Tuesday, July 28, 2020

Trust Deficiency of Custodians of Public Money

Civilization started with TRUST. The individual became a family. TRUST was the bondage that kept the family feel secured and safe. Different families started intermingling with this TRUST. This intermingling took the humanity forward through the wheels of civilization. The wheels of civilization moved on the axis of Character, Integrity and Morality. This may be said as the base of spirituality.

When members of the wandering nomads began to settle down, generation of wealth from animals and agriculture began. The strong and capable were considered as the custodians of society’s wealth. The corpus of the wealth was shared for the common welfare of the society. Rudimentary Banking system can be said to have born from here. This can be traced to the earlier barter system of exchanging commodities and goods.

As the trade grew, the form of currency can be said to have born – and the Banking system too. The spirit and strength of the Banking system was and is the principle of CUSTODIANSHIP. This custodianship was sacrosanct.

From rudimentary format of transactions of one’s money or wealth deposited in the Bank, the system developed to taking loans to meet individual, family, social and trade/business needs. The borrower is committed to use the borrowed money only for the purpose for which it was loaned.

The base here again was TRUST. Trust and commitment was everything for the individual and society that grew on that invisible but all pervading strength of spirituality and sense of morality. Personal ethics or business ethics can be said deriving its strength from spirituality and sense of morality.

No doubt it is alarming to see the decay of this spirit at every level of business activities. But the modern management system is capable of checkmating the vagaries at individual, trading and corporate level. There is no dearth of systems and controls. But the vagaries of human behavior collude to bypass the system and checks, with the fence start eating the crop.

The importance of Ethics and Morality comes here. The professional system should make it a MUST to mend the mind of the working professionals at every level to ensure that pores capable of injecting ideas diluting the ethical and moral perception of the professional mind, are mend at every level. This spirit is normally built in the working philosophy of an institution/organization. Even if mistake happens it can be corrected without damaging the spirit of Ethics and Morality.

When principles of Ethics and Morality are embedded to the working philosophy of an organization, its standing goes up. Whether it is raising or borrowing funds or placing orders for purchase as well as execution of various works, fool proof repayment or financial commitment plans are worked out. To err may be human. But to have a built in system to cross verify any possible errors and taking corrective action immediately is Ethical Management.
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Item Reviewed: Trust Deficiency of Custodians of Public Money Rating: 5 Reviewed By: BUXONE