Case Study-"Confidential Accounts at Swiss Bank Corporation"

What is importance of ethics in business? Provide examples with theoretical answers. (Maximum of 500 words)

Business Ethics are defined as “moral principles that guide the way a business behaves” (Businesscasestudies, 2017). In order for any business or individual to act in an ethical

It is important for businesses and professionals to be versed in ethical issues because it helps with decision-making when faced with different situations that create a moral dilemma. Business and professional ethics help to develop a certain moral standard and expectation in the business world. The ethics in which a business or a professional operates within benefits both the giver and receiver. Engaging in the exchange of goods, services and information requires some level of trust in order to maintain civility. The thought that a person or a business is doing things that are unethical

“Business ethics is the application of general ethical ideas to business behavior” (Lawrence & Weber, 2017, p. 94), and it’s through these ideas that good, bad, moral, and immoral decisions are made based on the foundation and framework of how we view life.

Every business develops a set of ethical principles that they abide by. The business ethical principles intentions: it construct the business certainty in the community , maintain the employees liveried in what the business attempt to have as structural conducts and aid the employees consume principles to make ethical choices that guards the business. In a culture with a diverse assessment structure and augmented judgment visibly by companies with changeable ethics and interests, there appears to be further difficulties on business individuals to make tougher ethical assessments. In our day-to-day performances, we depend on on our ethical principles to monitor us in the correct path and do the correct things. The substance of any efficacious and perpetual business is they segment a mutual ethical matter concentrating on presenting and generating value along with allocating their business values with the citizens they network with on a day-to-day basis.

Ethics is the division of philosophy that focuses on morality, which defines behavior as right and wrong. Ethical principles represent standard guidelines for behavior. Ethics aids a person in the justification of a course of action. Society defines what moral values and behaviors are held and legislated (DeNisco & Barker, 2016). Ethical principles include the concepts of autonomy, freedom, beneficence, fidelity. Autonomy entails a person’s desire to direct themselves. Freedom is the person’s right to do as they please. But this right is contingent on members of a society agreeing, whether explicitly or not, to abide by behaviors that do not deceive or force others, behaviors that lead to peaceful interpersonal relationships. Beneficence is the person’s motivation to do good. Fidelity is a person’s faithfulness to safeguarding his or her values (Husted & Husted, 2015). Doornbos, Groenhout and Hotz (2005) describe three levels of

This book brought out the failures of the Securities and Exchange Commission (SEC) in one of the biggest Ponzi schemes in America’s history, as orchestrated by Bernie Madoff. Harry Markopolos caught up with Madoff’s Ponzi scheme earlier on in his career and saw all the red flags. There was no explanation of the continuous one percent yield in over forty five stocks that Madoff dealt with. Madoff took advantage of the laxity by the SEC officials in failing to follow up complains with an investigation, and the trust

Ethics are principles of behaviour that distinguish between right and wrong. Resnik (2011) defines ethics as” a method, procedure, or perspective for deciding how to act and for analysing complex problems and issues” (p.1). People face ethical decisions; however, People working in business frequently face ethical decisions. Business ethics is the evaluation of business activities and behaviour as right or wrong (Society for Business Ethics, 1991).

This will be an over view of ethics as it relates to business in our society. Concepts from Philosophy will seek to describe the correlation between actions that are classified as morally right or ethical in our dealings with each other as human beings. Clear and concise examples will be given as well as ways in which to improve upon business ethics.

Business Ethics is a set of moral principles applied in the commercial world. Business ethics provide guidelines for acceptable behavior by organizations in both their strategy formulation and day-to-day operations. An ethical approach is becoming necessary both for corporate success and a positive corporate image. Following pressure from

Ethics are the principles and values an individual uses to govern his activities and decisions. In an organization, a code of Ethics is a set of principles that guides the organization in its programs, policies and decisions for the business. The ethical philosophy that is used by an organization to conduct business can affect the reputation, productivity and bottom line of the business (1).

Global business standards codex captures eight major underlying principles in which ethical behavior can be interpreted and evaluated. The eight ethical principles are fiduciary, property, reliability, transparency, dignity. fairness, citizenship and responsiveness.

Ethical consideration is required when conducting business in the 21st century for many reasons. First of all, there is nothing wrong from being ethical, in the contrary you will gain people’s trust and chances for your company to be more reputable are much higher.

In 2005, former Fort Lauderdale, Florida attorney, Scott Rothstein initiated a Ponzi scheme in excess of $1.2 billion dollars. Rothstein’s scheme, like all Ponzi schemes, eventually failed as exponentially necessary investors failed to materialize. The impending collapse of the scheme prompted Rothstein to flee to Morocco to avoid extradition back to the United States to face charges for his role. Days later Rothstein returned to Florida, and was subsequently arrested.

Ethics are moral principles or values that govern the conduct of an individual or a group.It is not a burden to bear, but a prudent and effective guide which furthers life and success. Ethics are important not only in business but in academics and society as well because it is an essential part of the foundation on which a civilized society is built.