The ethical challenges in the financial industry are being critically discussed in the work. Contemporary ethical challenges are understood with examples from the past, as most of the ethical challenges are still the same. The introduction of newer legislation curbs the ethical challenges to a certain extent and gives the professional the freedom to report on issues of ethics as they see fit, however the ethical issues themselves have grown to becomes more complex.
The individual working in the financial industry must prepare themselves in manifold ways. They should have a personal moral compass, they must ensure to follow guidelines as set by their organization and their respective associations. In the context of conflict of interests and other issues they should approach their supervisors directly and have them resolved.
Finally, despite the existing code of ethics and legal elements, the person would follow the codes only as much as they believe in it themselves (Gentile, 2013). Ethical obligations and more must be understood by the person in a more personal level. They should identify the ethics of the company as it applies to their own moral compass and only in achieving so would be able to meet the ethical challenges in the workplace. Where possible, the individual must follow frameworks for ethical decision making, such as 1) recognizing an ethical issue, as in an issue concerning good versus bad, 2) get the facts about the issue, 3) identify all the relevant stakeholders for the issues, 4) evaluate alternative course of actions such as under the utilitarian approach, the rights approach, the justice approach etc., and finally 5) make the decision and reflect (Santa Clara University, 2015).
Professionals must be aware of the code of ethics for their organizations to meet the challenges and in addition must cultivate a personal compass when dealing with what is right and wrong.