Ethics, Compliance Auditing, and Emerging Issues.docx -...

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GLOBAL RISKS AND ETHICAL CONSIDERATION IN BUSINESS 1Global Risks and Ethical Consideration in Business Student’s Name CourseInstructor Date
GLOBAL RISKS AND ETHICAL CONSIDERATION IN BUSINESS 2Introduction The growth and development of various aspects of the world have been crucial in the betterment of various aspects surrounding every component that forms the earth's ecosystem. This is characterized by drastic changes in areas such as the world's economy, geopolitical aspect, the field of technology, the society as well as the environment. All these have had a significant contribution to the world and especially in the operations of businesses (Usnick & Usnick, 2013). Over the years, there has been an increase in the question of the establishment of programs that revolve around the ethical aspect of various areas and especially those that influence the external environment of an organization. One of the major areas of concern is regarding the global risks that are associated with the theft of data (Mank, 2016). In the 21stcentury, the organization has experienced a drastic change in regards to the collection, processing, storage, and retrieval of data. As the growth in the size of data takes a radical turn, data fraud has become a major risk. This research will carry out an analysis on how through an effective and efficient ethical program, training and compliance auditing an entity may address the problem of data fraud. Data Fraud In a recent report released by Forbes, data fraud has been identified as a top-five global risk facing various organizations (Banker, 2019). In the wake of technological advancements, which is characterized by a rise in online transactions, organizations and their employees, as wellas other stakeholders such as customers, face a new risk. Data fraud revolves around the large-scale stealing of information in regards to a gibe group, entity, or individual without their consent. In the 21stcentury, there has been an exponential growth in the amount of data that is available in the world. This trend is not getting any even in the near future, owing to the growth
GLOBAL RISKS AND ETHICAL CONSIDERATION IN BUSINESS 3and development of various aspects of the world. Further, it has been influenced by the continuous dynamism in the world of technology, which acts as a major driver of the data been generated every day (Banker, 2019). The dynamism is further creating loopholes through the various ways and may be identified by the increase in cyber-related attacks, which have seen organizations lose huge amounts of their assets both long-term and short-term such as cash in banks. This is evident that as the value of information escalates, data fraud is bound to increase. The field of business continually tries to look for ways that will increase every entity's competitive advantage. One of the major ways has been the exploitation of the capability of technology through various strategies such as online platforms. As organizations digitize their

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