scroll to explore

Credit & Financial Institutions

BOV puts Ethics in the Limelight

by Bank of Valletta

31st October 2022

BOV puts Ethics in the Limelight

Ethics is deemed to be as old as humanity itself but how has the digital arena impacted the relevance of ethics in today’s workplace? This was the question that Bank of Valletta’s Ethics team put forward to challenge its people and encourage them to reflect more about ethics during the month of October joining other organisations worldwide in celebrating Global Ethics Day 2022.

Empowering Ethics across the Bank

Various initiatives were organised and teams from across the Bank were invited to submit their entries on the theme of ‘Empowering Ethics across the Bank’. As Ms Simone Dimech from the Group’s Ethics function explained, the entries submitted underlined the range of perspectives and breath of interpretations to which ethics lend themselves. The best entry was awarded to the Project & Quality Management team within the Supervisory Reporting Unit demonstrated different aspects of ethics in action. The PMO Office within the Bank’s Digital, Strategy & Transformation Team were the runners up. They put ethics by design into the limelight.

Panel Discussion

The highlight event was an online panel discussion that took place on Global Ethics Day that falls on the 19th October. The panellist were probed to discuss their views about the relevance of ethics in the digital era we are living in. Speakers included Dr Gordon Cordina (BOV Chairman), Mr Kenneth Farrugia (CEO), Mr Anatoli Grech (Group Chief Compliance Officer), Mr Ludwig Mallia (Head Digital Factory and Channels) and guest speaker Tony Micallef, who is a professional in Business Ethics. The session was moderated by Ms Laverne Calleja Pace from the Group’s Ethics function.

Mr Micallef set the scene, highlighting the fact that ethics go beyond the law, asking the individual to choose to do the right thing.

The impact of Ethics on the Bank’s success

Discussing the implications of ethics for the Bank’s success, Mr Kenneth Farrugia explained, “Simply put, ethics is about doing what’s right and fair. It is about the moral compass of every employee and customer”. He went on to explain that once ethics is embedded in the organisation, it will strengthen ties with customers and will also shape the way customers look at the Bank. “Good ethics is our backbone, supporting customer relationships built on trust.” Speaking about the future of ethics within BOV, the Bank’s newly appointed CEO emphasized the importance of setting the tone particularly in relation to the digital paradigm. “As we evolve we must ensure that ethical principles remain ingrained in our processes and operations. We need to use metrics to determine how changes we are implementing are impacting the trust of our customers. Ultimately it is about ownership.”

Setting the Tone from the top

Likewise, Dr Cordina’s intervention homed in on the importance of “encouraging inclusiveness in the provision of feedback, ideas and opinions.” He explained that as a company, we need to regulate our behaviour and outcomes at the place of work, and this requires us to ground our decisions in ethical principles. “Having integrity as a Bank means that we are consistent and undivided in our behaviour.” Dr Cordina also highlighted the importance of the BOV culture because, “our people are moulded in ethical principles and integrity through the BOV culture.”

The Code of Conduct &Ethics

Mr Anatoli Grech reflected on the role of the Bank’s Code of Conduct, saying, “The Bank’s Code of Conduct & Ethics is key to the Bank’s success, which is measured in terms of its sustainability. The Code is not meant to be a fixed set of rules, but a document that provides general guidance.” In this context, Mr Grech explained that the success of the Code depends on the extent to which every employee uses his best judgement, especially when faced with difficult work situations.

Digital Ethics

In his intervention, Mr Mallia sought to explain how ethics and digitalization dove-tail. “We need to provide customers with the optimal experience, without allowing for doubt about our ethical practices.” He mentioned the use of data and digital algorithms that are sometimes used instead of human thinking. “Algorithms need to be nurtured to ensure that no bias is built into them.”

To this effect, the Bank’s Digital Team is looking into the setting up of a digital ethics committee to ensure continuous auditing and human supervision in process design, identifying issues at an early stage.

Whilst thanking BOV employees for their keen participation in the initiatives organised, and the teams from Ethics and Compliance for the professionalism and dedication shown, Mr Kenneth Farrugia reiterated that, “Ethics are the backbone of sound working relationships amongst colleagues and with customers.” He urged BOV employees to keep abreast with developments and guidelines, whilst keeping the conversation about ethics alive.

Credit & Financial Institutions

BOV puts Ethics in the Limelight

'Credit & Financial Institutions' Related News Articles

A creditor’s obligation to assess the creditworthiness of a consumer

BOV TALKS ARTIFICIAL INTELLIGENCE IN THE BANKING WORLD

The MFSA consults on a draft Conduct of Business Rulebook for Banks

MFSA Shifts to Outcomes-Based Supervision in 2024

AIFMD II – A step closer to entry into force

The European Union Global Minimum Level of Taxation for Multinational Enterprise Groups and Large-Scale Domestic Groups Regulations 2024

BOV EXPERTS DISCUSS ECONOMY AND INVESTMENT BASICS WITH RETAIL CLIENTS

Bank of Valletta has supported this year’s opera by Gioachino Rossini – ‘Armida’

EU AML-CTF Package taking shape: Compromise text for AMLR and 6AMLD published

Changing the terms of a credit agreement and forbearance policies and measures: new obligations on lenders in consumer and residential property credit agreements

BOV launches revamped cutting-edge website

The HSBC Malta Foundation supports Three-Year UM Research Project through RIDT

Bank Of Valletta extends Partnership Agreement with Heritage Malta

BOV RETROSPECTIVE EXHIBITION FEATURING WORKS BY NOEL GALEA BASON OFFICIALLY INAUGURATED

Goal-line Defenders: Scoring Victory Against Financial Crime with the Three Lines of AML/CFT Defence

Agreement reached on the establishment of the Anti-Money Laundering Authority (“AMLA”)

FIAU Thematic Review on Company Service Providers when providing Company Formation Services

Directive 93/13/EEC and mandatory statutory or regulatory provisions in consumer contracts

2023 SEES 151 BOV EMPLOYEES GRADUATING

BOV SELLS PORTFOLIO OF NON-PERFORMING LOANS

MALTA Nomad Residence Permit, New Tax Rules.

BOV Boosting Employee Retention through Occupational Pension Schemes

Keeping Tabs on Market Perception and Knowledge about Investments

BOV Announces Profit Before Tax of €163.5 million as at September 2023

Proposed amendments to the Exclusive Economic Zone Act and ancillary laws

MFSA Circular regarding various amendments to the Investment Services Rulebooks

MiCA Update: Consultation Process on the Proposed Updates to Chapter 3 of the VFA Rulebook

Continuing to disclose the topic EU funding for Startups ¦ Startup Definition

BOV keeps up momentum in educating customers about scams

Auditing iGaming Entities

Malta: a state-of-the-art regulatory framework for cryptocurrencies

ESMA issues Second Consultation Package under MiCA

Standard and Poor’s (S&P) upgrades Bank of Valletta’s rating to stable

BOV Asset Management Seminar Discusses Best Practices in Investments

BANK OF VALLETTA ACQUIRES NEW FUNDING TO RELAUNCH THE BOV SME INVEST PACKAGE

BOV Introduces New Digital Portal to Update Customer Records

EU Court’s Landmark Ruling: Restricting Financial Ties to Combat Money Laundering and Terrorism Financing

ESMA and EBA issue Inaugural Consultation Packages under MICA

ESMA issues public statement in relation to sustainability disclosures in prospectuses

FIAU publishes its AML / CFT Supervisory Plan for 2023 – 2024

Reforming Digital Payments – Introducing the new Payment Services proposals

APS Bank delivers best-ever half-yearly results, to pay interim dividend

New Digital Experience For BNF Bank Customers

Proposals for an improved European Banking Union framework – Part II

Proposals for an improved European Banking Union framework – Part I

Opposing trade mark registrations in the realm of financial institutions

Over 24,000 customers respond to BOV’s call for feedback

BOV puts Mobility in the Spotlight on World Bicycle Day

BOV Goes Green for Mental Health

BOV Volunteers at GSSE 2023

The new notified PIFs framework: MFSA publishes consultation document on regulatory changes

MiCA obtains green light from European Council

ESMA postpones annual IFRS amendment of ESEF to 2024

BOV Launches Investor Education Sessions

MiCA – Landmark crypto regulation approved by EU Parliament

BOV ISSUES WARNING ON SCAM CALLS

BOV Asset Management Limited launches the Global Multi-Asset Thematic 60 Fund managed by Fidelity International

MALTA COUNTRY ANALYSIS REPORT

INFOCREDIT GROUP AMONG THE SPONSORS OF MALTA FINANCIAL CRIME COMPLIANCE CONFERENCE 2023

Business Decisions that undermine the Compliance Culture – Part 5

BOV Offers MAPFRE MSV Life Capital Guaranteed Product

Business Decisions that undermine the Compliance Culture – Part 4

Becoming a Data Driven Organisation

Business Decisions that undermine the Compliance Culture – Part 3

BANK OF VALLETTA PROMOTES HEALTHY LIFESTYLES AND ROTA INITIATIVE

Business Decisions that undermine the Compliance Culture – Part 2

ELTIF 2.0 published in the Official Journal of the European Union

The INSIGHT Interview: David Power, CEO of BNF Bank

Sustainable Finance and the Impact on the Financial Services Sector in Malta

Bank of Valletta commemorates International Women’s Day

EU’s Green Taxation: Tackling Climate Change through Tax

The classification of cryptoassets under the new Markets in Crypto-Assets Regulation

Business Decisions that undermine the Compliance Culture – The MLRO Reporting Lines

Welcome to “Enterprise Innovation” ¦ 23 February 2023 at Salini Resort Hotel

Brussels forecasts 3.1% economic growth for Malta, second-highest in EU

BOV Managers Discuss Customer-Driven Strategies

More ATMs For BNF Bank Customers