、习惯和实践。
00:05:33
Not being tailored at all to client needs allocating corporate targets to ever smaller profit units created a limited view of state.
完全没有根据客户需求量身定制,将公司目标分配给越来越小的利润单位,从而造成了对状态的有限看法。
00:05:42
Builders. That meant line managers, business line executives and shareholders first and only duties to clients, were diluted, exploited, or even ignored. An aggressive sales focused culture became the norm. Complying with that culture meant promotions, bonuses, perks, speaking up when witnessing.
建设者。这意味着直线经理、业务线高管和股东对客户的首要和唯一职责被稀释、剥削甚至忽视。以销售为中心的积极进取的文化成为常态。遵守这种文化意味着晋升、奖金、津贴,在见证时大声疾呼。
00:06:04
Unethical behaviours meant being passed over for promotion or even losing your job.
不道德的行为意味着被忽略晋升,甚至失去工作。
00:06:10
Moral muteness quickly followed after the heady days of financial deregulation and repeated unethical conduct by the conglomerate banks throughout the 80s, nineties and 2000s, the global financial crisis in 2008 came as a watershed. Leading banks were allowed to default.
在80年代、90年代和2000年代金融放松管制的令人振奋的日子和企业集团银行一再的不道德行为之后,道德沉默迅速随之而来,2008年的全球金融危机成为了一个分水岭。主要银行被允许违约。
00:06:31
Others were forced to merge.
其他人则被迫合并。
00:06:34
Governments worldwide started to pressure bank management to change its ways and recognise the social licence to operate and its consequences in social responsibility and sustainability. Financial institution culture has undeniably changed as a consequence, and not just their reactive return to principles.
世界各国政府开始向银行管理层施压,要求其改变经营方式,并承认社会经营许可及其在社会责任和可持续性方面的影响。不可否认,金融机构的文化因此发生了变化,而不仅仅是他们被动地回归原则。
00:06:56
Based ethics, but also recognising the role of personal ethics.
基于道德,但也承认个人道德的作用。
00:07:02
In particular, virtue ethics, the former is a typical return to principles, following the excesses of utilitarianism. The latter is an interesting foray into empathy and financial inclusion, underpinning the triangle of trust, ethics, empathy, yet ethical misconduct.
特别是美德伦理学,前者是功利主义的过度之后对原则的典型回归。后者是对同理心和金融包容性的一次有趣的尝试,支撑着信任、道德、同理心和道德不当行为的三角关系。
00:07:22
Persists in many financial workplaces. Prominent among them is the abuse of confidential client information.
在许多金融工作场所中持续存在。其中最突出的是滥用机密客户信息。
00:07:30
Think cyber security breaches, insider trading or even data analytics privacy. The failure to monitor and report money laundering, exploiting loopholes in an increasingly regulated environment. Being told to comply with what doesn't feel right and witnessing bad behaviour.
想想网络安全漏洞、内幕交易甚至数据分析隐私。未能监控和报告洗钱活动,在日益监管的环境中利用漏洞。被告知要遵守感觉不对的事情并目睹不良行为。
00:07:50
Without opportunities to call it out in a safe environment, other recurring ethical dilemmas include bribes, not just monetary and facilitation payments.
如果没有机会在安全的环境中大声疾呼,其他反复出现的道德困境包括贿赂,而不仅仅是金钱和疏通费。
00:08:02
Bullying by superiors, unreasonable work, life balance, expectations, diversity, inclusion and equity in the workplace, etcetera. Clearly there is work to be done.
上级欺凌、不合理的工作、生活平衡、期望、多样性、工作场所的包容性和公平性等。显然还有工作要做。
00:08:14
Calling out for ethical leadership.
呼吁道德领导。
00:08:17
And while it.
虽然它。
00:08:18
Helps.
帮助。
00:08:19
Recruiting ethical people is not sufficient.
招募有道德的人是不够的。
00:08:23
It requires a corporate culture change that values and complies with ethics.
它需要重视并遵守道德规范的企业文化变革。
00:08:30
Senior management needs to take responsibility.
高级管理层需要承担责任。
00:08:34
And be held accountable for ethical misconduct by all stakeholders, including the courts, regulators and the public. So what is the business case for being ethical? It improves trust, which reduces the cost of transacting.
并追究所有利益相关者(包括法院、监管机构和公众)的道德不当行为的责任。那么,合乎道德的商业案例是什么?它提高了信任度,从而降低了交易成本。
00:08:52
It reduces integrity costs, that is monitoring behaviour and operational costs.
它降低了完整性成本,即监控行为和运营成本。
00:08:59
It avoids legal and financial penalties for non compliance and class action suits.
它避免了因不合规和集体诉讼而受到的法律和经济处罚。
00:09:06
It improves external reputation and is recognised in global ranking surface, but most importantly it attracts and retains the right people.
它提高了外部声誉,并在全球排名中得到认可,但最重要的是,它吸引并留住了合适的人。
00:09:17
And in doing so makes finance sustainable.
通过这样做,金融具有可持续性。
00:09:21
And that is the right thing to do.
这是正确的做法。
音频文件
Module 1 Section C Ethics and the economy.mp3
模块 1 C 部分 道德与economy.mp3
Module 1 Section C Ethics and the economy
模块 1 C 部分 道德与经济
00:00:00
Ethical misconduct enters the spotlight when market prices collapse. Usually, financial crashes follow a sudden revelation of material information and realisation that the true value of an asset is therefore much less than its market value. Think of Lehman Brothers Enron.
当市场价格暴跌时,道德不端行为成为人们关注的焦点。通常,金融危机发生在重大信息突然泄露并意识到资产的真实价值远低于其市场价值之后。想想雷曼兄弟安然公司。
00:00:21
Or Twitter in a market wide crash, for example, during the global financial crisis of 2008.
或者Twitter在2008年全球金融危机期间的全市场崩盘。
00:00:29
Practically all financial institutions share prices. Collapsed financial crashes are not a particularly new. Phew.
几乎所有金融机构都分享价格。崩溃的金融危机并不是什么新鲜事。唷。
00:00:36
Prominent.
突出。
00:00:38
Panics and frenzies have a rich history going back centuries. Just look up Tulip mania.
恐慌和狂热有着悠久的历史,可以追溯到几个世纪前。看看郁金香狂热就知道了。
00:00:44
Or the South Sea bubble. Unsettling events, but their impact was usually contained to a local market and a relatively small group of rich investors.
或者南海泡沫。令人不安的事件,但它们的影响通常仅限于当地市场和相对较小的富裕投资者群体。
00:00:55
Duped by unscrupulous local individuals, the difficulty or impossibility to verify the promises made by these individuals essentially meant that investors had blind faith in the promises of untold riches.
在无良的当地个人的欺骗下,很难或不可能核实这些人的承诺,这基本上意味着投资者盲目相信无数财富的承诺。
00:01:13
You might think, with hindsight, how gullible were these people.
事后看来,你可能会想,这些人是多么容易上当受骗。
00:01:18
Well, keep in mind that these events occurred during the Golden ages in the Netherlands and England, an era when untold riches did in fact materialise from countries far away.
好吧,请记住,这些事件发生在荷兰和英国的黄金时代,那个时代确实有无数的财富从遥远的国家实现。
00:01:31
And to this day, history repeats itself.
直到今天,历史仍在重演。
00:01:35
Just look at the many, often sophisticated and financially literate investors that buy into the promised but never delivered exceptional returns of questionable investment schemes.
看看许多通常老练且具有金融知识的投资者,他们购买了承诺但从未带来可疑投资计划的卓越回报。
00:01:48
In almonds or ostriches, too good to be true, the late 18th century saw the dawn of industrialization and its companions, globalisation and corporatization.
在杏仁或鸵鸟中,好得令人难以置信,18世纪后期见证了工业化及其伴随的全球化和公司化的曙光。
00:02:01
Connecting economies across the world through global competition, financial services were transformed by these events. Individual money lenders were replaced by family partnership, corporatized and cooperative banks.
通过全球竞争将世界各地的经济体联系起来,金融服务因这些事件而发生了变化。个人放债人被家庭合伙银行、公司化银行和合作银行所取代。
00:02:17
Financing the industrial era and unlocking economic growth, wealth and prosperity, albeit for the rich few, but with the institutionalisation of finance, came its ability to cause widespread and systemic damage to the financial system and economy.
为工业时代提供资金,释放经济增长、财富和繁荣,尽管是为少数富人准备的,但随着金融的制度化,它有能力对金融体系和经济造成广泛和系统性的损害。
00:02:38
In a globalising world, when trust is irreparably damaged or even disappear systemically, it can threaten the very foundations of our financial system and economy. There are examples of plenty.
在一个全球化的世界里,当信任受到不可挽回的损害甚至系统性消失时,它就会威胁到我们金融体系和经济的基础。有很多例子。
00:02:54
The Panic of 1873.
1873年的恐慌。
00:02:57
The 1929 great crash, the 1997 Asian financial crisis.
1929年的大崩盘,1997年的亚洲金融危机。
00:03:04
And most prominently in recent history by the global financial crisis of 2008.
在近代史上最突出的是2008年的全球金融危机。
00:03:11
Where the global financial system became impaired due to worldwide misconduct by finance practitioners and financial institutions, a heady mix of incompetence, asset complexity, deception, misleading information, inadequate regulation and greed.
全球金融体系因全球金融从业人员和金融机构的不当行为而受到损害,无能、资产复杂性、欺骗、误导性信息、监管不力和贪婪令人陶醉。
00:03:31
Brought the system undone.
使系统撤消。
00:03:33
Unethical behaviour violating the essential trust relationship between the public and financial system had real consequences, with businesses and even countries defaulting on their financial obligations.
违反公共和金融体系之间基本信任关系的不道德行为产生了实际后果,企业甚至国家都拖欠了其财政义务。
00:03:47
Unemployment rising and bank savings evaporating.
失业率上升,银行储蓄蒸发。
00:03:52
For finance to deliver on its promise of prosperity and financial security, we need trust.
为了让金融兑现其繁荣和金融安全的承诺,我们需要信任。
00:03:58
Trust in finance practitioners trust in financial institutions and trust in financial markets fail one and the entire financial system is exposed.
对金融从业者的信任,对金融机构的信任和对金融市场的信任,一个失败,整个金融体系暴露无遗。
00:04:10
This is perhaps best illustrated by the 2017 Royal Commission into misconduct in the banking, superannuation and financial services industry.
2017年皇家委员会对银行、养老金和金融服务业的不当行为进行了调查,这也许最能说明这一点。
00:04:22
It is also known as the Banking Royal Commission.
它也被称为银行皇家委员会。
00:04:26
It found evidence of systemic misconduct throughout the financial system.
它发现了整个金融体系存在系统性不当行为的证据。
00:04:31
In the words of the Commissioner.
用专员的话说。
00:04:34
I am not as confident that the lessons of the past have been learned.
我不太相信已经吸取了过去的教训。
00:04:39
I was not persuaded that the banks are willing to accept the necessary responsibility for deciding for itself what is the right thing to do and then having its staff act accordingly.
我不相信银行愿意承担必要的责任,自行决定什么是正确的做法,然后让其员工采取相应的行动。
00:04:53
In the very week that the banks, CEO and chair were to give evidence before the Commission, one of its staff was emailing bankers urging them to sell at least five mortgages each before Christmas. Hardly surprising that these findings triggered or may be confused.
就在银行、首席执行官和主席向委员会作证的那一周,其中一名工作人员给银行家们发了一封电子邮件,敦促他们在圣诞节前出售至少五笔抵押贷款。这些发现引发或可能被混淆也就不足为奇了。
00:05:13
Earned a profound lack of public and customer trust. This is reflected in the annual Roy Morgan Profession Survey on Australia's public perception of the professions, ethics and honesty with the finance professions languishing at the bottom of the integrity table, where health, education and police are ranked on top.
赢得了公众和客户的严重信任。这反映在一年一度的罗伊·摩根职业调查中,该调查涉及澳大利亚公众对职业,道德和诚实的看法,金融专业在诚信表中排名垫底,其中健康,教育和警察排名靠前。
00:05:35
And kept improving overtime to 70 to 80% of the public, only 30% of the public ranked finance high or very high in the integrity stacks. Perhaps not a coincidence when the survey was first held in 1980.
并不断提高加班率,70%到80%的公众,只有30%的公众在诚信堆栈中将财务评为高或非常高。1980年首次进行调查时,这也许不是巧合。
00:05:52
Finance ranked around 70% but then fell off the Cliff. That happened at the exact time of financial deregulation in Australia.
金融业的排名在70%左右,但随后跌落悬崖。这发生在澳大利亚金融放松管制的确切时间。
00:06:03
Causing a distinct shift in the trust relationship between the client and their financial institution. Public perception is not necessarily reflecting customer perception, but too many customers came forward at the Banking Royal Commission hearings with egregious examples of misconduct, or at least widespread.
导致客户与其金融机构之间的信任关系发生明显转变。公众的看法并不一定反映客户的看法,但在皇家银行委员会的听证会上,有太多的客户站出来,提出了令人震惊的不当行为的例子,或者至少是普遍存在的。
00:06:25
Unethical behaviour fees for no service.
不道德的行为费用为没有服务。
00:06:28
Incorrect loan applications with falsified signatures, pressure selling of financial products, inappropriate personal advice.
签名伪造的错误贷款申请、金融产品的压力销售、不适当的个人建议。
00:06:36
Entrenched commissions culture, rampant conflicts of interest, poor or toxic culture, governance failures. The Banking Royal Commission is just one, albeit an important one, in a long trail of inquiries and investigations into the conduct of financial institutions. Few recommendations.
根深蒂固的佣金文化、猖獗的利益冲突、不良或有毒的文化、治理失败。皇家银行委员会只是对金融机构行为的漫长调查和调查中的一个,尽管是一个重要的委员会。建议很少。
00:06:57
Are ever implemented by the government calling for the inquiry.
曾经由政府要求进行调查。
00:07:01
Notwithstanding the temporarily improved transparency by exposing misconduct in the hearings and reports.
尽管通过揭露听证会和报告中的不当行为暂时提高了透明度。
00:07:09
This is disappointing to say the least. It is left up to the financial sector to self regulate in order to regain public trust. Of course, governments can legislate and regulate where that trust is mostly.
至少可以说,这是令人失望的。金融部门需要自我监管,以重新获得公众的信任。当然,政府可以立法和规范这种信任的主要来源。
00:07:24
Loaded.
加载。
00:07:25
But is it really the best solution to just abolish trust or make it altogether irrelevant? For starters, there are significant costs attached to law and regulatory enforcement. Even more importantly, the law is never quite capable of catching up to a constantly evolving financial landscape.
但是,这真的是废除信任或使其完全无关紧要的最佳解决方案吗?首先,法律和监管执法需要付出巨大的成本。更重要的是,法律永远无法赶上不断变化的金融格局。
00:07:45
Consider blockchain operating in a regulatory vacuum and sometimes the law is not necessarily delivering a just or fair outcome to all.
考虑到区块链在监管真空中运行,有时法律不一定能为所有人带来公正或公平的结果。
00:07:56
For example, with insider trading, a financial market regulator is more concerned about the systemic risk of market failure than about the personal impact on the victims of such unethical behaviour.
例如,对于内幕交易,金融市场监管机构更关心市场失灵的系统性风险,而不是对这种不道德行为的受害者的个人影响。
音频文件
Module 1 Section D Ethics Theories.mp3
模块 1 D 部分 伦理Theories.mp3
转录
00:00:00
In the first section of this module, I briefly mentioned the increasing complexity of financial interactions.
在本模块的第一部分中,我简要提到了金融互动的日益复杂。
00:00:06
Forcing clients to rely increasingly on finance practitioners with specialised knowledge clients, verification of trust has become more difficult as a result of the increasing information asymmetry between informed finance practitioner and uninformed client. Despite the knowledge gap.
由于知情的财务从业人员和不知情的客户之间的信息不对称日益加剧,迫使客户越来越依赖拥有专业知识客户的财务从业人员,因此信任的验证变得更加困难。尽管存在知识差距。
00:00:26
Paradoxically, many clients consider themselves experts in all matters finance due to an apparent familiarity and frequency of interaction with finance, amplified by mobile payment systems, Internet banking, Finn Fluences, and an obsession with cryptocurrency for now.
矛盾的是,许多客户认为自己是所有金融方面的专家,因为他们显然熟悉和频繁地与金融互动,而移动支付系统、网上银行、Finn Fluences 以及目前对加密货币的痴迷则放大了这一点。
00:00:46
We note that complexity information asymmetry and subject familiarity, combined with increasing volatility and uncertainty of the financial outcome, has eroded public trust in ethical behaviour in the individual practitioner, the institution and the.
我们注意到,复杂性、信息不对称和主题熟悉度,加上财务结果的波动性和不确定性增加,侵蚀了公众对个体从业者、机构和道德行为的信任。
00:01:04
System.
系统。
00:01:05
It is undeniable that finance has unleashed global economic growth and thereby lifted millions of people from extreme poverty. The emergence of the middle class in India, Indonesia and China further stimulated economic growth in a positive feedback cycle. But the global financial crisis has also revealed.
不可否认,金融释放了全球经济增长,从而使数百万人摆脱了极端贫困。印度、印度尼西亚和中国中产阶级的出现进一步刺激了正反馈周期的经济增长。但全球金融危机也揭示了这一点。
00:01:25
How we have become dependent on the global financial system.
我们如何变得依赖全球金融体系。
00:01:29
We need to respond to the increasing regularity of economic disruptions caused by financial markets or institutions, rather than by the real economy, with finance creating its own floatilla city. We also need to notice and arrest the ever growing and morally unsustainable inequality.
我们需要应对金融市场或机构而不是实体经济造成的经济混乱日益频繁的情况,金融创造了自己的漂浮城市。我们还需要注意并制止日益增长和道德上不可持续的不平等。
00:01:49
And wealth accumulation. The finance sector has undoubtedly contributed to this inequality. The value of finance for those with access to formal financial systems is evident.
和财富积累。金融部门无疑助长了这种不平等。对于那些能够进入正规金融体系的人来说,金融的价值是显而易见的。
00:02:01
But what about those financially excluded? And we need to be alert to increasing unethical behaviours, too often occurring in a rapidly growing economy fuelled by financial markets. The direct cost of such opportunistic behaviours is already stratospheric. Legal compensation, you name it, but is dwarfed by the cost of increasing distrust.
但是那些在经济上被排除在外的人呢?我们需要警惕越来越多的不道德行为,这种行为经常发生在金融市场推动的快速增长的经济中。这种机会主义行为的直接代价已经是平流层的。法律赔偿,你能想到的,但与日益增加的不信任的成本相比相形见绌。
00:02:24
Poignantly, the Banking Royal Commission alluded to this trust but did not put a price on.
令人心酸的是,皇家银行委员会暗示了这种信任,但没有给出价格。
00:02:31
So who will speak up for finance to continue reaping the benefits of economic growth and turning them into financial well being? We need all financial practitioners in all financial institutions to do the right thing and behave ethically, guided by a moral compass. So how do we do that?
那么,谁会为金融发声,以继续获得经济增长的好处并将其转化为金融福祉?我们需要所有金融机构的所有金融从业者在道德指南针的指导下做正确的事情并遵守道德规范。那么我们该怎么做呢?
00:02:51
A good starting point is the recognition that the finance sector is a mix of ethical behaviours, or if you want ethical justification.
一个好的起点是认识到金融部门是道德行为的混合体,或者如果你想要道德理由。
00:03:01
Made up of personal and institutional ethics, recognising those different takes on what is ethical is a long way towards a professional understanding of acting with integrity and honesty almost inevitably, ethical mishaps will still occur, but denial and punishment of whistleblowers.
由个人和机构道德组成,认识到这些对道德的不同看法是通往专业理解正直和诚实行为的漫长道路,几乎不可避免地,道德事故仍然会发生,但否认和惩罚举报人。
00:03:21
Does not seem a productive way forward to reestablish trust. So how should we make finance better?
这似乎不是重建信任的有效方法。那么,我们应该如何让金融变得更好呢?
00:03:28
To answer that question, we need a framework for ethical decision making.
为了回答这个问题,我们需要一个道德决策的框架。
00:03:33
It is remarkably straightforward, but herewith the disclaimer, the ethical justifications presented here are a gross simplification of a very rich literature by prominent moral philosophers like Aristotle, Plato, Confucius, Aquinas, Kant, Bentham, Mill and Smith.
这非常简单,但在此免责声明,这里提出的伦理理由是对亚里士多德、柏拉图、孔子、阿奎那、康德、边沁、密尔和斯密等著名道德哲学家非常丰富的文献的粗略简化。
00:03:53
Death that dates back centuries, if not millennia. They have shaped our modern understanding of competing principles and rules that finance practitioners use to decide which behaviour or action is right or wrong for broadly defined ethical theories capture the essence of those principles and rules.
死亡可以追溯到几个世纪,甚至几千年前。它们塑造了我们对金融从业者用来决定哪些行为或行动是对还是错的竞争原则和规则的现代理解,因为广义的道德理论抓住了这些原则和规则的本质。
00:04:15
Consider this two dimensional diagram. First, we distinguish personal ethics from institutional or workplace ethics.
请看这个二维图。首先,我们将个人道德与机构或工作场所道德区分开来。
00:04:24
Along the lines of the discussion, in the first two sections of this module, next we distinguish principles based ethics from process based ethics in popular language, this translates as doing the right thing where behaviour and actions are judged against the set of principles or duties.
按照讨论的思路,在本模块的前两节中,接下来我们将基于原则的伦理学与基于过程的伦理学区分开来,用通俗的语言来说,这意味着做正确的事情,根据一套原则或义务来判断行为和行动。
00:04:43
Versus doing a good thing.
而不是做一件好事。
00:04:46
Where behaviour and actions are judged against the outcomes or consequences, let's start with that one. The intersection between institutional ethics and process based ethics is known as utilitarian ethics, but perhaps confusingly, also known as ants based outcomes based.
如果根据结果或后果来判断行为和行动,让我们从那个开始。制度伦理学和基于过程的伦理学之间的交叉点被称为功利主义伦理学,但也许令人困惑的是,也被称为基于蚂蚁的结果伦理学。
00:05:06
Consequences.
后果。
00:05:07
Based or its Greek origin. Teleological ethics. There are distinctions between those labels, but for the purpose of this discussion, they all reflect the following decision rule, whereby an act, a behaviour or an action is considered morally right if it produces a desired result. That result could be a promotion.
基于或其希腊起源。目的论伦理学。这些标签之间是有区别的,但就本讨论的目的而言,它们都反映了以下决策规则,即如果一项行为、行为或行动产生预期的结果,则该行为、行为或行动在道德上被认为是正确的。这个结果可能是一个晋升。
00:05:28
A profit access to finance self interest or utility. On one extreme, it could be entirely selfish. Egoistic. On the other extreme, it could be entirely altruistic.
为自身利益或效用提供资金的利润。在一个极端,它可能完全是自私的。利己。在另一个极端,它可能完全是利他主义的。
00:05:42
In between, it would consider the consequences for the greater good of the greatest number of those affected by the ACT or behaviour.
在两者之间,它将考虑对受ACT或行为影响的最大部分人造成更大利益的后果。
00:05:51
Known as utilitarianism in all these versions, the common feature is that the ends ethically justify the means. Now, none of the theories is.
在所有这些版本中被称为功利主义,其共同特征是目的在道德上证明了手段的合理性。现在,没有一个理论是。
00:06:03
As they make many assumptions, for example, only the ends matter. Does that mean anything goes in the process? Are there no ethical constraints and how do you calculate utility? How do we determine who is affected to aggregate utility? Can we just add up the individual utilities of everyone affected?
例如,当他们做出许多假设时,只有目的才重要。这是否意味着在这个过程中会有什么进展?没有道德约束吗,你如何计算效用?我们如何确定谁会受到聚合效用的影响?我们能把每个受影响的人的个人公用事业加起来吗?
00:06:22
Or should they be weighted by the importance? And what about rights, fairness or justice? Adam Smith's pursuit of self interest to best fulfil the greater good, known as the Invisible Hand has and continues to attract much criticism for its utilitarian approach to etc.
还是应该按重要性加权?那么权利、公平或正义呢?亚当·斯密追求自身利益以最好地实现更大的利益,被称为“看不见的手”,并将继续因其功利主义方法而受到许多批评。
00:06:42
Of course, the invisible hand only works with perfect competition, rational behaviour and in the absence of externalities, conditions that are unlikely to be met in practise it is worth noting that Smith, as a moral philosopher, also advocated that utility maximising behaviour.
当然,看不见的手只有在完全竞争、理性行为和没有外部性的情况下才能起作用,这些条件在实践中不太可能得到满足,值得注意的是,斯密作为道德哲学家,也主张效用最大化行为。
00:07:02
Or to be tempered by certain virtues like prudence and benevolent.
或者被某些美德所磨练,如谨慎和仁慈。
00:07:08
As discussed in the previous sections and spaced ethics emerged in the 18th century alongside industrialization as it justified the moral prerogative of the market forces, leading to optimal efficient outcomes for all. Despite repeated market failures, some of them systemic.
正如前几节所讨论的,间隔伦理学在18世纪与工业化一起出现,因为它证明了市场力量的道德特权是合理的,从而为所有人带来了最佳的有效结果。尽管市场一再失灵,其中一些是系统性的。
00:07:28
Utilitarian ethics is still a popular benchmark for economists and financial institutions. The main reason for its ongoing popularity is that process based ethics is based on measurable.
功利主义伦理仍然是经济学家和金融机构的流行基准。它持续流行的主要原因是基于过程的道德是基于可衡量的。
00:07:40
Comes that ethically justify an action like a microfinance non government organisation deciding to allow hedge funds to invest in the expansion of micro loans, thereby lifting an additional million beneficiaries out of poverty by allowing hedge funds to become involved in the microfinance initiative.
从道德上讲,像小额信贷非政府组织决定允许对冲基金投资扩大小额贷款这样的行动是合理的,从而通过允许对冲基金参与小额信贷计划,使另外一百万受益人摆脱贫困。
00:08:02
Interest rates skyrocketed and borrowers struggled to repay the loans, with many in arrears, some saw no way out and took their own lives. Did the ends still justify the means? The second theory of ethics, known as principles based or duty based or by its Greek name?
利率飙升,借款人难以偿还贷款,许多人拖欠贷款,有些人看不到出路,自杀了。目的是否仍然证明手段是合理的?第二种伦理学理论,被称为基于原则或基于义务,还是以其希腊名称?
00:08:23
The ontological ethics.
本体论伦理学。
00:08:25
Restores reason to moral the life.
恢复道德生活的理性。
00:08:29
The second theory of ethics, known as principles based or duty based or by its Greek name. Deontological ethics restores reason to moral life by virtue of being rational. According to this theory, a binding moral law informs actions and behaviours.
第二种伦理学理论,被称为基于原则或基于义务或希腊名称。道义伦理学通过理性将理性恢复到道德生活中。根据这一理论,具有约束力的道德法则为行动和行为提供信息。
00:08:48
Regardless of the consequences, again there are some open ends. How do we know which are absolute moral rules?
无论后果如何,都有一些开放的结局。我们怎么知道哪些是绝对的道德规则?
00:08:58
Philosopher Kant suggested to act only on rules that one would like to see everyone follow in their pursuit to build trust with the public. Financial institutions quickly arrived at the development of a code of conduct.
哲学家康德建议只按照人们希望看到每个人都遵循的规则行事,以寻求与公众建立信任。金融机构很快制定了行为准则。
00:09:13
That sets out those generally accepted moral rules.
这规定了那些普遍接受的道德规则。
00:09:18
Their fission mission and value statements provide further insight into the role of duty based ethics. A few issues to consider when listing the duties in these documents. How can we be sure that the duties are aligned when having to resolve complicated business transactions as duties reflect?
他们的裂变使命和价值陈述进一步深入了解了基于责任的伦理的作用。在这些文件中列出职责时要考虑的几个问题。当必须解决职责所反映的复杂业务交易时,我们如何确保职责是一致的?
00:09:38
Good intentions. How do we observe or measure them? A further criticism of duty based ethics is its lack of flexibility and anchoring on traditional banking models. The implication is that it's stymies economic.
善意。我们如何观察或测量它们?对基于责任的道德的进一步批评是它缺乏灵活性和对传统银行模式的锚定。言下之意是,它阻碍了经济。
00:09:52
Growth and financial advancement of the public. However, it also provides safeguards at times of market access and overheated economic growth engines, and we have seen duty based ethics emerge after every major financial upheaval in order to restore.
公众的增长和财务进步。然而,它也在市场准入和经济增长引擎过热的时候提供了保障,我们看到在每次重大金融动荡之后都会出现基于义务的道德规范,以恢复这种道德规范。
00:10:12
Public trust in the financial system.
公众对金融体系的信任。
00:10:14
But is there no concern about consequences? One moral rule may prevent a bank to extend a further loan to any client already indebted. Either the client will be unable to repay the debt or resort to an unscrupulous financial institution that will extend the loan at usurious interest rates.
但是不用担心后果吗?一项道德规则可能会阻止银行向任何已经负债的客户提供进一步的贷款。客户要么无法偿还债务,要么求助于不道德的金融机构,以高利贷利率延长贷款。
00:10:35
To bring the personal ethics into play, we next look at Aristotelian virtue ethics with increasing awareness of sustainability.
为了发挥个人伦理学的作用,我们接下来看看亚里士多德的美德伦理学,并不断提高可持续性意识。
00:10:45
Climate change, social responsibility and the impact of ethics on business. There has been a shift in attention from institutional to personal ethics, in particular to virtue ethics. Institutional ethics were shown to lack flexibility and responsiveness in dealing with those new circumstances.
气候变化、社会责任和道德对商业的影响。人们的注意力已经从制度伦理转向个人伦理,特别是美德伦理。事实证明,机构伦理在处理这些新情况时缺乏灵活性和反应能力。
00:11:07
Virtue is a character trait that manifests itself in habitual behaviour and action. Courage, empathy.
美德是一种性格特征,表现在习惯性行为和行动中。 勇气,同理心。
00:11:15
Honesty, loyalty. They all have become whole marks of the desired alignment between personal ethics and institutional ethics, the courage to blow the whistle when you observe unethical behaviour. The empathy to pause small business loan repayments during a pandemic, the loyalty to your employer.
诚实,忠诚。它们都已成为个人道德和机构道德之间理想一致性的完整标志,当你观察到不道德的行为时,有勇气吹哨子。在大流行期间暂停小企业贷款还款的同理心,对雇主的忠诚度。
00:11:36
When moving to a new job and being encouraged by your new employer to bring your best client.
当换到新工作并受到新雇主的鼓励时,请带上最好的客户。
00:11:43
As with the institutional ethics, virtue ethics has got its challenges. There is incompleteness of virtues relevant to institutional behaviours. Virtues may contradict one another when applied to complex transactions. Also, you might have noticed in the diagram that virtue.
与制度伦理学一样,美德伦理学也有其挑战。与制度行为有关的美德是不完备的。当应用于复杂的交易时,美德可能会相互矛盾。此外,您可能已经在图中注意到了美德。
00:12:02
Ethics is principles based acting according to your virtuous character traits supersedes the consequences of those actions, and that brings us to the final theory known as ethical relativism, ethics is learned in the context of the community we live and we.
道德是基于原则的,根据你的美德性格特征行事,取代了这些行为的后果,这就把我们带到了被称为道德相对主义的最终理论,道德是在我们生活的社区和我们的背景下学习的。
00:12:21
Again, relativist ethics elevates the context over the individual and their institution in motivating morally right actions. Of course, community values and moral norms change over time and may and will differ across communities it recognises value.
同样,相对主义伦理学在激励道德上正确的行动时,将背景提升到个人及其机构之上。当然,社区价值观和道德规范会随着时间的推移而变化,并且可能而且将会因社区而异。
00:12:42
And the other three ethics theories at different times, places, cultures, and context, making it adaptable and responsive. The aim is to learn and grow in ethical decision.
而其他三种伦理学理论则在不同的时间、地点、文化和语境中,使其具有适应性和响应性。目的是在道德决策中学习和成长。
00:12:56
Making making it process based rather than principles based. Again, there are shortcomings with ethical relativism. It may lead to inconsistency in behaviour and actions. It may lead to impossible challenges, particularly for internationally operating individuals and their financial institutions.
使它基于过程而不是基于原则。同样,伦理相对主义也有缺点。它可能导致行为和行动的不一致。它可能导致不可能的挑战,特别是对国际经营的个人及其金融机构而言。
00:13:17
Which norms are acceptable? How do we simultaneously interact with different community?
哪些规范是可以接受的?我们如何同时与不同的社区互动?
00:13:22
This.
这。
00:13:23
And how does that interaction influence reputation and trust in finance practitioners and their institutions? Could our actions be simultaneously ethical in one community and considered unethical in another? That could lead to moral ambiguity where the rules are no longer clear.
这种互动如何影响金融从业者及其机构的声誉和信任?我们的行为在一个社区中是否同时是合乎道德的,而在另一个社区中被认为是不道德的?这可能导致道德上的模棱两可,因为规则不再明确。
00:13:43
In the next modules we will apply this theoretical framework to specific ethical concerns and developments in the finance sector.
在接下来的模块中,我们将把这个理论框架应用于金融部门的具体道德问题和发展。
00:13:51
Including duties to clients, conflicts of interest, corporate social responsibility and the social contract throughout, we will aim to raise awareness and provide practical advice on how to navigate the professional dilemmas. In conclusion, this module on reputation, trust and ethics.
包括对客户的责任、利益冲突、企业社会责任和社会契约,我们将致力于提高人们的认识,并就如何驾驭职业困境提供实用建议。总之,这个模块是关于声誉、信任和道德的。
00:14:12
Laid the foundations for ethical decision making.
为道德决策奠定了基础。
00:14:17
We discussed the interaction between reputation, trust and ethics and how it has affected finance practitioners and financial institutions throughout history and to this day we also highlighted the increasing impact of financial ethical misconduct on the economy, inequality and financial well being.
我们讨论了声誉、信任和道德之间的相互作用,以及它如何影响历史上的金融从业者和金融机构,直到今天,我们还强调了金融道德不当行为对经济、不平等和金融福祉的影响越来越大。
00:14:37
And finally, we captured the essential features of the four distinct theories of ethics. To give you a practical reference point for ethical decision making.
最后,我们抓住了四种不同伦理学理论的基本特征。为您提供道德决策的实用参考点。