Question

List and explain the three categories of ethics programs as it relates to business.

Answer 1

There are three levels of ethical standards in a business organization. The first level is ‘LAW’ as each business is guided by a set of relevant laws. A business is required to abide by the laws applicable to them. The second level of ethical standards is POLICIES. This is related to internal environment of the business and refers to the guidelines set by an organization to direct its managers and employees to behave in a certain manner in different professional situations. The third level of ethical standards in business is INDIVIDUAL. This is an important level as all other levels are ultimately implemented through this level. It is imperative to ensure that a person joining a business understands the ethical standards completely.