CQIB Chapter 2 – Ethics in Banking: Professional Conduct, Compliance, and Financial Integrity
Study Guide
What is ethics? & What 'questions' does it answer? - correct answer ✔✔Answering the
question:
Individually: 'What should I do?' 'How should I live?' Collectively: 'What should we do?'
Ethics is influenced by our values - for example, loyalty, integrity, security etc., and moral
traditions - religious, cultural, societal or family traditions that shape our values.
What is Moral Absolutism? - correct answer ✔✔Moral Absolutism People who think that there
are universal rules that apply to everyone.
What is Moral Relativists - correct answer ✔✔Dispute the idea that there are some universal
rules that all cultures ought to obey,
they argue that:
Differed cultures or different periods in history had different moral views.
What is 'good' depends on what a particular group of people approve of
Relativism considers the diversity of human societies and responds to the different
circumstances surrounding human acts.
Those who adhere to moral relativism would say?... - correct answer ✔✔"when in Rome, do as
the Romans do."
What are the 3 Approaches to Ethical Issues? - correct answer ✔✔1. Consequentialism- A
subset of consequential ism is utilitarianism.
2. Deontology
, 3. Virtue Based Ethics
Utilitarianism is a subset of what Ethical Approach? - correct answer ✔✔Consequentialism
Which Approach to Ethical Issues is this statement relating to:
Practice that starts with the idea that we can identify what it would be like if we lived up to our
own standards, and every decision we made moved us towards being the best version of
ourselves. - correct answer ✔✔Virtue Based Ethics
Which Approach to Ethical Issues is this statement relating to:
Considers that the right thing to do is your duty, regardless of whether you want to or not. It is
following a set of rules that you also expect others to follow but using an approach where
everyone applies similar reasoning to protect against self-centred thinking. - correct answer
✔✔Deontology
Which Approach to Ethical Issues is this statement relating to:
A way of working through the consequences of a decision. The right decision is the one that
achieves the best outcome (or benefit) with the least amount of harm (or cost). - correct answer
✔✔Consequentialism
Key Concepts of Consequentialism - correct answer ✔✔A way of working through the
consequences of a decision.
Tends to regard everybody's happiness or unhappiness equally valid. Therefore, you have to
consider the entire utility, rather than viewing it from a self-centred perspective.
Study Guide
What is ethics? & What 'questions' does it answer? - correct answer ✔✔Answering the
question:
Individually: 'What should I do?' 'How should I live?' Collectively: 'What should we do?'
Ethics is influenced by our values - for example, loyalty, integrity, security etc., and moral
traditions - religious, cultural, societal or family traditions that shape our values.
What is Moral Absolutism? - correct answer ✔✔Moral Absolutism People who think that there
are universal rules that apply to everyone.
What is Moral Relativists - correct answer ✔✔Dispute the idea that there are some universal
rules that all cultures ought to obey,
they argue that:
Differed cultures or different periods in history had different moral views.
What is 'good' depends on what a particular group of people approve of
Relativism considers the diversity of human societies and responds to the different
circumstances surrounding human acts.
Those who adhere to moral relativism would say?... - correct answer ✔✔"when in Rome, do as
the Romans do."
What are the 3 Approaches to Ethical Issues? - correct answer ✔✔1. Consequentialism- A
subset of consequential ism is utilitarianism.
2. Deontology
, 3. Virtue Based Ethics
Utilitarianism is a subset of what Ethical Approach? - correct answer ✔✔Consequentialism
Which Approach to Ethical Issues is this statement relating to:
Practice that starts with the idea that we can identify what it would be like if we lived up to our
own standards, and every decision we made moved us towards being the best version of
ourselves. - correct answer ✔✔Virtue Based Ethics
Which Approach to Ethical Issues is this statement relating to:
Considers that the right thing to do is your duty, regardless of whether you want to or not. It is
following a set of rules that you also expect others to follow but using an approach where
everyone applies similar reasoning to protect against self-centred thinking. - correct answer
✔✔Deontology
Which Approach to Ethical Issues is this statement relating to:
A way of working through the consequences of a decision. The right decision is the one that
achieves the best outcome (or benefit) with the least amount of harm (or cost). - correct answer
✔✔Consequentialism
Key Concepts of Consequentialism - correct answer ✔✔A way of working through the
consequences of a decision.
Tends to regard everybody's happiness or unhappiness equally valid. Therefore, you have to
consider the entire utility, rather than viewing it from a self-centred perspective.
