Published on December 13, 2016
1. Ethics and Ethical Compliance
2. Presented By: M Ravish Malgi
3. What is Ethics?
4. Ethics: A group of moral principles or set of values that define us to the right choice.
5. • The term compliance describes the ability to act according to an order, set of rules or request. • Compliance is something that the government requires you to do. What is Compliance?
6. The terms “Ethics” and “Compliance” are often used synonymously. Which is completely wrong. The Confusion
7. • Ethics and compliance are different sides of the same coin. • Compliance is following the law, while ethics is doing what is right regardless of what the law says.
8. The Smaller Level The Bigger Level
9. The Bigger Level of Ethical Compliance
10. • The world of business is like a race. All competitors are at an equal footing. • But some companies try to bend the rules to win the race by unfair means.
11. The annual cost of corruption worldwide is estimated at 5% of the world’s GDP, representing $600 Billion.
12. Inflated contracts Commissions Bribes Gifts Perks Companies try to beat competition by giving:
13. How to tackle Ethics + Compliance issues effectively at the Bigger Level
14. • Foreign Corrupt Practices Act, 1970 – Implemented by U.S.A. to tackle issue of corruption. • Organisation for Economic Co-operation and Development (OECD) – Initiatives taken by 34 member countries to tackle issues of corruption & stimulate economic growth. • Prevention of Corruption Act, 1988 – Act of Indian parliament to combat corruption at government and corporate level.
15. The Smaller Level of Ethical Compliance
16. • Organizations that support ethics initiatives show more productivity & employee retention than organizations that consider ethics merely an issue of compliance.
17. Common Ethics Issues in a Workplace Working Inefficiently Anger Issues Abusive Behavior Harassment Discrimination Stealing Disloyalty
18. How to tackle Ethics + Compliance issues effectively at the Smaller Level
19. Code of Ethics – • Written policies and procedures • Strict compliance with regulatory bodies. Ethics & Compliance Department - • Monitoring and auditing • Investigating and reporting • Response and prevention • Enforcement and discipline Integrity Program – • Education and training programs
20. Importance of Ethics and Ethical Compliance • Enhance reputation and company image. • High employee commitment due to which business performance, revenue and profit increases. • Strong relationships with stakeholders & customer satisfaction. • Compliance activities focus on preventing corruption.