Business Ethics: Debate Issues
Ethisphere foundation is responsible for providing organizations with ethical guidelines. These firms are available across the globe and their purpose is to scrutinize business deals to facilitate operations in suggested companies. Clearly, firms that are incorporated in financial industries find it hard to lead in relation to ethics of the organization. In this regard, the institute embraces code of conduct as its major tool. This is to ensure that it assess well the ethical standard of a given company.
Furthermore, the institute believes that firms which embrace appropriate codes of conduct help to restore transparency. This applies in companies that handle transactions and incur fraud most of the time. The purpose of this paper is to highlight three major arguments that support evaluation at Ethisphere Institute. This perception concern how the codes of conduct relate to banking and insurance sector. It also incorporates reasons that explain the prevalent of bad conduct in finance business.
Organization instills code of conduct to enhance ethical decisions. Recent reports indicate that plenty of financial firms do not operate by codes of conduct. As a result, workers end up making decisions that please them. A firm that is ethical is beneficial to clients and the entire society. This implies that codes of conduct should incorporate clear guidelines to exhibit the required and the non-acceptable factors in the organization. Absence of effective codes of conduct encourages greed hence kills ethics.
This institute also emphasizes on communication between the management and its subordinates. The management needs to supervise workers in a direct manner to ensure that they do not indulge in unethical operations. Clearly, firms that depict high level of integrity maintain ethical values that apply to the business and society. It is essential for financial companies to ensure that their codes of conduct enhance ethical character in firms.
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