Insurance Management

Conduct of Business: Ethical, Social and Environmental Issues

Integrated course, 3.00 ECTS


Course content

This course raises ethical, social and environmental issues, and underlines their fundamental role for responsible and sustainable business conduct. A general introduction is followed by considerations specific to the bank and insurance sector.

The core contents of this course include:
[1] Ethics in finance/insurance/economics;
[2] Example of an ethics code within the financial sector: CFA;
[3] Corporate social responsibility (CSR): fundamentals, link to corporate culture, asymmetric information and communication, competitiveness, financial markets, distribution of profits, creating shared value (CSV);
[4] Socially and environmentally sustainable investing; green investments; positive investments; impact investments.
Optional contents can include:
[5] Practical examples of incorporating CSR;
[6] Product design in Islamic finance and Takaful insurance.

This course may be taught in English.

Learning outcomes

Successful participants in this module understand the importance of ethically, socially and environmentally responsible conduct of business. In particular, they possess comprehensive knowledge of the corporate governance standards as established in the Austrian market.

Post completion of this module, students show competence in business ethics and CSR, which can be applied in practice when defining business processes, evaluating business models and dealing with customers.

Recommended or required reading and other learning resources / tools

References: Brink (2011): Corporate Governance and Business Ethics, Springer. CFA Institute (2010): Standards of Practice Handbook 10th, CFA Verlag. Crane et al (2013): Corporate Social Responsibility, Readings and Cases, Routledge. Hauschka (2010): Corporate Compliance, Beck. Hopt/Wohlmannstetter (2011): Handbuch Corporate Governance von Banken, Vahlen/Beck. Koslowski (2009): Ethik der Banken, Fink. OECD (aktuell): Grundsätze der Corporate Governance. Schenk/Eberhartinger (2012): Corporate Governance in Österreich, BWV. Schneider/Schmidpeter (2012): Corporate Social Responsibility: Verantwortungsvolle Unternehmensführung in Theorie und Praxis, Springer.
Academic journals: -

Mode of delivery


Prerequisites and co-requisites

Module FIR (2)

Assessment methods and criteria

ILV: final exam, assessment of active course participation