The Chartered Institute of Bankers (CIB) says it is going to ensure strict compliance with its newly introduced banking code of ethics.
The code of ethics which was put together in collaboration with the Bank of Ghana (BoG) is meant to ensure sanity and prevent mishaps within the banking industry.
The move is also expected to support the central bank’s quest to reduce the number of fraud cases within the banking industry, a significant number which is perpetuated by employees as well as boost risk management practices.
In an interview with Citi Business News, President of the Institute, Reverend Patricia Sappor explained that ethics will ensure there is always sanity within the banking industry.
“Ghana banking code of ethics actually addresses issues relating to ethical, professional and business conduct of members, and it provides the procedure for dealing with complaints of unethical and non-professional practices and the sanctions for infractions of these provisions”.
“The code has five key tenants, we are looking at professional code of conduct of the members in the banking industry or the financial sector and then also we are looking at codes for financial institutions and their customers as well and then also we are looking at interbank relationships and then also financial institutions, their obligations to the central bank and other regulators.”
“When you come to the area of professionalism for members, we are looking at the duty of care and confidentiality, and we are looking at commitment, everybody should be very committed to what ones does. All members should be very responsible”.