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Ethics And Compliance Paper

396 Words2 Pages

Buffett needs to focus more on ethical codes and compliance (Ferrell, Fraedrich, & Ferrell, 2013). The leaders of the business reveal their expectancy to their staff members, specifically when financial goals are involved or assignments that needs achieving (Anjum, 2017). However, business leaders don’t give a clear description of the standard of the organization concerning ethical behavior (Anjum, 2017). In the event, your organization or company does not have an ethical code of conduct, then it leaves room for assuming the staff members are knowledgeable on how to handle themselves in an ethical aspect (Anjum, 2017). The leaders don’t realize the importance of ethical behavior instead they are focused gaining profits (Anjum, 2017). Some staff members have committed fraudulent activities knowingly, …show more content…

However, the rules of ethical codes and compliance should be stated and explained clearly to staff members what is expected of them when it relates to ethical behavior (Anjum, 2017). The objective of the code of conduct is to advise the staff members to perform all their duties in a legal ethical manner (Anjum, 2017). This will ensure that it leaves no room for interpretation when it comes to ethical behavior within the company (Anjum, 2017). The ethical code should include a clear purpose and direction (Anjum, 2017). The ethical code of conduct should include focal points such as: business values, guiding principles, the role of leadership, regulatory and compliance standards, and staff member responsibility (Anjum, 2017). Business values includes the mission and vision statement to set the atmosphere for how the organization present to its partners, clients, and staff members and the community (Anjum, 2017). Guiding principles gives guidance on growth, improvement, customer satisfaction, financial success, and profitability (Anjum, 2017). The role of leadership represents management endorsing the code of conduct and support it fully

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