Applied Business Ethics Chapter 4 – Flashcards
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Three steps in effective business compliance
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mandated boundaries core practices voluntary practices
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Mandated boundries
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Laws regulating businesses are required because stakeholders believe businesses cannot be trusted to do what is right in some areas. Laws establish the basic ground rules for business activities
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consumer safety
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laws protecting consumers require businesses to provide accurate information about products and services and to follow safety standards
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environmental protection
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created in response to stakeholder concerns about businesses impact on environment
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employee safety
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occupational safety and health administration-OHSA, created in response to stakeholders concerns about businesses impact on environment
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OSHA
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OSHA makes inspections to ensure safe working environment
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workplace equity
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laws promoting equity in the workplace, protect the rights of minorities, women, older persons, and disabled persons
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sarbanes-oxely
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finance reform law-established a system of federal oversight of corporate accounting practices
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dodd-frank
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finance reform law the most sweeping consumer protection legislating since the great depression
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federal sentencing guidelines
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finance reform law- passes as an incentive for organizations to develop and implement programs for ethical and legal compliance
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core practices
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focus on developing sound organizational practices and structural integrity for performance measures
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rottig study finding
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found that a formal ethical infrastructure had a significant effect on moral awareness
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deshpande study finding
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found its important to have processes in place that insure ethical considerations were apart of decision process for employees
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o'leary & stewart finding
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founded that corporate government mechanisms nor an effective audit committee appeared to assists internal auditors ability to act ethically
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Business contribution to stakeholders 4 major benefits
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Major benefits 1. Improves quality of life in communities 2. Reduces government involvement 3. Develops employee leadership skills 4. Helps create an ethical culture
