MAA250 Ethics and Financial Services
Trimester 2, 2018
DUE DATE AND TIME: Friday August 10th, 2018 (23:59) - Week 5
PERCENTAGE OF FINAL GRADE: 20% of the overall assessment
MARKS: 20 marks
RUBRIC: A marking rubric is available on the CloudDeakin site.
Learning Outcome Details
Unit Learning Outcome (ULO) Graduate Learning Outcome (GLO) ULO 1 - Apply ethical principles and decision- making models in arriving at a responsible and ethical judgement in routine and complex finance decisions ULO 2 Communicate the responsibilities of professionals in relation to stakeholder interests ULO 3 - Integrate and communicate knowledge of ethics and professionalism in financial services from corporate and individual perspectives in national and international setting
GLO1: Discipline specific knowledge and capabilities GLO2: Communicate impact of professional responsibilities from a stakeholder perspective GLO8: Global citizenship global comparative ethical behaviour and cross cultural knowledge
Students who submit their work by the due date will receive feedback on the CloudDeakin site within 15 working days of submission.
Assessment 1 requires students to write a research essay on the recent Australian Royal Commission into the banking and finance sectors.
This is an independent research task which broadly aligns to Topic 2 on Corporate Governance, however forward reading of your lecture notes, the textbook and the sourcing of information from newspaper articles is also required. Topic 2 will form the underlying basis of your discussions, however detailed research is
MAA250 – Ethics and Financial Services
required by students to gain specific insight into the Royal Commission, the rationale for it and the interim findings to date.
The format of the assignment is to be in essay form (report style not required), sub-headings are encouraged, 12 font calibre or times new roman styles are recommended and use of the Harvard style of referencing is also required (please seek assistance from the librarian if required).
You are to write a 2000 word essay, using a minimum of 10 different references. Specific requirements include answering the questions within Part A, Part B, Part C and Part D. Parts A, B and C relate to GLO1 and Part D relates to GLO8. Each of the 4 parts comprise of of the assignment. The overall marks will be out of 100 marks (and then adjusted to equate to an overall 20% weighting toward your final grade for the Unit) with 25 marks dedicated to each of the 4 parts. Each part should comprise of approximately 500 words. Some suggested minimum prompts are included below each part, which MUST be addressed and fully discussed. Extensive additional student research is required, as the lecture materials only briefly address the broad concept of corporate governance. However, the requirement for this assignment is to provide a detailed overview of the Australian Royal Commission into the banking and finance sectors, to date. A thorough search of related newspaper / media articles (in addition to what is already provided under the news / media section of the Cloud site) is also required.
Part A Background, impetus, rationale, momentum and support and/or resistance:
- What is the purpose of corporate governance in big business and discuss whether it been successful in our banking and finance sector in Australia?
- Describe what is the purpose of a Royal Commission?
- What were the reasons a Royal Commission into the Australian banking and finance sectors was called?
- Was there any resistance to the Royal Commission being called? If so, who from and why?
Part B Interim findings, revelations, conflicts of interest and corporate culture:
- What have been the key findings of the Royal Commission to date? Discuss specific examples of banks and/or financial institutions / providers which have been identified as having breached professional and ethical standards
- What conflicts of interest are apparent?
- What impact does corporate culture and remuneration have on the behaviour of those who work within the banking and finance sectors?
- Have there been examples of government organisations and/or banks where the corporate culture has been evaluated as corrupt? Provide specific examples and rationale for why the culture may be corrupt and how improvements in corporate culture can be made. What impact does corporate culture have on an organisation, bank or financial institution?
Part C Rewards / punishments, recommendations, likely reforms and impact:
- Communicate the impact of the Royal Commission, aligned to notions of the responsibilities of professionals in relation to stakeholder interests / expectation and from the perspective of professional responsibilities in the banking and finance sectors to all stakeholders and why
- What are the links between rewards and punishment? Consider the role of ASIC, APRA and propose any likely regulations and penalties to be imposed by a failure of corporate governance at the leadership, Board and CEO levels
- What recommendations should the Commissioner make based on the findings to date?
MAA250 – Ethics and Financial Services
- What impacts and reforms are likely as a result of the Royal Commission, including discussion of self- regulation etc. Will these reforms be positive / negative and who will they most likely impact, and are they the true cause of the current state of the finance and banking sectors?
Part D Global awareness, globalisation, cross-cultural awareness and comparisons in global financial markets:
- Given that the banking, finance and accounting sectors are global professions, how do you see the ethics and levels of professionalism varying between countries? Are the issues that have been exposed in this Royal Commission unique to Australia, or are they typical issues faced by our profession, regardless of culture, nationality and background? What standards should Australia be upholding based on what mechanisms and controls and how do these compare with overseas? Use some overseas countries as comparative examples, perhaps considering issues such as regulation versus de-regulation, legislation, government involvement / intervention and remuneration. Discuss using some international comparative examples.
The essay is to be submitted to the Assignment 1 drop box, on the Cloud site.
You must keep a backup copy of every assignment you submit, until the marked assignment has been returned to you. In the unlikely event that one of your assignments is misplaced, you will need to submit your backup copy.
Any work you submit may be checked by electronic or other means for the purposes of detecting collusion and/or plagiarism.
When you are required to submit an assignment through your CloudDeakin unit site, you will receive an email to your Deakin email address confirming that it has been submitted. You should check that you can see your assignment in the Submissions view of the Assignment drop box folder after upload, and check for, and keep, the email receipt for the submission.
- Penalties for late submission: The following marking penalties will apply if you submit an assessment task after the due date without an approved extension: 5% will be deducted from available marks for each day up to five days, and work that is submitted more than five days after the due date will not be marked. You will receive 0% for the task. ‘Day’ means working day for paper submissions and calendar day for electronic submissions. The Unit Chair may refuse to accept a late submission where it is unreasonable or impracticable to assess the task after the due date.
- For more information about academic misconduct, special consideration, extensions, and assessment feedback, please refer to the document Your rights and responsibilities as a student in this Unit in the first folder next to the Unit Guide of the Resources area in the CloudDeakin unit site.
- Building evidence of your experiences, skills and knowledge (Portfolio) – Building a portfolio that evidences your skills, knowledge and experience will provide you with a valuable tool to help you prepare for interviews and to showcase to potential employers. There are a number of tools that you can use to build a portfolio. You are provided with cloud space through OneDrive, or through the Portfolio tool in the Cloud Unit Site, but you can use any storage repository system that you like. Remember that a Portfolio is YOUR tool. You should be able to store your assessment work, reflections, achievements and artefacts in YOUR Portfolio. Once you have completed this assessment piece, add it to your personal Portfolio to use and showcase your learning later, when applying for jobs, or further studies. Curate your work by adding meaningful tags to your artefacts that describe what the artefact represents.