Every businessman has only one agenda of his life: how to get more money i.e., profit from his business. For that purpose, he invests where he thinks he would get more return and, at the same time, his wealth would remain safe. In the fast track of running after money, ethical consideration is no more involved and neglected often.
Ethics, in this backdrop, refers to a system or code of conduct based on moral duties and obligations, which indicates how we should behave. It deals with the ability to distinguish right from wrong and the commitment to do what is right. However, the modern business trends are lacking ethics and morality. Alarming as it may sound, but it has become a routine in most cases. Ethical behaviour is directly proportionate to competitive advantage. The greater the competitive advantage, the easier it is to be honest. The greater the competitive disadvantage, the greater the temptation to stray or lie.
Ethical risk presents vexing challenges for organisations because ethical standards must first be defined, then documented, communicated, and followed. In addition, the subjectivity of what constitutes good ethics, and resulting interpretive challenges is also a problem. Establishing an ethical culture requires strong leadership; expectations for ethical behaviour must be visible and consistent throughout the enterprise. When high financial incentives for dishonesty, negligent audit controls, and non-integrated processes exist simultaneously in an organisation, a shrill alarm should sound in the boardroom or executive suite indicating a condition ripe for exploitation. Ethical drop can irreparably undermine the best business plans, corporate reputations, and brand building. There are too many opportunities in the world, and too much value at risk, to ignore the alert.
KHUSHBAKHAT MUKHTAR
Lahore
