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How to avoid Corporate Misconduct – 5 Ways to Enforce Ethical Compliance

Home > How to avoid Corporate Misconduct – 5 Ways to Enforce Ethical Compliance

Each time you turn on television nowadays, there is another story of corporate misconduct gracing the headlines of the evening news. The allegations may range from financial fraud to sexual harassment and everything in between. Due to the current nature of technology, the media, and social affiliation, each action taken by an organization and by a high-level executive in a corporation has the potential to be examined by the general public and officers. Though it is difficult to hire an executive and guarantee that no misconduct will take place, as a company there are FIVE measures that you can put in place to help enforce important rules and regulations

  1. Ethical expectations for employees and executives and the consequences for not complying with them should be clearly outlined. Having this clearly defined makes it easier to enforce rules or take action when employee/executive behavior goes awry.
  2. Educate employees and executives on the impact of their misconduct or decisions on the business. Educating employees on easily avoided misconduct can help to reduce future allegations of misconduct for your company
  3. Implement employee and executive monitoring and review processes. During such reviews, all corporate policies regarding ethical compliance should be addressed and discussed to help ensure that the employee is educated and is complying with the best of their knowledge.
  4. Ethics committee should be created. This committee will ensure that the rights of customers, patients or patrons are not violated. They will also examine the policies, procedures, and actions of the company to make sure that they are legally compliant.
  5. Try to assess employee’s / executive’s ethics at the time of hiring. Seeking reviews from former employers or co-workers can help to paint a true picture of the candidate’s beliefs as well as questioning them on specific scenarios.

Also, Read Factors responsible for employees being dishonest

To conclude -

“The real threat to business is from within, from poor ethical standards and lack of integrity that can do incalculable harm. History has proven repeatedly that business ethics, shared value, and corporate governance determine the longevity of an enterprise” – Mr. Azim Premji

Also, Read Important TIPS to shield your business from employee’s deceptive nature

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