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Abc Ethics Program

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You asked I provide a brief memorandum setting forth my views as to whether or not ABC Institution should adopt a compliance and ethics program and if so, how ABC should create the framework. I. What is the relationship of compliance and ethics programs to evolving notions of corporate responsibility? Often referred to as “new,” Corporate Responsibility has its roots in U.S. history and business. Corporate responsibility is the commitment by companies to manage their activities in a responsible way. More broadly, it includes efforts by businesses to contribute to the society in which it operates. As industries began to understand the complex relationship between business success and social responsibility, ideals such as corporate image, …show more content…

ABC can show investors that with their CEP they are contributing to the establishment of an enduring ethical culture, while helping to provide shelter from severe sanctions in the event of legal and/or regulatory difficulty. By providing this demonstration of the organization’s commitment to integrity, ABC will save money by utilizing corporate policies and procedures to prevent misconduct and effectively address issues when they occur. With an effective CEP, these procedures will be systemic in nature, allowing the institution to impact business policy and procedure not only now, but also for the foreseeable future. Effective CEP procedures will allow the institution to understand the nature of risks and potential exposures while combatting employee misconduct. The identification and management of risks that impact the institution’s reputation will encourage employees to act with suppliers and customers in a way that strengthens those relationships. III. What is the legal basis for compliance and ethics programs and what would be the necessary elements for the compliance and ethics …show more content…

The U.S. Federal Sentencing Guidelines were developed because of the increase in white-collar crime and the government’s determination to place the responsibility for such crime with organizations, than with the individual decision makers. The Sentencing Guidelines encourage due diligence by giving seven elements of a CEP, which will reduce criminal culpability. The guidelines for an institution to establish an effective CEP are: Oversight by high level personnel; Due care in delegating substantial discretionary authority; Effective communication to all levels of employees; Reasonable steps to achieve compliance, which include systems of monitoring, auditing and reporting suspected wrongdoing without fear of reprisal; Consistent enforcement of compliance standards including disciplinary mechanisms; and reasonable steps to respond to and prevent further similar offenses upon detection of a

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694 Words | 3 Pages

Communication: “The organization shall take reasonable steps to have and publicize a system, which may include mechanisms that allow for anonymity or confidentiality” (Kazmier 125). Monitoring and auditing: “The organization shall take reasonable steps to ensure that the organization’s compliance and ethics program is followed, including monitoring and auditing to detect criminal conduct” (Kazmier 126). Enforcement and discipline: “The organization’s compliance and ethics program shall be promoted and enforced consistently throughout the organization through (A) appropriate incentives and (B) appropriate disciplinary measures” (Kazmier 127). Response and prevention: “After criminal conduct has been detected, the organization shall take reasonable steps to respond appropriately to the criminal conduct and to prevent further similar conduct, including making any necessary modifications to the organization’s compliance and ethics program “(Kazmier

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Learning Journal Unit 8: Managing Ethics University of the People BUS 3306 - Business and SocietyDr. Firdous Ahmad Maliki, Instructor August 10, 2023 Analysis of Wells Fargo's Ethical Challenges and Solutions Introduction Ethics play an important role in running a business, ensuring its long-term success, reputation, and stakeholder relationships. The Wells Fargo case study highlights the importance of ethics in business operations and examines the values demonstrated by former CEO John Stumpf, the impact they had on the company's culture, and why inadequacies in existing systems did not prevent unethical behavior. Issue 1: The Values Mr. Stumpf Demonstrated and Their Impact

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As a whole, the corporate social responsibility industry continued to gain traction this year, with social impact increasingly making its way and transparency becoming the new norm. Increasingly, entrepreneurs recognize that the capital stored in these three areas forms the foundation of their ability to compete efficiently and that they must manage this intangible capital base carefully. Every business uses all three components in its strategy, but the emphasis they place on each one varies. A company that gains a competitive advantage becomes a leader in its market and can achieve above-average

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4345 Words | 18 Pages

On the other hand, research by McWilliams, Van Fleet, & Corey (2002) supports the idea that firms can use CSR and political influence to affect regulations themselves, such as by influencing intellectual property regulation to perhaps lower labor costs by preventing foreign competitors from using their own versions of an organization?s protected technology. The Oxford Handbook of Corporate Social Responsibility (2008) represents CSR behaviors through the categories of philanthropic economic activity, good corporate governing, implementation of corporate sustainability practices focusing on environmentalism, and a variety of other actions involving social conscientiousness and participation in organizational culture and activity. Additionally, questions arise not only out of the nature of the duties or deontological concerns of corporations, as emphasized in the previous point, but also based on discussion of what motivates participation in CSR: executive leadership, organizational fiscal outcomes, or an organizational or individual culture of altruism (Orlitzky, Siegel, & Waldman, 2011). Centering the issues of CSR around the perspective of stakeholder management (Freeman, 1984) enables corporate firms to take a vision of the firm?s performance in which it is embedded within the larger social and environmental contexts. This has the advantage of aligning with consequentialist outlooks which, as Trevino and Nelson (2014) note, is by far the most commonly cited form of ethical decision-making by managers, and in undermining the ethical-dilemmas which employees often face in choosing between the profits of the organization which employs them and the consequences of those in society outside of the organization by leading

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487 Words | 2 Pages

In addition to compliance officers, Congress passed the Sarbanes-Oxley Act in 2002. The textbook discuss section 406 of Sarbanes-Oxley Act as it refers to the “Code of Ethics for Senior Financial Officers,” and the standards, regulations, rules, honesty, along with ethical values use to promote it (DesJardins, 2014). If unethical acts are performed, there are many unfavorable consequences, for instances the reputation of company, company can forfeit their position in the marketplace, and employees can even be incarcerated, according to the textbook. It is clear to maintain a profitably business one must make ethical

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Introduction Ethics in accounting can be defined as a set of moral principles that a company needs to follow and enforce in their employees. The reason why acts like SOX of 2002, and GAAP exist is that they give a company set specific rules that they need to follow. Having these set principles has many benefits such as improved reputation, not as many liability issues, build trust within the company, and protects the company from fraudulent acts. In this paper, you will see different cases where the ethics of a company were ignored and the effects of it. Also, the different acts and principles that were set by Congress, PCAOB, and FASB to ensure that companies are following the rules and are doing things correctly.

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Company X Ethics Program Part A: Standards and Procedures All employees are required to adhere to the same behavior and conduct while working at Company X. The general conduct defined within this policy are your responsibility to Company X and to your fellow employees. A functional ethics program requires employees to abide by certain rules of behavior and conduct. Company X has developed a standard ethics program to ensure employees know what is expected and necessary while employed at Company X. Not only will our organization grow as a company, relationships within the company will flourish, when all employees can depend upon fellow workers to follow the rules of conduct.

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651 Words | 3 Pages

The code of ethics will assist in detecting and preventing improper conduct and promoting responsible practices to the organization’s ethical obligations. This will provide assurances of support for the policies from the head of the organisation, display practical guidance on what is expected regarding ethical issues within the business and will also stress the consequences of ethical misconduct in the business.   The values of leadership and entrepreneurial spirit are being examined in this process, as I will inspire others to become the best version of themselves while being able to lead or inform certain people/employees on what is right or wrong. In turn, this will lead to employees being more dependable and reliable, allowing them to act ethically right which will clearly obey the categorical

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Organizations use this mechanism to guide their member in knowing the behaviours that are expected and acceptable. With regard on this fraud matter, actually just having a corporate code of conduct is not enough. Organization should go further and create an environment that supports employees to make ethical decisions. In this kind of environment, organization can minimize this fraud matter. From our survey, we found that New Zealand company pay less attention to code of ethics compare to

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573 Words | 3 Pages

Knowing a company strives to be environmentally friendly and cares about their employees, can encourage customers to continue to come back. This ensures that the business can continue to grow and jobs are secured. Social responsibility requires companies to look beyond profit maximization and deal with issues such as consumer protection, sustainability, corporate governance, and social issues (pg. 38). It entails building trust between the customer and the company by protecting their personal information and obeying the law. Howard Schultz seemed to follow the biblical principle of honesty, integrity, and fairness and it reflects on his company.

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1036 Words | 5 Pages

Code of Ethics Paper Ethics hold a responsibility over an individual’s moral decisions to see wrong versus right. Decisions within an organization exist from a group or individuals determining them; however, these decisions are based upon the culture of the company. Ethical behavior, as well as corporate social responsibility, commits a business to practice moral decisions. In the long run, this generates significant benefits to the company and other stakeholders.

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500 Words | 2 Pages

Healthcare facilities are urged to designate a compliance officer, which can be represented by any member of the institution, to overview the efficiency of the course. The compliance officer will be responsible for reporting any worrisome issues or criminal conduct he or she has observed during executive meetings. * Following any reports issued by the compliance officer, the healthcare institution is obliged to assess the situation, remedy any harm caused by the criminal conduct (such as offering restitution to all identifiable victims) and make any necessary adjustments to the ethics and corporate compliance course in order to ensure its ongoing efficiency. In order for an ethics and corporate compliance course to have a real impact, the institution's management has to take it upon itself to strictly regulate the way the course is conducted.

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992 Words | 4 Pages

Title Name Course Date Ethics in organizations are moral values that direct the way a business does. Behaving morally comprises differentiating between right and incorrect and then getting the correct choice. In a corporation, it is comfortable to recognize unethical business practices. Corporations engaging in corruption and bribery are unlawful. When a corporation engages in immoral conduct, various means exist, in bringing social pressure on them and this includes boycotting, petitions, campaigns, etc.

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610 Words | 3 Pages

To stay abreast of legal trends critical to an organization’s success, I focused my upper-level coursework in law school on areas of law that would help me to understand the statutory aspects of compliance, transparency and integrity. For example, after taking a course in Compliance and Corporate Responsibility I understood that legal ethics are not only related to the sustainability of the society, but as well to the sustainability of the organization. I decided to research the legal implications and business case for an effective compliance and ethics program, and created a brief memorandum setting forth my views as to whether or not our company should adopt a compliance and ethics program, discussing the framework and benefits of a program with high integrity and ethical standards. Using research and writing skills I developed as an Editor for the CommLaw Conspectus, I helped the managing Partners understand that how businesses behave, particularly how they comply with applicable laws, is critical to not only the well-being of our society but the company.

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3408 Words | 14 Pages

Trying to ignore the social responsibilities might stain an organization’s image and reputation. Thus, performing social responsibility is not simply a choice; it is a need of any corporation. In the twenty-first century, businesses are in the bottlenecks where globalization, science and technology advancement and integrated knowledge are taking place in today’s society (Chan, n.d.). To gain a foothold in this economy, image and reputation play an important role to differentiate a company from one another. With good reputation, it helps firms to create competitive advantage in the business environment.

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