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2 Ethics and the environment
(a) Managers have a duty to aim for profit. At the same time, modern ethical standards impose a duty to guard, preserve and enhance the value of an enterprise for the good of all touched by it, including the general public.
Explain FOUR (4) ethical problems managers face in dealing with stakeholders.
(b) Business activities, in general, were formerly regarded as a problem for the environmental movement, but the two are now increasingly complementary. There has been an increase in the use of a green approach to market products.
Explain in FOUR (4) ways how physical environmental conditions are important for strategic planning.
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KWE Bank is part of a large financial services group in Kumasi, KWE Group. KWE Bank provides personal loans to individuals. In order to determine whether a customer is an acceptable credit risk for a loan to be offered, KWE has used the information provided by the customer in their application form together with an employer’s salary reference.
KWE intends to introduce a more sophisticated credit risk assessment system to determine whether loans should be advanced to customers. This system will combine information from the credit application with any information about the customer held by KWE Group and unstructured information about the customer obtained from their online activity. This data will be analysed by an AI-based credit assessment system that uses machine learning to improve the accuracy of its credit assessments over time.
Required:
Outline three ways in which KWE’s new credit assessment system may lead to practices that are likely to be viewed as unfair.
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