Success with Ethics

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Employees are also comfortable in the knowledge that they are not, by their own action, allowing unethical practices to continue.

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Even customers are at ease buying products or services from a company they know to source their materials and labour in an ethical and responsible way. These companies are known to cultivate values leading to a favorable public image and consumers trust. In a Stanford University study of MBA graduates, 94 per cent of the students said that they would willingly give up financial benefits to work for an organisation with a strong environmental and community conscience. A company with a strong ethics policy will have nine out of 10 employees 88 per cent reporting violations, while companies that are lacking in a sound ethics policy will see only 32 per cent reports of wrongdoings.

A good reputation also creates a halo effect as customers think that products made by ethical companies are better in quality. Such companies see an increased improved customer loyalty by nearly 85 per cent.

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Ethics play an important role in today's organisations and are vital in determining their long-term success. A company's leaders should think long-term and avoid taking the easy way with regards to ethics compliance. Building trust among public, employees and customers can ultimately be a company's most valuable asset.

More good or ethical a business becomes in its practices, the more social approval and respect it enjoys. The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory. This website uses cookies to ensure you get the best experience on our website. Startup Advice Don't chase success at the cost of business ethics Vikram Upadhyaya. Image credit " ShutterStock " While giving in to illegal or unethical practices could lead to short term gains, it is harmful for the growth of the company in the long run.

Conclusion Ethics play an important role in today's organisations and are vital in determining their long-term success. Vikram is a Strategic leader and entrepreneur with a successful background of building and leading top performing teams focused on exceeding goals. Advanced communicator and cultivator of key relationships with all levels of personnel, clients, businesses, and executive managers. Big picture thinker, talented and driven to impact bottom line while ensuring staff compliance with enterprise standards, procedures, and regulations.

Employee Morale and Motivation

Fraud is never far from the headlines. In , one of the biggest incidents of corporate fraud that dominated the news was that of German automobile giant, Volkswagen, which came under fire for inserting a "defeat device" in its diesel engines to cheat on emission tests. Today, the company is contending with potential regulatory fines and compensation cases from customers, as well as major reputational repercussions that have severely affected its market share.

With scandals such as these in the limelight, attention to ethics in the workplace has gained momentum.

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This is especially true of organizations in a global marketplace where such risks become harder to identify and mitigate considering that there are often multiple subsidiaries, business units, and third parties involved. As the global market place has evolved, so has the role of a Chief Compliance Officer CCO and the corporate compliance teams. These individuals have their task cut out for them, as they strive to balance the ever-increasing compliance demands of regulators and internal stakeholders.

The primary responsibility of a corporate compliance team is to develop compliance strategies and programs, while also implementing processes and tools to identify, oversee, and mitigate compliance issues at an enterprise level. Additionally, with increasing regulatory compliance requirements, the corporate compliance team is required to collaborate with individual departments and regulatory teams to oversee compliance at the departmental level. Every organization needs to have a compliance strategy in place to determine potential risks, identify ways to mitigate them in time, and outline a future course of action.

These strategies need to extend to the department level where compliance violations and issues can often pose a threat to the organizational reputation. Programs, processes, and technologies need to be in place to identify, prioritize, investigate, and address compliance violations and risks before they morph into black swan events.

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Strong policies and processes are also important in mitigating these risks. In fact, having a robust corporate compliance program helps organizations maintain compliance with external regulations, as well as internal policies and processes. Training employees on policies also goes a long way towards ensuring an ethical environment.

Building a successful compliance and ethics program can often be challenging.

Strong Ethics Could Mean Success for Your Business

How do you get from where you are to where you want to be? Here are five best practices:. To that end, successful businesses need to be proactive in terms of establishing controls and processes, defining accountability, and centrally managing compliance requirements so that they are easily accessible to all concerned departments.

Being proactive also requires the corporate compliance team to collaborate with other departments and regulatory compliance groups to manage their compliance processes, controls, templates, and timelines. This approach gives the corporate compliance team comprehensive visibility into organizational compliance, so that they can perform regular or ad-hoc assessments to minimize violations.

Strong Ethics Could Mean Success for Your Business | NAE

Ethics begins at home. The foundation of an effective ethics and corporate compliance program is a strong and well-communicated code of ethics which can be best represented in terms of policies and procedures. These policies and procedures define the culture and expected behavior of everyone working in or with the organization.

When there are multiple subsidiaries spread out across different geographies, policy creation needs to take into consideration various factors such as subsidiary location and industry.