Financial-industries-should-always-set-

I need a reply to the discussion post. Needs to have an in-text citation and should be approximately 2-3 paragraphs with an open-ended question to my fellow student. This does not need a title page, and one reference is sufficient.

Mr. William S. Demchak,

Financial industries should always set standards for providing services with complete customer focus. If rules aren’t targeted, goals cannot be achieved. Motivation is required when obtaining a prevailing culture of ethics, so that PNC Financial Services Group Inc. can provide a truthful reputation. Without using honest numbers in accounting and operations, lower profits are inevitable. LRN states, “Acting ethically is everyone’s responsibility and needs to be emphatically reinforced and rewarded within and beyond the walls of an organization. A company’s reputation is only as strong as the weakest member of its supply chain, including vendors, partners, and ventures. It’s important to engage this broader community in a commitment to ethical standards” (LRN 2006). PNC needs to remain responsible in business conduct, and one of the ways the company can achieve this is by increasing internal reviews. As directors presently change, their expertise and guidance are needed to abide by laws and regulations. New members, such as Lina Medler and Martin Pflinsgraff, will lead PNC to higher profits through ethical consultation and supervision.

When PNC builds sustainable ethics, the community ties are greater. Without acting to prevent further incidents, client trust is questioned. To increase customer retention rate, using technology is critical for the organization to run an efficient compliance process. Patricia Sabatini reports, “The suit, filed in federal court in Pittsburgh last week, contends PNC employs a scheme to maximize fees when borrowers fall behind in their mortgage payments. Specifically, the suit claims PNC repeatedly charges delinquent mortgage customers for “unreasonable and inappropriate” drive-by property inspections” (Sabatini, 2017). PNC’s ethical leadership begins with reinforcing standards and laws. Internal and external reviews will play a role in managing risk. Greater oversight will allow for a healthier ethical business, resulting in strong profits. Education and training can also have positive outcomes in acknowledging risk sooner, as well as investigating suspicious operations. Better transparency will diminish questionable behavior, and more consumers will want to purchase PNC’s products and services.

References

LRN. (2006). New research reveals business impact of ethics, signals the importance of ethical corporate cultures [Press release].

Sabatini, P. (2017, November 10). PNC being sued over mortgage servicing practices. Retrieved February 07, 2018, from http://www.post-gazette.com/business/money/2017/11…

 

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