Business Ethics Presentation

Business Ethics Presentation An introductory overview of business ethics, morals and values in the workplace. Introduction to Business Ethics Define business ethics Importance of business ethics Key ethical issues Business ethics involves the moral principles and standards that guide behavior in the world of business. Business ethics promote public trust, longterm success, and ethical decision making. Common ethical issues include bribery, insider trading, discrimination, and misleading advertising. Business ethics provides a moral compass for companies and enables trust, success and ethical decisions. History of Business Ethics “"The price of greatness is responsibility." - Winston Churchill” WINSTON CHURCHILL Adam Smith Adam Smith (1723-1790) was a Scottish philosopher and political economist who is considered a founding father of modern economics. He is best known for his books 'The Theory of Moral Sentiments' and 'The Wealth of Nations', in which he laid the foundations for f ree market economics. Smith argued against mercantilism and government restrictions on trade, instead advocating for individual self-interest and f ree competition as drivers of economic prosperity. His ideas on the 'invisible hand' of the f ree market and the division of labor have been profoundly influential. Our Ethics Team John Doe Jane Smith Bob Johnson Chief Ethics Officer Director of Compliance Ethics Investigator Acme Inc Acme Inc is a technology company known for its innovative products and commitment to ethical business practices. Acme's ethics program includes mandatory training for all employees, a strict code of conduct, and an anonymous hotline for reporting concerns. Ethical Dilemmas Businessman choosing between money and ethics Whistleblower deciding whether to report misconduct Manager balancing employee needs with business needs A businessman facing the decision to prioritize profits over ethics, such as by cutting corners on safety or quality. An employee witnessing unethical or illegal activity at work and debating whether or not to report it. A manager trying to balance doing right by employees while also meeting business targets and responsibilities. Ethics Metrics Dashboard Metric Q1 2022 Q2 2022 Employee Satisfaction 87% 89% Reports of Unethical Behavior 12 8 *Metrics sourced from company's internal ethics dashboard Industry Ethics Initiatives Ethics Risk Management Process Identify risks The team brainstorms and documents potential ethics risks in our business operations and relationships. Assess risks Each risk is evaluated based on likelihood of occurring and potential impact to the business and stakeholders. Prioritize risks The risks are ranked based on the risk assessment, with higher priority given to higher likelihood and impact. Develop mitigation plans For top priority risks, the team develops detailed plans to prevent or minimize the risk from occurring. Implement and monitor Mitigation plans are executed, while continuing to monitor lower priority risks on an ongoing basis. Implementing an Ethics Program Gain leadership commitment Enforce consistently Leadership must fully support the ethics program for it to be effective. Leaders should communicate expectations and provide necessary resources. Apply rules and discipline consistently across the organization. Make sure no one is considered exempt. Perform ethics risk assessment Assess risks that may lead to unethical conduct and identify controls to mitigate those risks. Develop code of conduct Create a code of conduct outlining expectations for ethical behavior. Get approval from leadership and ensure employees understand it. Provide ethics training Conduct regular training for employees on ethics policies, expected behaviors, and how to handle ethical dilemmas. Provide reporting mechanisms Implement confidential reporting mechanisms for suspected misconduct without fear of retaliation. Audit and monitor Routinely audit processes and controls related to ethics. Track key metrics and incidents. Ethics Codes Comparison A comparison of ethics code scores out of 100 92 85 78 Our Code Industry Avg Competitor A 81 Competitor B The Costs of Unethical Behavior Unethical behavior like f raud, theft, and corruption can have major financial costs for a business. One study estimated that U.S. organizations lose 5% of revenues each year to f raud, amounting to around $3.7 trillion lost annually. Employee theft alone costs U.S. businesses over $50 billion per year. Beyond direct financial costs, unethical conduct can also lead to ruined reputations, loss of customers and partners, and expensive legal troubles.