The law is described as the set of rules created by the government to govern the whole of society. The law is generally accepted, recognized and enforced. It was created with the aim of maintaining social order, peace, justice in society and protecting the general public and its interests. It is produced taking into account ethical principles and moral values. Being ethical is also not the same as obeying the law. The law often contains ethical standards to which most citizens subscribe. But laws, like feelings, can deviate from what is ethical. Our own pre-Civil War slavery laws and South Africa`s old apartheid laws today are grotesquely obvious examples of laws that deviate from what is ethical. Nor should ethics be identified with religion. Most religions, of course, advocate high ethical standards. But if ethics were limited to religion, then ethics would only apply to religious people. But ethics applies to the behavior of the atheist as well as to that of the religious believer.
Religion can set high ethical standards and provide intense motivations for ethical behavior. However, ethics cannot be limited to religion, nor can it be the same as religion. Like Baumhart`s first responder, many people tend to equate ethics with their feelings. But being ethical clearly doesn`t mean following your feelings. A person who follows their feelings may be reluctant to do the right thing. In fact, feelings often deviate from what is ethical. «Ethics have to do with what my feelings tell me are right or wrong.» Ethics have to do with my religious beliefs. To be ethical is to do what the law requires.
Ethics are the standards of conduct that our society accepts. I don`t know what that word means. A values-based code of ethics addresses a company`s core value system. It can set standards of responsible behaviour in relation to the greater public good and the environment. Values-based ethical codes may require a higher degree of self-regulation than compliance-based codes. To ensure that the objectives and principles of the Code of Ethics are respected, some companies appoint a compliance officer. This person is responsible for keeping abreast of changes in rule codes and monitoring employee behaviour to promote compliance. For all companies, laws regulate issues such as attitudes and safety standards. Compliance-based codes of ethics not only establish codes of conduct, but also set sanctions for violations. Business ethics refers to how ethical principles guide a company`s operations. The most common business ethics issues include industrial relations, discrimination, environmental issues, corruption and insider trading, and social responsibility.
While there are many laws to set basic ethical standards in the business world, developing a code of ethics largely depends on a company`s leadership. To a layman, these two terms are the same, but the fact is that there is a difference between law and ethics. Read the article carefully to overcome your ambiguities. Financial advisors registered with the Securities and Exchange Commission or a government regulator are bound by a code of ethics known as fiduciary duty. This is a legal obligation and also a code of loyalty that obliges them to act in the best interests of their clients. A code of ethics, also known as a «code of ethics,» can include areas such as business ethics, a code of conduct, and a code of conduct for employees. Moreover, if being ethical was «everything society accepts», then to discover what is ethical, one would have to discover what society accepts. To decide what to think about abortion, for example, I would have to do a survey of American society, and then adjust my beliefs to what society accepts. But no one ever tries to decide an ethical question through a survey.
Moreover, the lack of social consensus on many issues makes it impossible to equate ethics with what society accepts. Some people accept abortion, but many others do not. If ethics were to do what society accepts, we would have to agree on issues that do not really exist. This type of code of ethics is based on clear rules and clearly defined consequences, rather than on individual monitoring of personal behaviour. Therefore, despite strict compliance with the law, some compliance-based codes of conduct do not foster a climate of moral responsibility within the company. Chartered accountants, who are not generally considered fiduciaries of their clients, are still required to follow similar ethical standards such as integrity, objectivity, truthfulness and avoidance of conflicts of interest, according to the American Institute of Certified Public Accountants (AICPA). After all, being ethical is not the same as «everything society accepts.» In any society, most people accept standards that are truly ethical. But norms of behavior in society may differ from what is ethical. An entire society can become ethically corrupt. Nazi Germany is a good example of a morally corrupt society. Companies of all sizes rely on their leaders to set a standard of ethical behavior for other employees.
When directors adhere to the Code of Ethics, it sends the message that universal compliance is expected of every employee. So what is ethics? Ethics are two different things. First, ethics refers to healthy standards of right and wrong that dictate what people should do, usually in terms of rights, duties, benefits to society, fairness, or certain virtues. Ethics, for example, refers to norms that impose reasonable obligations to refrain from rape, theft, murder, assault, defamation and fraud. Ethical standards also include those that prescribe virtues such as honesty, compassion, and loyalty. And ethical standards include standards relating to rights such as the right to life, the right to be free from injury, and the right to privacy. These standards are appropriate ethical standards because they are supported by consistent and well-founded reasons. Some codes of conduct contain language that addresses both compliance and values. For example, a food chain may create a code of conduct that prioritizes the company`s commitment to health and safety regulations over financial gain. This food chain could also contain a declaration of refusal to contract with suppliers who feed farm animals with hormones or raise animals in inhumane living conditions.
In some sectors, including banking, specific laws govern the conduct of business. These industries formulate compliance-based codes of ethics to enforce laws and regulations. Employees usually undergo formal training to learn the rules of conduct. Because non-compliance can cause legal problems for the company as a whole, individual workers within a company can be penalized for not following policies. Second, ethics refers to the study and development of one`s ethical standards. As mentioned above, feelings, laws, and social norms can deviate from what is ethical. It is therefore necessary to constantly review its standards to ensure that they are reasonable and robust. Thus, ethics also means the constant effort to study our own moral beliefs and behaviors, and to ensure that we and the institutions we help shape meet reasonable and healthy standards.
A code of ethics is a guide to principles designed to help professionals conduct their business with honesty and integrity. A code of ethics can describe the mission and values of the company or organization, how professionals should approach problems, ethical principles based on the organization`s core values, and the standards to which the professional is bound. Simply put, the law can be understood as the systematic set of generally accepted rules and regulations created by an appropriate authority such as government, which can be regional, national, international, etc. It is used to regulate the actions and behavior of members and can be enforced by imposing sanctions. Ethics is based on healthy standards of right and wrong that dictate what people should do, usually in terms of rights, duties, benefits to society, fairness, or certain virtues. The law and ethics differ in how a person should do and what a person should do. The former is generally accepted, while the latter is an ideal human behavior that most people agree with. Although the law and ethics are brought into agreement so that they do not contradict each other.