LESSON 1.1 | Brief background

• Ethics 


  is a set of beliefs about right and wrong behavior within a society.
• moral principles


  Your __________ are statements of what you believe to be rules of right conduct.
• code of principles


  A person who acts with integrity acts in accordance with a personal ____________
• Morals 


  are one's personal beliefs about right and wrong
• Ethics 


  describes standards or codes of behavior expected of an individual by a group to which an individual belongs.
• Law 


  Is a system of rules that tells us what we can and cannot do. 
• Why fostering good business ethics is important

  Organizations have at least five good reasons for promoting a work environment in which employees are encouraged to act ethically when making business decisions:

  • Gaining the  goodwill of the community
  • Creating an organization that operates consistently
  • Fostering good business practices
  • Protecting the organization and its employees from legal action
  • Avoiding unfavorable publicity
• Organizations develop and abide by values to create an organizational culture and to define a consistent approach for dealing with the needs of their stakeholders - stakeholders, employees, customers, suppliers, and the community. Some of the values that the company shares are:

  • operate with honesty and integrity, staying true to organizational principles
  • operate according to standards of ethical conduct, in words and action
  • treat colleagues, customers, and consumers with respect
  • strive to be the best at what matters most to the organization
  • value diversity
  • make decisions based on facts and principles
• Ethics Resource Center (ERC)


  Research by __________ found that only one in four organizations has well-implemented ethics and compliance program.
• The ERC has defined the following characteristics of a successful ethics program:

  • employees are willing to seek advice about ethics issues.
  • employees feel prepared to handle situations that could lead to misconduct.
  • employees are rewarded for ethical behavior.
  • the organization does not reward success obtained through questionable means.
  • employees feel positive about their company