One of the lessons learned from the global financial crisis was the importance of business ethics. As a result, many banks are looking for recruits with good character.
'Following the 'financial tsunami', the business community and society have been awakened to the importance of ethics,' says Lee Kam-hon, professor of marketing at Chinese University.
He says bankers and businesspeople often face 'temptation' at work, and that effective regulation will depend on a holistic framework that will encourage long-term commitment to ethical conduct.
John Hulpke, adjunct professor of management at the Hong Kong University of Science and Technology business school, has devised a model for students to handle ethical dilemmas.
The scheme offers seven yardsticks - justice (are people following the same rules?), utilitarianism (do good outcomes outweigh the bad?), spiritual values (are you doing to others as you would want them to do to you?), TV rule (can you explain what you did on TV?), influence (what influence would your action have?), core values (do you place human life, honesty and trust above power and job security?), and emergency (is the situation a true emergency?).
Hulpke says if yes is the answer to any three of the questions, then the action is probably ethical.
To foster an ethical culture, Citi Hong Kong has introduced an innovative way of cultivating core banking and finance values, such as building relationships based on trust and integrity, and demonstrating genuine care for clients. Citi staff members gather every morning or several times a week in a 15- to 20-minute session known as a 'huddle', during which everyone takes turn to host and discuss a core company value.