What do ethics and ethical behavior have to do with finance?
Would you entrust your money to someone you thought was unethical? Would you risk heavy fines and possible jail time for skimming funds from a client? People who work in finance are placed in a fiduciary position of trust; first, by their employers, if they're not self-employed, but more importantly, by members of the general public, over whose assets they are given control. Their daily business is directly working with other people's money, or doing other things that affect the public's investment decisions, and if they are unethical people, their clients, and the public, are at high risk for being cheated. Finance workers are entitled to reasonable fees for their services, but they are not entitled to engage in investment activity solely to generate more commissions for themselves, or engage in any other self-dealing while they are doing their jobs on behalf of their clients. And they have to exercise reasonable care when doing their jobs. Given the many scandals of recent years, many companies have done their best to publicize their codes of ethics, and to acknowledge their responsibility to the public. These firms know that public confidence in their finance people matters a great deal, and unethical behavior (or even the perception of such behavior)on the part of a firm means that people will stay away from that firm, and they may stay away from all the others as well. Here is an example of a firm's publication of its code of ethics: http://www.altruistfa.com/codeofethics.htm If your work in finance requires a license, such as a Series 7 or CPA license, you will find that you will be tested on professional ethics. Once you're licensed, you will be expected to abide by those rules. And God help you if, once you get your license, you are caught violating the rules (people get caught because smart customers complain). You could lose your license. Ethical lapses took down a major public accounting firm (Arthur Andersen). If those lapses are even perceived as widespread, that perception can potentially destroy an entire industry. That is why ethics are not merely relevant. On the contrary, they're vital to the existence of the industry. They're not optional.
Ethics are considered the moral standards by which people judge behavior. Ethical behavior is behavior that conforms to those accepted standards of social or professional behavior. Ethics often expressed by what is commonly considered the "golden rule": Do unto others what you would have them do unto you.
The definition of ethics is knowing what is acceptable an unacceptable. To manage ethics means to create a code or policy for all who comply to ethical behavior. Ethical management pertains to training those who are corporate professional, or management so as to better guide those working under them.
Ethics is important in the workplace, as elsewhere, because ethical conduct is conduct that can be relied upon and involves fair dealing. Without ethics, you get fraud, duplicity, and an every-one-for-himself culture in which cooperation becomes impossible. Since the workplace requires people to work together and cooperate, a workplace without ethical behavior is likely to be dysfunctional.
Ethics are standards of conduct that indicate how an individual should behave based on a sense of moral duty, virtues, that themselves are derived from principles of right and wrong. Thus, an ethical worker is one who does the right thing, at the right time, for the right reasons. However, most businesses find it necessary to disseminate a written code of ethics, because many employees must be told what is acceptable behavior and behavior that…
This is entirely subjective, as ethics are a personal thing. I would say that yes, illegal behavior can certainly be ethical, as in my opinion certain laws are inappropriate. However, this is wide open to personal interpretation, and your ethics may differ hugely from mine. I believe that the majority of people know the fundamental difference between right and wrong, and the law is there for the rest of us. But that's just my opinion.
Erich H. Loewy has written: 'Suffering and the beneficent community' -- subject(s): Consequentialism (Ethics), Ethics, Libertarianism, Moral and ethical aspects, Moral and ethical aspects of Suffering, Suffering 'Textbook of medical ethics' -- subject(s): Medical ethics, Ethics, Medical 'Moral strangers, moral acquaintance, and moral friends' -- subject(s): Ethics, Moral and ethical aspects, Moral and ethical aspects of Suffering, Suffering
Morality is a more personal concept than ethics; ethics can be a list of guidelines passed around to employees by supervisors. Personal morality involves the concern with and ability to distinguish between right and wrong, good and evil, and act with sincereity upon those concepts. Ethical behavior, on the other hand, is less personal and could deal with laws, restrictions, ethics of dealing with a visiting board of directors, honesty with an organization's financial assets…
Religion is dictated by a God or gods and helps us remember to have good ethical behavior, but ethics are a personal choice. Some people don't follow violent religions because of ethics. People do not have to practice a religion to follow a code of ethics. Furthermore, religion often brings with it spiritual and mythical beliefs that don't necessarily related to ethics
Robert Hauptman has written: 'Ethics and librarianship' -- subject(s): Librarians, Library science, Moral and ethical aspects, Moral and ethical aspects of Library science, Professional ethics 'Ethical challenges in librarianship' -- subject(s): Librarians, Library science, Moral and ethical aspects, Moral and ethical aspects of Library science, Professional ethics
Ethics Contributes to Customer Satisfaction Consumers respond positively to socially concerned businesses Being good can be extremely profitable Customer satisfaction dictates business success A strong organizational ethical climate places customers' interests first Research shows a strong relationship between ethical behavior and customer satisfaction
Ruth B. Purtilo has written: 'Ethical dimensions in the health professions' -- subject(s): Medical ethics, Patient Rights, Professional Ethics, Ethics 'Essays for professional helpers' -- subject(s): Medical ethics, Helping behavior 'Justice, liberty, compassion' -- subject(s): Disabled Persons, Rehabilitation
Sheri Smith has written: 'Ethical issues in home health care' -- subject(s): Ethics, Ethics, Nursing, Home care services, Home nursing, Moral and ethical aspects, Moral and ethical aspects of Home care services, Moral and ethical aspects of Home nursing, Nurse-Patient Relations, Nursing ethics, Home Care Services, Nursing Ethics
What five techniques which your organization has put in place to curb unethical behavior in the organization?
Which ethical framework goes against the ethical principle of obeying certain duties or responsibilities no matter the end result?
Ethics are standards for proper and responsible behavior. Psychologists follow ethical standards to promote the dignity of the individual, foster human welfare, and maintain scientific integrity. Along these lines, ethical standards prevent scientists from undertaking research or treatments that will be harmful to human participants.