Business Studies

Ethics refers to a _______ that guides an individual while dealing with others.


ANSWER

code of conduct


SOLUTION
 The code of ethics outlines a set of fundamental principles which could be used as the basis for operational requirements (things one must do), operational prohibitions (things one must not do). It is based on a set of core principles and values and is by no means designed for convenience. The employees subjected to the code are required to understand, internalize, and apply it to situations which the code does not specifically address. Organizations expect that the principles, once communicated and illustrated, will be applied in every case, and that failure to do so may lead to disciplinary action.
To create a code of ethics, an organization must define its most important guiding values, formulate behavioural standards, review the existing procedures for guidance and direction and establish the systems and processes to ensure that the code of conduct is implemented and effective. Codes of ethics are not easily created from boilerplate. Ideally, the development of a code is a process in whereby Boards and senior management actively debate and decide core values, roles, responsibilities,
expectations, and behavioural standards.
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