COP answers 2 3 .pdf - There are no motives behind the...

There are no motives behind the adoption of a code of ethics. Explain this statement
✓ Shows employees you are a responsible company. One reason to develop a Code of Ethics is
that it communicates to employees that your company is committed to doing business
responsibly. New employees know right away your company's standards and expectations
✓ Shows customers you value integrity. Customers tend to feel reassured by the existence of a
Code of Ethics within a company. They feel that the company values its integrity and will
operate accordingly when doing business. .
✓ Prevents 'innocent' violations of ethics
Another reason to maintain a code of ethics is that they address matters that might not occur to
employees on their own. Having a Code of Ethics outlining certain standards and expectations
of your company will sensitize employees to things that may not have been obvious to them.
✓ Provides a clear point of reference when enforcing corrective action
Lastly, another reason to consider maintaining a Code of Ethics to guide the company culture is
that such a document will serve as a reference for corrective action or even termination for
employees who fail to meet these standards.
Explain the merits of having guidelines to the actions to be taken in whistleblowing
✓ Helps combat fraud. Encouraging people to speak up and expose wrongdoing is a major factor in
fighting fraud, corruption and unethical behaviour.
✓ Avoids reputational damage. When an issue is raised through internal channels, it allows the
department in charge to tackle it appropriately as well as discreetly.
✓ Prevents issues escalating. One of the greatest benefits of whistleblowing in an organization is
that it provides the opportunity to catch problems early on.
✓ Reduces losses. When illegitimate activities are reported, it allows a company to tackle the
problem quickly as well as prevent it from happening again in the future. In this way, companies
avoid painful losses which are damaging for everyone, from employees to clients and suppliers.
✓ Raises awareness. Without whistleblowers, we may be unaware of illegal or unethical things
happening under our noses. The information they pass on, no matter the degree of severity or
the nature of it, can raise awareness of issues and concerns within an organization that need to
be addressed. With such knowledge in hand, a company can learn, grow and flourish. This is why
a proper whistleblowing system is essential to managing breaches in a quick and constructive
way.