Sustainable ethics
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1. According to a study done in 2006 by LRN Consulting, 70% of Americans will not purchase products or services from a company with a reputation for questionable ethics. Based on LRN's "Five Steps to Building a Sustainable Ethics and Compliance Process", present an argument to the head of a major bank or financial trading firm of how not having a prevailing culture of ethics will ultimately lead to lower profits.
Choose a specific bank or financial services company for your example and tailor your advice relative to recent events at that company. (JP MORGAN Chase)
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Solution Summary
Choose a specific bank or financial services company for your example and tailor your advice relative to recent events at that company. (JP MORGAN Chase)
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The five steps as set forth by LRN include:
1. Define ethics and compliance risk.
2. Prevent ethics and compliance lapses/failures.
3. Detect noncompliance.
4. Respond to allegations and violations.
5. Evaluate results and continuously improve.
JP Morgan Chase (Chase) is really a good example to use for this question due to their unquestionable ethics practices in the past several years that have made the media. There have been a few main areas where unethical practices have been the most involved. I will present an argument and you can add/trim/edit where you feel best.
Mr. Jamie Dimon,
According to recent studies, 70% of Americans will only work with companies that are reputable and built on solid ethical frameworks. Due to the recent events in the news concerning Chase bank, it would be in the best interest of Chase if management were to consider strengthening your corporate culture to create a stronger ethical framework. As Chase has experienced in the past year, when customers lose confidence in an organization, profits also begin to suffer. One of the main events that the public has noticed is that even though Chase sustained a $2 billion loss which affected 100% of their investors, you (Dimon) still drew a salary of $23.1 million. It can be reasoned that if investors must sustain a loss to the extent that they did, due to lowered profits, your salary should likewise drop to show a conservation of the cash that Chase does have, for the sake of their investors. The first stage of LRN's model is defining ethics and ...
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