Hello Class, I am Cherly Cosby, a passionate and determined student eager to undertake and excel in this course. I have worked in many financial institutions over the years, and I fully understand ethics concerning financial management. Throughout my employment in these institutions, I have witnessed my colleagues engage in unethical practices that eventually cost their jobs and livelihoods. This course will sharpen my financial management skills, instill ethical behavior and practices in me, and link me up with other like-minded colleagues within my career field. Outside work and school, I enjoy hiking, reading novels, and spending time with my family.
Ethical practices play a significant role in organizational financial management. Without ethics, stakeholder's interests are not protected or preserved. Lack of ethics in financial management damages a company's reputation, employees' interests and impacts its financial system. Ethics in finance can be attributed to trustworthiness, fairness, fidelity, loyalty, and justice. A lack of these norms within a financial firm drives unethical behavior and practices. For instance, Enron and WorldCom are two companies whose business practices were fraudulent and unethical (Kennedy, 2012). Executives at these companies engaged in corrupt financial practices that had far-reaching implications for them and the companies at large. According to Ulick (2002), these scandals escalated because of poor financial management systems, weak ethical practices, and greed.
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Hello Tracey Bell, I appreciate your post and how well your background blends well with your current occupation. After reading your post, I am surprised that Wells Fargo had a financial management scandal. A few years back, someone advised me to open an account with the bank, but I was reluctant to do so. However, after researching their financial mismanagement and the progress made to resolve the issue, the company serves as an example to other corporations on the significance of implementing ethical guidelines and best practices to guide financial management within these firms.
References
Kennedy, K. A. (2012). An analysis of fraud: Causes, prevention, and notable cases. https://scholars.unh.edu/cgi/viewcontent.cgi?article=1099&context=honors
Ulick, J. (2002). 2002: Year of the scandal - Dec. 17, 2002 . Business News - Latest Headlines on CNN Business - CNN. https://money.cnn.com/2002/12/17/news/review_scandals/
