I need your expert help to structure this Background study for my Research Topic : Evaluating the correlation between Enforcing Ethical Standards and Employee Accountability within the Financial Sector

Please feel free to add additional in text citations and organize the paragraphs for flow. Thanks a mill!

Background of the Study

Many global financial institutions operate across borders and are subject to international regulations and standards. Enforcing ethical standards ensures compliance with international guidelines, codes of conduct, and ethical frameworks set by regulatory bodies and industry organizations. This alignment with global standards helps institutions build credibility and facilitates international collaborations and partnerships. The financial sector must adhere to these established frameworks or face theconsequences such as corporate fines,damage to reputation and potential stymie of growth. Corporate actions and decisions that are potentially far-reaching and lasting.

Through the guidance of these established frameworks this sector facilitates essential services which are vital to economic growth. The financial industry encompasses a wide range of sectors, including banking, insurance, mortgages, investments, and micro-financing/lending. This diversity gives rise to several instances of ethical dilemmas within the industry that may be linked to the current levels of accountability that exists among employees.In recent years, the financial sector has faced numerous ethical challenges that have raised concerns about the integrity of financial institutions and their employees. Scandals such as insider trading, fraudulent practices, and misconduct have eroded public trust and undermined the stability of the sector. As a result, there is a growing recognition of the need for enforcing ethical standards and fostering employee accountability within the financial sector.

In 2016, Wells Fargo, one of the largest banks in the United States, faced a scandal involving the creation of unauthorized accounts by employees. It was revealed that employees had opened millions of accounts without customer consent to meet aggressive sales targets. The scandal resulted in significant financial penalties, loss of public trust, and the resignation of top executives. In another case, although not within the last five years, the Enron scandal is a significant example of unethical conduct in the financial sector. Enron, an energy company, engaged in fraudulent accounting practices and misled investors and employees about its financial condition. The scandal led to the company's bankruptcy, the dissolution of the accounting firm, and the implementation of tighter regulations.The enforcement of ethical standards and accountability are crucial elements in fostering a responsible and sustainable organizational culture.

Locally, between 2020 - 2023, the issue of ethical standards has been brought to the fore, with over ten (10) instances of unethical practices by leaders in corporate organizations within the financial sector publicized. Most recently is the Stocks and Securities Limited (SSL) fraud which involved billions of dollars being fleeced from customers accounts for more than a five (5) year period. The accused, a Client and Relationship Manager was able to forge documents and access clients accounts, removing funds over an extended period undetected. Another case was a senior bank executive from the National Commercial Bank who was sentenced, in a court of law, for her unethical actions. The former senior manager admitted to swindling $34 million from the financial institution.(find out cost to the sector-locally-UCC library)

Employers who prioritize ethical considerations and hold employees accountable for their actions play a pivotal role in establishing trust, integrity, and social responsibility within their organizations (Brown & Trevio, 2020).The responsibility of ethical behavior lies in the hands of employees, who play a crucial role in shaping the organizational culture. It is the culture y of an organization to cultivate an environment that upholds ethics, integrity, and compliance throughout the institution. By championing ethical standards and accountability by employees, organizations can establish a strong moral compass and promote responsible practices at all levels.

In Jamaica, the microfinance sector has made significant contributions to the local economy, especially as it relates to funding of the MSME sector. The regulatory framework that has been set through the passing of the Microcredit Act, 2021 is a step in the right direction for the Jamaican MSME landscape as the global microfinance sector operates within a highly regulated environment which is regulated by various authorities, such as the Bank of Jamaica, Financial Services Commission, and Jamaica Stock Exchange. These regulatory bodies establish and enforce ethical standards to ensure the integrity, transparency, and stability of the financial system. Ethical standards in Jamaica's financial sector include anti-money laundering measures, consumer protection regulations, and adherence to international financial standards.

(better placed up top-local discussions just b4 continu)The advancements in worldwide microfinance over the previous ten years highlighted in Convergences' Microfinance Barometer 2019, which was released in Paris examined and emphasized how the industry has changed since it first emerged in the mid-2000s. The number of borrowers increased worldwide by 43% between 2009 and 2018. In terms of total loans given, microfinance institutions (MFIs) worldwide saw an 8.5% growth rate in 2018 compared to the sector's performance in 2017. The Latin America and the Caribbean (LAC) region is the second largest in terms of client-to-population penetration within the global microfinance sector, according to Convergences, which also noted that roughly 44% of the LAC population participates in the microfinance sector.("Nikisha Walters | Convergence of microfinance sector and MSMEs in Jamaica," 2021).

(why: should be more centered around blue Door-courts as the study is based on them..as per Charlene's advice.

Based on the number of ethical dilemmas, publicised and unpublicised, the frequency of occurence, Blue door is a sample or Proxy of the fi. Sector. This AIms to see why the prevalence is so high and see if the attitude and approach to ethics are relatable to accountability. Blue door wishes to gauge the ethical bar so as to remind and refresh staff of their moral andcorporate responsibility, and minimise or mitigate against instances of unethical practices...which range from financial, personal(relationship..supervisor/visee) or professional misconduct.

This research paper aims to evaluate the correlation between enforcing ethical standards and employee accountability within the Financial Sectorbyexploring the multifaceted implications of enforcing ethical standards and its impact on employee accountability within the financial sector. The relationship between enforcing ethical standards and employee accountability holds great significance in cultivating an environment characterized by integrity and trust within the financial sector. Successful enforcement of ethical standards not only guarantees adherence to regulations but also motivates employees to assume personal responsibility for their actions, leading to heightened accountability and decreased risks. By prioritizing ethical conduct and nurturing a culture of accountability, the financial sector can bolster its reputation, forge stronger connections with stakeholders, and play a role in cultivating a more sustainable and reliable industry.