Code Of Conduct For AMP Limited In Australia

You are required to read a series of news articles and other information about an Australian company. The details of the Australian company, the news articles and other information will be supplied to you in due course.

You must then draft a Code of Conduct for the Australian company that specifically addresses:

1. Discrimination
2. Exploitation
3. Corruption
4. Dishonest and Fraudulent Behaviour
5. Whistleblower Protections
6. Enforcement

Discrimination is sufficiently explained in the Code of Conduct. Discrimination is expressly prohibited but more information required to clarify the forms of behavior that amount to discrimination.

Specific examples of discrimination are included in the Code of Conduct to support accurate explanation.

Express prohibition of discrimination included making it clear that specific examples of behavior provided are in breach.

A detailed explanation of the concept of discrimination is provided for in the Code of Conduct supported by relevant examples. Such discrimination is expressly prohibited by the Code of Conduct.

Discrimination is comprehensively explained and supported by directly relevant examples. Such discrimination is expressly prohibited by the Code of Conduct with cross reference made to potential sanctions in the Enforcement section.

Code of Conduct Exploitation Little to no discussion of the meaning of exploitation. No express prohibition of exploitation in Code of Conduct.

Code of Conduct includes adequate outlineof the concept of exploitation. Express prohibition of exploitation is included but further details are necessary to better illustrate what forms of exploitation will not be tolerated in the organization.

Exploitation is clearly explained in the Code of Conduct with specific examples included. Exploitation is expressly prohibited and a direct reference is made to examples provided as being in breach.

Corporate mechanisms refer to mechanisms along with processes with the help of which the corporations are provided with direction. The governance structure helps in the identification of responsibilities among the various participants within a corporation. Business ethics refers to form of the applied ethics that helps in examining the ethical problems which can arise within business environment. AMP Limited is the name of financial services company within Australia that is instrumental in providing superannuation along with investment products (Amp.com.au 2018).  The company provides financial advice and has headquarters in the region of Sydney in Australia. This report discusses about the code of conduct in relation to the company AMP Limited in Australia. The report elaborates on policies of the company pertaining to discrimination, exploitation and corruption. The report also creates a code that can help the company in dealing with fraudulent behaviour. It talks about the whistle blower protection and the enforcement practices of the company.

The anti-discrimination policy has been tailored in such a manner so that it can meet the needs of the company. The employment policies of our company have been framed so that it can prevent any kind of discrimination on the basis of caste, race, colour and gender in the workplace. The anti-discrimination policy of AMP Limited can protect the employees and the stakeholders from the harmful behaviours. The practices of the company can create a safe workplace that can help the individuals in the organization in delivering effective performance in the organization. The company provides the financial services to the consumers without any kind of discrimination (Afr.com 2018).  The superannuation and the investment products of the company would be provided without any kind of discrimination. The company can take care of the fact that financial advice is provided to the investors in a transparent manner so that it does not harm the investors. The company gives advice about the home loans clearly that does not harm the consumers and the general public. The business of the company would be conducted on the basis of highest ethical standard (Abc.net.au 2018).  The company would take due care of the fact that they maintain complete confidence of the consumers. The company would conduct the personal affairs and manage business transaction in manner which would not draw any kind of criticism from public. The activities of the company would not damage the reputation of the company and the company would take care of the fact that it acts as financial services organization that is responsible.

The company will take due care of the fact that the investors of the company are not exploited in any manner that can harm prestige of company. The company trains the frontline personnel along with the financial advisors in a manner so that it does not lead to any kind of financial exploitation for the people taking home loans and the insurance from the company. The company develops internal escalation along with reporting protocol that can play an important role in the prevention of any kind of exploitation taking place in the organization. The company shall protect the client from being exploited and take appropriate measures in the event of the safety of the client being jeopardized (Boatright 2017). The employees of the company would be trained on the legal definitions that can help in prevention of any kind of complication arising in the organization. In the event of news of the client being abused, the company would take recourse to reporting that can help in offering protection to the clients. The company have developed internal procedures that can help in safeguarding the client from any kind of malpractice. The company have established a specialized unit that can help in the aspect of monitoring activity. It can help in saving the vulnerable customers along with clients of the company. The company has designed procedures so that it can achieve compliance with that of state privacy laws (Tricker and Tricker 2015). The company shall develop strong working relationship with the customers and the clients that can help in the aspect of encouraging communication in the company.

Exploitation

The individuals involved in any kind of corrupt activity in AMP Limited shall be fined or they can be sentenced to that of imprisonment. The company has zero-tolerance approach in relation to bribery and the company acts in a fair manner that can help in protecting the company from any kind of legal complication. The company acting with integrity in all the business dealings can help in protecting the clients of the company. The company upholds the laws that can help in countering the element of bribery along with corruption. The management of the company shall discharge their duties and take due care of the fact that the employees of the company are not involving in any kind of corrupt malpractice that can threaten the company (Davies 2016). APM Limited will not offer gifts that can help in providing advantage to a business. The employees of the company in the event of non-compliance with policy will result in civil penalties that will vary on the basis of the offence. The company takes care of the fact that the business activities of the company are carried out with honesty and integrity so that it does not jeopardise the lives of the clients. The company ensures that it maintains ethical standard across that of the global locations. The company does not support any kind of corrupt business practice in any form. The company conducts risk assessment at regular intervals that can help in preventing any kind of corrupt practice in AMP Limited (Soltani and Maupetit 2015). The company eliminates the corruption risks and assesses the vulnerability of the business units.

AMP Limited takes care of the fact that fraudulent behaviour is not practised by the employees and the management of the company. The prevention of fraud is the primary area of concern of AMP Limited and the company takes care of the fact that any kind of dishonest behaviour on the part of employees of the company are strictly punished so that it does not injure the reputation of the company. The company shall take recourse to various kinds of fraud detection solutions that can help in safeguarding the clients of the company. The company enhances the information credibility by the integration of different kinds of disparate data sources (García-Sánchez, Rodríguez-Domínguez and Frías-Aceituno 2015). The company makes use of real time integration that can help in quickly detecting fraud. The company indulges in behaviour monitoring of the individuals in the organisation that can help in detecting of any kind of fraud taking place in the company. The company involves itself in detecting the subtle patterns of the behaviour and predicts the future risks by making use of advanced analytics (Crane and Matten 2016).  The company integrates both big data along with advanced analytics that can help in providing superior customer experience. The company has centralized the fraud management operations that helps in preventing fraudulent behaviour on the part of the company. The company takes the help of analytics innovation and these helps in solving the issues related to the consumer behaviour. The company engages in optimization of the fraud management process that helps in protecting the clients of the company.

Corruption

The company provides mechanism that helps in investigating into the corruption taking place in the company. The company has implemented whistle blowing policy that can helps in protecting the shareholders and the clients of the company (Allegrini, Ferramosca and D'Onza 2017). The whistleblowing policies in the company establishes accessible procedures for the employees that helps them in raising concerns. The employees of the company are allowed to make report directly to local regulator that helps in offering the company with that of whistle blower protection. The complaints that are personal to the individual are dealt with the help of grievance process of the company. The human resources of the company has disciplinary process that helps in preventing corrupt practices of the company. The company produces the annual reports on the aspect of whistle blowing and updates the contracts from time to time that helps in preserving the prestige of the company. The company involves itself in updating the training that is instrumental in reflecting the refreshed policies of the company. The whistle blowing policies of the company mix with the culture of the company that helps in creation of an environment where the challenging is held to be normal. The effective arrangements are in place in the company that helps the employees of the company in easily raising the concerns. The senior management of AMP Limited fosters a culture that helps in welcoming discussion along with challenge (Louwers et al. 2015). The firm implements the whistleblowing arrangements that are effective that can help in the successful running of AMP Limited. The company has a documented investigation process that helps in providing a consistent approach to those people who are responsible for the operation of a firm. The company takes due care of the fact that confidentiality of the whistle blower is protected and that the process of victimisation is prevented across the whistleblowing arrangements (Saeidi et al. 2015). The company ensures the fact that whistleblowing report is send annually to that of the governing body. The company takes recourse to policies that is instrumental in offering protection against any kind of victimisation.

AMP Limited carries out investigation along with examination that helps in providing pragmatic assessment of that of the downside risks. The company works alongside with in-house compliance along with legal professionals that helps them in reviewing the policies and the procedures of the company. The reviewing of the procedures is undertaken by the company that helps in the preparation of gap analysis of the company (Honoré, Munari and de La Potterie 2015). The clients of the company are advised in relation to anti-money laundering that plays an important role in protecting the reputation of the company. There occurs regulatory change management capabilities in the organisation that helps in closing the gap between that of real-time regulatory requirement and that of policies of a firm. The company takes care of the fact that critical compliance information in an organization is synchronized with that of current rules that helps in taking care of the stakeholders of the organization. The company has a rigorous compliance program that helps in the enforcing of rules in the company. The policies of the company helps the compliance to shift from that of reactive to the proactive posture that helps in delivering high value to firm (McCahery, Sautner and Starks 2016). The company enforces a systemized process that can help in the positioning of AMP Limited in Australia. The company takes care of the fact that the compliance obligations are met by the company that helps in taking care of the investors and the shareholders of the company. The company takes care of the fact that the firm is able to capture and manage resolution pertaining to customer complaints that ensures the profitability of the company (Davies 2016). 

Dishonest and Fraudulent Behaviour

Conclusion

Corporate mechanism is indicative of the process which can help in providing direction to an organisation. Governance structure of a company can identify responsibilities in between different participants in a corporation. Business ethics is indicative of applied ethics that proves to be useful for the examination of ethical problems in that of a business environment. Anti-discrimination policies are made in a manner that is instrumental in meeting needs of clients. Employment policies of AMP Limited prevents discrimination based on race, colour along with gender. AMP Limited takes care that investors are not exploited which can be instrumental in harming prestige of company. AMP Limited does not involve in corrupt practices and the detractors have to undergo imprisonment in the event of being involved in any kind of wrong act. There is zero tolerance policy in the company that makes the employees and the management of the company in acting in a fair manner. It renders useful service and helps in protecting prestige of the company. The company takes due care regarding the fact that fraudulent practices are not undertaken by the company. The company devises various kinds of whistle blowing policies that protects clients of company. AMP Limited works with the legal professionals that helps in the aspect of reviewing of policies.

References

Abc.net.au (2018). AMP could face criminal charges for misleading ASIC. [online] ABC News. Available at: https://www.abc.net.au/news/2018-04-27/asic-fronts-hayne-royal-commission/9702662 [Accessed 27 Dec. 2018].

Afr.com (2018). AMP admits second overcharging scandal. [online] Australian Financial Review. Available at: https://www.afr.com/business/banking-and-finance/financial-services/amp-admits-secondovercharging- scandal-20181127-h18fab [Accessed 27 Dec. 2018].

Allegrini, M., Ferramosca, S. and D'Onza, G., 2017. The internal auditing of corporate governance, risk management and ethics: comparing banks with other industries. INTERNATIONAL JOURNAL OF BUSINESS GOVERNANCE AND ETHICS.

Amp.com.au, F. (2018). AMP Personal Banking - Accounts, Super, Home Loans & Insurance | AMP. [online] Amp.com.au. Available at: https://www.amp.com.au/ [Accessed 27 Dec. 2018].

Boatright, J.R., 2017. Ethics and corporate governance: Justifying the role of shareholder. The Blackwell Guide to Business Ethics, pp.38-60.

Crane, A. and Matten, D., 2016. Business ethics: Managing corporate citizenship and sustainability in the age of globalization. Oxford University Press.

Davies, A., 2016. Best practice in corporate governance: Building reputation and sustainable success. Routledge.

Davies, A., 2016. Best practice in corporate governance: Building reputation and sustainable success. Routledge.

García-Sánchez, I.M., Rodríguez-Domínguez, L. and Frías-Aceituno, J.V., 2015. Board of directors and ethics codes in different corporate governance systems. Journal of Business Ethics, 131(3), pp.681-698.

Honoré, F., Munari, F. and de La Potterie, B.V.P., 2015. Corporate governance practices and companies’ R&D intensity: Evidence from European countries. Research policy, 44(2), pp.533-543.

Louwers, T.J., Ramsay, R.J., Sinason, D.H., Strawser, J.R. and Thibodeau, J.C., 2015. Auditing & assurance services. McGraw-Hill Education.

McCahery, J.A., Sautner, Z. and Starks, L.T., 2016. Behind the scenes: The corporate governance preferences of institutional investors. The Journal of Finance, 71(6), pp.2905-2932.

Saeidi, S.P., Sofian, S., Saeidi, P., Saeidi, S.P. and Saaeidi, S.A., 2015. How does corporate social responsibility contribute to firm financial performance? The mediating role of competitive advantage, reputation, and customer satisfaction. Journal of business research, 68(2), pp.341-350.

Soltani, B. and Maupetit, C., 2015. Importance of core values of ethics, integrity and accountability in the European corporate governance codes. Journal of Management & Governance, 19(2), pp.259-284.

Tricker, R.B. and Tricker, R.I., 2015. Corporate governance: Principles, policies, and practices. Oxford University Press, USA.