Professional Knowledge and Abilities
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- Date Submitted: 03/28/2010 12:30 AM
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Professional Knowledge and Abilities
Ethics Issues
Business ethics is the moral regulations governing the business world. It is the set of behavior that companies adhere to in its daily dealings. It applies to all aspect of business conduct and is relevant to the conduct of individuals and business organization. The ethics of most business organization varies, but most apply not only on how a business interacts with the world, but also on their one-on-one dealing with a single customer.
Several issues that affect today’s business environment and organizations include conflict of interest, customer confidence and use of company resources. Conflict of interest arises when judgment is compromised because of external influences. Conflict of interest occurs when a situation that has the potential to undermine the impartiality of a person because of the possibility of a clash between a person’s self-interest and professional-interest is present. An example is the case of Richard Parsons who is an advisor for Providence Equity Partners and chairman of the board of directors of Citigroup. Parson serves as a senior advisor for Providence Equity Partners, a large private equity firm and the chairman of the board of Citigroup, which is a huge lender for the firm. As a senior advisor, Parson could receive a bonus depending on how much money Providence Equity makes. As chairman of the board for Citigroup, Parson does not take part in any decision-making concerning Providence Equity; however he can influence subordinates to approve any financial deals filed by the firm.
The next issue is customer confidence, which includes a range of topics such as confidentiality, product safety and effectiveness, truth in advertising, and special fiduciary responsibility (Trevino & Nelson, 2007). The reputation and ultimate success of a business is dependent largely in part on the integrity and quality of its services and products. For a company to gain customer...
Ethics Issues
Business ethics is the moral regulations governing the business world. It is the set of behavior that companies adhere to in its daily dealings. It applies to all aspect of business conduct and is relevant to the conduct of individuals and business organization. The ethics of most business organization varies, but most apply not only on how a business interacts with the world, but also on their one-on-one dealing with a single customer.
Several issues that affect today’s business environment and organizations include conflict of interest, customer confidence and use of company resources. Conflict of interest arises when judgment is compromised because of external influences. Conflict of interest occurs when a situation that has the potential to undermine the impartiality of a person because of the possibility of a clash between a person’s self-interest and professional-interest is present. An example is the case of Richard Parsons who is an advisor for Providence Equity Partners and chairman of the board of directors of Citigroup. Parson serves as a senior advisor for Providence Equity Partners, a large private equity firm and the chairman of the board of Citigroup, which is a huge lender for the firm. As a senior advisor, Parson could receive a bonus depending on how much money Providence Equity makes. As chairman of the board for Citigroup, Parson does not take part in any decision-making concerning Providence Equity; however he can influence subordinates to approve any financial deals filed by the firm.
The next issue is customer confidence, which includes a range of topics such as confidentiality, product safety and effectiveness, truth in advertising, and special fiduciary responsibility (Trevino & Nelson, 2007). The reputation and ultimate success of a business is dependent largely in part on the integrity and quality of its services and products. For a company to gain customer...