BUSINESS ETHICS

BUSINESS ETHICS By Tavishi Ranjan

Codes are self-regulatory rules for guiding the conduct or behavior of an individual. What are the benefits of self-regulations?

Code of conduct (CC) Code of conduct (CC) refers to self-regulatory rules for guiding the conduct or behavior of an individual.

Acode of conductis a set ofrulesoutlining:the responsibilities of; or the proper practices for an individual, party or organization

Significance of Code of ConductCode of Conduct is the standard of expected ethical behavior for the company's management and employees. It is about holding oneself to the highest standards of ethical business behavior;Typically Codes talk about expectations to:obey the law, conflicts of interest, insider trading, preserving confidential information, bribery, corporate opportunities, competition and fair dealing among other things

Aims of self regulationEnsure a properly functioning market

Ensure a responsible industry

Ensure a commitment to published standards

Effective action in the event of a breach

Easy and low cost to administer

benefits of self-regulations They add an ethical dimension to impose ethical standards, which go beyond those, which can be imposed by statutory legislation.

Self-regulators are directly accountable to the members of their group

Self-regulators are more comprehensive that official regulations.

Embeds responsibility for compliance.