Q8. Describe what is meant by “code of conduct” and “ethics” in business.

The code of conduct and the code of ethics help explicitly define the ethical norms of
an organization, and they guide employees towards understanding the standards and
expectations for behavior.

Any business, from small online shops to large corporations, can benefit from
publishing a code of conduct and ethics. These documents also aid in establishing the
company’s commitment to ethical values.

Customers and partners are more likely to engage with businesses that share similar
values. The publicized commitment also shows that the company has done its part
towards ensuring high standards and professional conduct as a form of risk
mitigation

code of conduct:

A code of conduct is a set of organizational norms and standards that govern the
organization's and its members' conduct and actions and are based on the company's
values, ethics, and beliefs. It also covers legal compliance issues. A code of conduct's
various regulations decide which practices are required or prohibited. The written or
unwritten code of ethics of a firm usually has a direct impact on the code of
behavior. The code of conduct lays forth explicit instructions with precise dos and
don'ts of behaviour. This paper outlines the duties and responsibilities of employees.
Conflicts of interest, acceptance of gifts and bribery, use of sensitive information,
financial reporting and accounting behavior, and correct use of the company's
property are all scenarios that a code of conduct may address. Employees who want
to work for the company must follow the organization's code of conduct. Failure to
follow the code on a regular basis or on purpose will result in a sanction. As a result,
a code of conduct frequently specifies the consequences of non-compliance.

code of ethic:

A code of ethics is a declaration or document that serves as a guidance for employees

while making decisions. As a type of value statement, it sees ethics as a set of
principles that assist business professionals conduct their transactions honestly and
with integrity. Ethics is more than a nebulous concept embedded in business culture
or an unspoken agreement among employees. The code's ethical principles are based
on the organization's basic values, mission, and vision, as well as any professional
norms placed on a relevant field, such as medical ethics or legal ethics.
All of these ideas will be reflected in a code of ethics, which will serve as a broad
guide for how members should address situations. As a result, most codes of ethics
are made public so that anyone interested in the company's operations can learn
about it.
Common ethical concerns, such as employer-employee relations, environmental
issues, social responsibility, and discrimination, are frequently addressed in the
general guidance. For these many concerns, the code will describe the members'
responsibilities and obligations to the organization and its stakeholders.
A code of ethics may be mostly compliance-based, with guidelines and consequences
for violations of ethical principles expressly stated. Large corporations typically have
a compliance officer who monitors for unethical behavior.
Employees who follow a value-based code of ethics are more likely to self-regulate
and adhere to ethical norms. When making critical decisions, employees are meant to
be led by this code. Breaking the code of ethics on purpose or frequently can lead to
dismissal or termination

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