This article emphasizes the importance of building and maintaining an ethical business culture in today's rapidly changing world. It highlights the potential consequences of unethical behavior, such as corruption and data breaches, and outlines practical steps for fostering a culture of trust and integrity.
GIVEN the fact that all companies today are rethinking strategies into the future, looking at disruptive innovation or creative disruption, I would like to remind everybody that building and maintaining an ethical business culture must be part of the agenda. Business leaders have to be aware that being caught in corruption, unfair competition, data breaches, cybercrime etc. will not only lead to heavy fines but will definitely affect the reputation of the company.
Ethics are a set of principles. An ethical culture is a culture committed to pursuing those principles—and sometimes the pursuit of those principles leads an employee to take actions somebody else might dislike. Perhaps the employee reports suspicions of misconduct, involving bribery or collusion in competition or mismanagement of data privacy.
When you view “building an ethical culture” from that perspective, suddenly several tasks rise to the top of the priority list. Formal training will always be important; employees will always need to know what the law says about bribery, or privacy, or collusion, or whatever else comes along. Culture, however, is much more than training, full of informal practices, norms, and expectations. Therefore, ethics and compliance programs must work with middle managers on what those practices, norms, and expectations are, and how to base them on the company’s ethical principles. That’s where you win or lose this battle.
ETHICS BUSINESS CULTURE COMPLIANCE TRUST LEADERSHIP
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